The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1927-09-22
MINNEAPOLIS Man
HEADS BANK BOARD
Roy Young Named by Pres
ident Coolidge Late
Wednesday
AID TO NORTHWEST
Gentleman Has Been Gov
ernor Ninth District Fed
eral Reserve Bank

Minneapolis, Sept. 21-Roy A.
Young, governor of the ninth dist
riot Federal Reserve bank of Min
neapolis, is to be the new govern
or of the Federal Reserve board
at Washington. He was appointed
to the board by President Coolidge,
Wednesday and later it was an
nounced definitely at the treasury
that he would be designated gov
ernor as soon as he qualities as
member, according to Associated
Press dispatches.
The board exercises supervision
over the IL district banks which
constitute the reserve system and
final authority in regard to their
policies and operations.
Mr.. Young said Wednesday that
he will accept the appointment to
the national board. when official
notice from the White House con-
firms the advices received from
Washington in the dispatches.
81 will consider it a great honor
to be named as governor of the
Federal Reserve board and will
accept the appointment when it is
rendered me officially" Mr.. Young
said. .sIt goes without saying that
will regret sincerely the necessity
of leaving the northwest, which
has been my home all my ife."
| Mr.. Young will succeed Daniel
r. Crissinger of Marion, Ohio, as
head of the reserve board. Mr..
Crissinger, an appointee of the
late President Harding, resigned
the post last week.
Mr.. Young's appointment We'd
nesday by President Coolidge
makes him only a member of the
board for the present. The feder-
al reserve act, the law by which the
reserve system was created and
under which it is operated, pro-
vldes THAT the president shall name
all appointive members Of the
board, subject to confirmation by
the United States senate.
/ When the senate has confirmed
the appointment of Mr.. Young as
a board member, the President ac-
cording to the program shaped ait
Washington, will designate him as
governor, to succeed to the duties
and responsibility held by Mr.. CrisI
| singer. Appointment of member
of the board as its governor is not
subject to confirmation by the sem
ate and the president has the sole
voice in the matter. Edmund
PIatt of New York, vice governor
OF the board, is expected to act as
governor and executive head, until
the senate has passed upon the APP
pointment of Governor Young and
paved the way for his naming as
head of the body.
/ Mr.. Young's appointment to a
seat on the reserve board will be-
come effective in the immediate fu-
ture and, it is expected, will ne
cessitate his early resignation as
governor and chief operating of
ficer of the ninth district bank at
Minneapolis. The law stipulates
that appointment of a reserve
board member must take effect
Within Is days after it's announce
ment by the President.
/ Mr.. Young came to the Federal
Reserve bank at Minneapolis 10
| years ago from the upper PENN
! sula of Michigan, where he had
made record of marked success
in both commercial and investment
banking. He was comparatively
unknown, however, outside his
home district, except to bankers
who had had dealings with him
and the institutions with which he
was connected.
i He Joined the Federal Reserve
bank staff in 1917, during the
second liberty loan campaign, as
deputy governor of the institution.
! Continued on Page Twelve)