Marriner Stoddard Eccles (September 9, 1890 – December 18, 1977) was an American economist and banker who served as the 7th chairman of the Federal Reserve from 1934 to 1948.
He has been remembered for having anticipated and supporting the theories of John Maynard Keynes relative to "inadequate aggregate spending" in the economy which appeared during his tenure.
Instead of achieving that kind of distribution, a giant suction pump had by 1929–1930 drawn into a few hands an increasing portion of currently produced wealth.
[5] Eccles was educated at the public schools of Baker, Oregon and attended Brigham Young College and served a Latter-day Saint mission to Scotland.
[2] Eccles had also participated in post-World War II Bretton Woods negotiations that created the World Bank and International Monetary Fund.
Eccles retired to Utah in 1951 to run his companies and write his memoirs, titled Beckoning Frontiers: Public and Personal Recollections.
Eccles was famously rebuked by Congresswoman Jessie Sumner (R, IL) during a House of Representatives hearing on the increasingly liberal policies of the Roosevelt administration and the Federal Reserve, when she said, "you just love socialism.
In that respect, he is considered by some to have seen monetary policy having secondary importance and that as a result he allowed the Federal Reserve to be sublimated to the interests of the Treasury.