Clayton, Lawrence, 1891-1949

Lawrence Clayton became a member of the Board of Governors of the Federal Reserve System on February 14, 1947. As a governor, Clayton frequently represented the Board of Governors before Congress, trade associations, and other groups. Although he served as a governor of the Board for less than three years, Clayton worked closely with Chairman Eccles throughout his years of Board service to bring about many changes to monetary policy, such as the Banking Act of 1935. (Source: Federal Reserve History)