George W. Mitchell (economist)
Encyclopedia
George Wilder Mitchell was an American
economist
, who served as the Vice Chairman of the Board of Governors of the Federal Reserve System from May 1973 to February 1976. Before that he was a Federal Reserve Governor for 12 years and a long-time staffer at the Federal Reserve Bank of Chicago
. He was an early promoter of electronic banking.
. He graduated from the University of Wisconsin in 1925. After graduating, he worked as a research assistant at the University of Iowa
and the University of Chicago
until 1932.
. In 1940, he became Assistant to the Director of Revenue for the State of Illinois
.
In 1943, Mitchell joined the staff of the Federal Reserve Bank of Chicago
, but was also as a consultant for the Bureau of Internal Revenue. During this time, Mitchell simultaneously served as Director of Finance for the State of Illinois under Governor Adlai Stevenson. He was later appointed as the head of research for the Chicago Fed.
In 1961, President John F. Kennedy
appointed Mitchell as a Governor for the Federal Reserve Board.
In 1973, President Richard Nixon
appointed Mitchell as the Vice Chairman of the Federal Reserve Board. He served under Fed Chairman Arthur F. Burns
. Shortly thereafter, he was thrust into a difficult position of resisting a guarantee of the municipal bonds of New York City
, echoing the stance favored by President Gerald Ford
. Mitchell stated that a guarantee would be akin to a bailout and would subject the Fed to all manner of political pressures. Ultimately, the federal government helped New York City avoid bankruptcy with a loan and debt restructuring by the Municipal Assistance Corporation in 1975.
Mitchell was a member of the American Economic Association, American Finance Association, and National Committee on Government Finance, Brookings Institution.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
, who served as the Vice Chairman of the Board of Governors of the Federal Reserve System from May 1973 to February 1976. Before that he was a Federal Reserve Governor for 12 years and a long-time staffer at the Federal Reserve Bank of Chicago
Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank....
. He was an early promoter of electronic banking.
Early life and education
Mitchell was born on February 23, 1904, to George Ray and Minnie Mitchell in rural Richland Center, WIRichland Center, Wisconsin
Richland Center is a city in Richland County, Wisconsin, United States, which also serves as the county seat. The population was 5,184 at the 2010 census.-History:Richland Center was founded in 1851 by Ira Sherwin Hazeltine, a native of Andover, Vermont...
. He graduated from the University of Wisconsin in 1925. After graduating, he worked as a research assistant at the University of Iowa
University of Iowa
The University of Iowa is a public state-supported research university located in Iowa City, Iowa, United States. It is the oldest public university in the state. The university is organized into eleven colleges granting undergraduate, graduate, and professional degrees...
and the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
until 1932.
Career
In 1933, Mitchell was hired as the Director of Research for the Illinois Tax CommissionIllinois Department of Revenue
The Illinois Department of Revenue is a cabinet-level department of the state government of Illinois. It is headquartered in the state capital of Springfield...
. In 1940, he became Assistant to the Director of Revenue for the State of Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
.
In 1943, Mitchell joined the staff of the Federal Reserve Bank of Chicago
Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank....
, but was also as a consultant for the Bureau of Internal Revenue. During this time, Mitchell simultaneously served as Director of Finance for the State of Illinois under Governor Adlai Stevenson. He was later appointed as the head of research for the Chicago Fed.
In 1961, President John F. Kennedy
John F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....
appointed Mitchell as a Governor for the Federal Reserve Board.
In 1973, President Richard Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
appointed Mitchell as the Vice Chairman of the Federal Reserve Board. He served under Fed Chairman Arthur F. Burns
Arthur F. Burns
Arthur Frank Burns was an American economist. He served as Chairman of the Federal Reserve from 1970 to 1978.- Career :...
. Shortly thereafter, he was thrust into a difficult position of resisting a guarantee of the municipal bonds of New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, echoing the stance favored by President Gerald Ford
Gerald Ford
Gerald Rudolph "Jerry" Ford, Jr. was the 38th President of the United States, serving from 1974 to 1977, and the 40th Vice President of the United States serving from 1973 to 1974...
. Mitchell stated that a guarantee would be akin to a bailout and would subject the Fed to all manner of political pressures. Ultimately, the federal government helped New York City avoid bankruptcy with a loan and debt restructuring by the Municipal Assistance Corporation in 1975.
Mitchell was a member of the American Economic Association, American Finance Association, and National Committee on Government Finance, Brookings Institution.