Nationality United States | Name Allan Sproul | |
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Died April 9, 1978, California, United States Books Money Will Not Manage Itself: The Arthur K. Salomon Lecture Education New York University School of Law, University of California, Berkeley | ||
Preceded by George Leslie Harrison | ||
Allan Sproul (March 9, 1896 – April 9, 1978) was an American banker. Widely regarded as one of the world's foremost central bankers, he served as President of the Federal Reserve Bank of New York from 1941 to 1956.
Biography
He was born on March 9, 1896 in San Francisco, California. He graduated from the University of California at Berkeley and was awarded a J.D. from New York University. He joined the Federal Reserve System in 1920 as head of the division of analysis and research of the San Francisco Fed. In 1930, he came to the Federal Reserve Bank of New York as an assistant deputy governor and secretary, and six years later, when official titles changed, he was appointed first vice president.
As one of the leading central bankers in United States history, Sproul made major contributions in solving monetary problems. He was named vice chairman of the Federal Open Market Committee (the System’s top monetary policymaking unit) when the New York Fed was given permanent representation on that committee in 1942.
In 1956, he resigned from the New York Fed and returned to California to serve as a director of Wells Fargo Bank. He was appointed a director of that bank’s holding company in 1969. Sproul also served as a director of Kaiser Aluminum and Chemical Corporation.
He died of a heart attack at his home in California on April 9, 1978.