Back to Business : Marriner Eccles and the Effect of Public Service on Private Enterprise
Utah Historical Quarterly
Marriner Eccles was a successful Utah businessman and banker prior to the Great Depression, and in large measure his success was due to his personal involvement and managing of even minute aspects of his businesses. The Depression, however, changed his belief that such localized measures could provide economic stability. He began proposing larger scale government solutions to economic problems, and was appointed by President Roosevelt in 1933 to be chairman of the Federal Reserve. Eccles' abrasive management style often caused difficulty with politicians who were accustomed to compromise in matters of policy. Lessons he carried from his Washington experience back to Utah included delegating responsibility, new views on the role of banks, a taste for politics, and a perception that his various companies were distinct entities that should work independently, much like the Federal Reserve and the Treasury.