George W. Mitchell

George Wilder Mitchell (February 23, 1904 – January 25, 1997) was an American economist who served as the 9th vice chairman of the Federal Reserve from 1973 to 1976. Prior to his term as vice chairman, Mitchell served as a member of the Federal Reserve Board of Governors, taking office in 1961. He was a long-time staffer at the Federal Reserve Bank of Chicago before his appointment to the Board. Mitchell was an early promoter of electronic banking.

For others of the same name, see George Mitchell.
George Mitchell
9th Vice Chairman of the Federal Reserve
In office
May 1, 1973 – February 13, 1976
PresidentRichard Nixon
Gerald Ford
Preceded byJames Robertson
Succeeded byStephen Gardner
Member of the Federal Reserve Board of Governors
In office
August 31, 1961 – February 13, 1976
PresidentJohn F. Kennedy
Lyndon B. Johnson
Richard Nixon
Gerald Ford
Preceded byMenc Szymczak
Succeeded byStephen Gardner
Personal details
Born
George Wilder Mitchell

(1904-02-23)February 23, 1904
Richland Center, Wisconsin, U.S.
DiedJanuary 25, 1997(1997-01-25) (aged 92)
Arlington, Virginia, U.S.
Political partyDemocratic
EducationUniversity of Wisconsin, Madison (BA)

Early life and education

Mitchell was born on February 23, 1904, to George Ray and Minnie Mitchell in rural Richland Center, WI. 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.[1]

Career

In 1933, Mitchell was hired as the Director of Research for the Illinois Tax Commission. In 1940, he became Assistant to the Director of Revenue for the State of Illinois.[1]

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.[1]

In 1961, President John F. Kennedy appointed Mitchell as a Governor for the Federal Reserve Board.[2]

In 1973, President Richard Nixon appointed Mitchell as the Vice Chair of the Federal Reserve.[2] 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.[2] 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.[1]

References
  1. JKF Library Archived 2008-05-09 at the Wayback Machine (Accessed December 5, 2009)
  2. Barry Meier George W. Mitchell, 92, Ex-Official at the Fed New York Times, February 1, 1997 (Accessed December 5, 2009)
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