Hayes, Alfred, 1910-1989

Alfred Hayes was named president of the Federal Reserve Bank of New York and vice chairman of the Federal Open Market Committee on August 1, 1956, at the age of forty-six. He came to the Bank from the New York Trust Company, where he had been vice president in charge of the foreign division. As president of the New York Fed, Hayes believed that the strength of the Federal Reserve System lay in the twelve semi-autonomous Reserve Banks. Throughout his tenure at the New York Fed, he defended not only the organization of the System, but championed his Reserve Bank whenever necessary. (Source: Federal Reserve History)