About Marriner S. Eccles (1890–1977)
Marriner Stoddard Eccles was born September 9, 1890, to David Eccles, a Mormon polygamist, and his second wife, Ellen Stoddard. Upon the death of his father in 1912, Marriner became responsible for supporting his family. In 1913, he married May Campbell Young (Maysie), whom he had met while on a mission to Scotland for his church. In 1916, Marriner organized the Eccles Investment Company, a holding company that would exist for the next 60 years.
Throughout the 1920s, Marriner took control of several businesses in Utah and became a very well-respected businessman. By 1930, amidst the Great Depression, he had developed a reputation for his ideas on fiscal and monetary policy and was often asked to address local groups. In 1933, he was asked to testify before the Senate Finance Committee on the topic of current economic problems and possible solutions to those problems. As a result of this testimony and subsequent meetings with men close to President Franklin D. Roosevelt, Marriner Eccles was asked to take on the position of an assistant to Secretary of the Treasury Henry Morgenthau, Jr. He accepted and began his duties in February 1934 but did not hold the position for very long. In November 1934, he was nominated by President Roosevelt for the position of Governor of the Federal Reserve Board, the head position at the time. In April 1936, due to a reconstruction of the Federal Reserve System as a result of the Banking Act of 1935, Governor Eccles was sworn in as the first Chairman of the newly organized Board of Governors of the Federal Reserve System and maintained that position until 1948. He remained a member of the Board of Governors until 1951.
Before serving within the Federal Reserve System, Marriner Eccles was called upon to help draft the Emergency Banking Act of 1933, the Federal Housing Act of 1934, and the Glass-Steagall Act of 1933, which created the Federal Deposit Insurance Corporation. While serving within the Federal Reserve System, Chairman Eccles was influential in the Banking Act of 1935 and the creation of the World Bank and International Monetary Fund in 1946. He also served on the Advisory Board of the Import-Export Bank during this time.