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 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]
Referencesedit
^ abcdJKF Library 2008-05-09 at the Wayback Machine (Accessed December 5, 2009)
^ abcBarry Meier George W. Mitchell, 92, Ex-Official at the Fed New York Times, February 1, 1997 (Accessed December 5, 2009)
george, mitchell, others, same, name, george, mitchell, george, wilder, mitchell, february, 1904, january, 1997, american, economist, served, vice, chairman, federal, reserve, from, 1973, 1976, prior, term, vice, chairman, mitchell, served, member, federal, re. For others of the same name see George 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 George Mitchell9th Vice Chairman of the Federal ReserveIn office May 1 1973 February 13 1976PresidentRichard NixonGerald FordPreceded byJames RobertsonSucceeded byStephen GardnerMember of the Federal Reserve Board of GovernorsIn office August 31 1961 February 13 1976PresidentJohn F KennedyLyndon B JohnsonRichard NixonGerald FordPreceded byMenc SzymczakSucceeded byStephen GardnerPersonal detailsBornGeorge Wilder Mitchell 1904 02 23 February 23 1904Richland Center Wisconsin U S DiedJanuary 25 1997 1997 01 25 aged 92 Arlington Virginia U S Political partyDemocraticEducationUniversity of Wisconsin Madison BA Contents 1 Early life and education 2 Career 3 References 4 External linksEarly life and education editMitchell 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 editIn 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 edit a b c d JKF Library Archived 2008 05 09 at the Wayback Machine Accessed December 5 2009 a b c Barry Meier George W Mitchell 92 Ex Official at the Fed New York Times February 1 1997 Accessed December 5 2009 External links editStatements and Speeches of George Wilder Mitchell Government offices Preceded byMenc Szymczak Member of the Federal Reserve Board of Governors1961 1976 Succeeded byStephen Gardner Preceded byJames Robertson Vice Chair of the Federal Reserve1973 1976 Retrieved from https en wikipedia org w index php title George W Mitchell amp oldid 1215987779, wikipedia, wiki, book, books, library,
