A renowned economist and banker who served as the 7th President of the New York Federal Reserve Bank and played a key role in shaping US monetary policy during the 1960s. He's known for his innovative approaches to international finance and monetary policy.
Robert V. Roosa, a renowned American economist and banker, is best known for his influential role in shaping the international monetary system, particularly during the Kennedy administration. His innovative ideas and policies helped to establish the U.S. dollar as the world's leading currency and reference point.
Born on June 21, 1918, in Marquette, Michigan, Roosa pursued his academic interests at the University of Michigan, where he earned his A.B. in 1939. He was awarded a Rhodes Scholarship, but due to the outbreak of World War II, he did not attend Oxford University. Instead, he remained at Michigan, completing his M.A. and Ph.D. degrees in 1940 and 1942, respectively.
Between 1939 and 1943, Roosa taught economics at the University of Michigan, Harvard, and the Massachusetts Institute of Technology. During World War II, he served in London as an assistant to Charles P. Kindleberger in the Enemy Objectives Unit, identifying potentially valuable enemy targets.
From 1946, Roosa worked at the Federal Reserve Bank of New York, rising to the position of vice president in the bank's research department. In 1961, he joined the Treasury Department under President John F. Kennedy as Undersecretary for Monetary Affairs, where he addressed the balance of payments problem facing America. One of his notable solutions was the creation of Roosa bonds, which allowed foreign holders of dollars to convert them into long-term assets, rather than buying U.S. gold.
Roosa's innovative approach to monetary policy was rooted in his belief that the international monetary system should be based on a reference currency, with the U.S. dollar as the ideal candidate. The Roosa bonds, denominated and repaid in Swiss francs, were designed to attract foreign investors and alleviate the pressure on the U.S. gold reserves.
After leaving the Treasury Department in 1964, Roosa joined the Wall Street firm of Brown Brothers Harriman as a partner in 1965. He was elected to both the American Academy of Arts and Sciences and the American Philosophical Society in 1966. Throughout his career, Roosa's work had a profound impact on the development of international monetary policy, earning him recognition as a leading authority in the field.
Roosa's contributions to the field of economics have had a lasting impact on international monetary policy, shaping the global economy and informing the decisions of policymakers and financiers. His legacy continues to inspire new generations of economists and policymakers, and his work remains a testament to the power of innovative thinking in addressing complex economic challenges.
As we reflect on Roosa's remarkable career, we are reminded of the importance of visionary leadership and the enduring impact of his work on the global economy.
97 Years Old
A renowned economist who served as Chairman of the Federal Reserve, implementing monetary policies to combat inflation and stabilize the US economy. He's credited with ending the 1970s stagflation crisis.
98 Years Old
Former Chairman of the Federal Reserve, guiding the US economy through periods of growth and crisis, and known for his influence on monetary policy.
70 Years Old
The Chairman of the Federal Reserve during the 2008 financial crisis, credited with implementing unconventional monetary policies to stabilize the economy. Known for his calm and decisive leadership during tumultuous times.
63 Years Old
The 75th United States Secretary of the Treasury, who played a crucial role in responding to the 2008 financial crisis and implementing policies to stabilize the economy. He's known for his leadership during a tumultuous period in American economic history.
69 Years Old
A renowned economist and academic who served as the Chief Economist of the World Bank and Secretary of the Treasury, known for his influential economic policies and theories.
86 Years Old
Served as Treasury Secretary under President Clinton, playing a key role in shaping the country's economic policies and overseeing the deregulation of the financial industry. Known for his influence on the Gramm-Leach-Bliley Act, which repealed parts of the Glass-Steagall Act.
Born in 1920
An American economist and politician who served as the 60th United States Secretary of State, playing a key role in shaping foreign policy during the Cold War era. He's known for his diplomatic efforts to end the Cold War and his advocacy for economic freedom.
