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.

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.

In 1956, he resigned from the New York Fed and returned to California to serve as a director of Wells Fargo Bank.