Eugene Robert Black

For other people named Eugene Black, see Eugene Black (disambiguation).

Eugene Robert Black I (January 7, 1873 – December 19, 1934) was an American attorney and businessman who served as the 6th chairman of the Federal Reserve from 1933 to 1934. Before and after his term as chairman, Black also served as the governor of the Federal Reserve Bank of Atlanta from 1928 to 1933 and again from August 1934 until his death in December of the same year.^[1]

Eugene Black
6th Chairman of the Federal Reserve
In office May 19, 1933 – August 15, 1934
President	Franklin D. Roosevelt
Preceded by	Eugene Meyer
Succeeded by	Marriner S. Eccles
Member of the Federal Reserve Board of Governors
In office May 19, 1933 – August 15, 1934
President	Franklin D. Roosevelt
Preceded by	Eugene Meyer
Succeeded by	Marriner S. Eccles
President of the Federal Reserve Bank of Atlanta
In office August 15, 1934 – December 19, 1934
Preceded by	W. S. Johns (Acting)
Succeeded by	Oscar Newton
In office January 13, 1928 – May 19, 1933
Preceded by	Max Wellborn
Succeeded by	W. S. Johns (Acting)
Personal details
Born	(1873-01-07)January 7, 1873 Atlanta, Georgia, U.S.
Died	December 19, 1934(1934-12-19) (aged 61) Atlanta, Georgia, U.S.
Education	University of Georgia (BA) Atlanta Law School (LLB)

His eldest son, Eugene R. Black Sr., became the third president of the World Bank Group, serving from 1949 to 1962.

Early life

He was born in Atlanta, Georgia, on January 7, 1873. He attended the University of Georgia, where he was a member of Chi Phi fraternity and the Phi Kappa Literary Society. Black practiced law for 28 years until he became president of the Atlanta Trust Company in 1921.

Career

In 1928, he became Governor of the Federal Reserve Bank of Atlanta. He succeeded the longtime governor, Max Wellborn, who was also his daughter's father-in-law. When the Wall Street Crash of 1929 happened, he and two cashiers rushed to Nashville, Tennessee, to supply currency and credit to banks in the city and surrounding region. The situation worsened with other cities in the region experiencing bank runs.

Black kept his district afloat by rushing large quantities of cash to banks that were experiencing runs and extending credit to any bank that could offer any asset of value. He kept this policy active through the Great Depression into 1933. He, along with George L. Harrison, the governor of the Federal Reserve Bank of New York, recommended open market purchases to increase reserves. His insistence on expansionist policies led to the President appointing Black to the Federal Reserve Board in 1933.^[2]

Personal life

In 1897, he married Gussie Grady, the daughter of Henry W. Grady, the Atlanta journalist and orator.^[3] They had a son, Eugene Robert Black II.^[4] Black died of a heart attack on December 19, 1934, in Atlanta, Georgia.^[1]