Strong, Benjamin, 1872-1928

Benjamin Strong Jr. was elected president (then called governor) of the Federal Reserve Bank of New York at its first board of directors' meeting on October 5, 1914. He was forty-one at the time, and serving as president of Bankers Trust Company of New York. During his fourteen years in office as the first president of the New York Fed, Strong's knowledge of the banking history of the United States, coupled with his intense interest in international affairs, made him a dominant force in U.S. monetary and banking affairs. Strong was instrumental in the efforts to provide American financial support to the Allies through the Liberty Loan campaigns held in the Second Federal Reserve District, as the United States entered into World War I after 1917. After the close of the Great War, Strong advocated a loose monetary policy to alleviate the effects of recession. (Source: Federal Reserve History)