McDougal, James B., 1866-1948

James B. McDougal was the first governor of the Federal Reserve Bank of Chicago serving from October 23, 1914, to March 1, 1934. As the first leader of the Chicago Fed, he was responsible for its organization, as well as the development and administration of its functions. During McDougal's presidency, the Chicago Fed was designated the switching center for a wire transfer network (Fedwire) that linked the twelve Reserve Banks, the Board of Governors, and the Treasury Department by Morse Code in 1918. In 1922 the new Chicago office building was completed and plans for construction of a new bank building in Detroit were approved. He also led the Chicago Fed during the bank failures in 1932 and 1933. (Source: Federal Reserve History)