Darryl R. Francis: A Record of Service

Federal Reserve Bank of St. Louis Review, July 2001 | Go to article overview

Darryl R. Francis: A Record of Service


Former President and CEO, Federal Reserve Bank of St. Louis

Darryl R. Francis took office as president and chief executive officer of the Federal Reserve Bank of St. Louis on January 17, 1966, a position he held until his retirement, March 1, 1976. His career in banking and economics spanned almost four decades.

Mr. Francis began his career in the Federal Reserve System at the St. Louis office in 1944 as an agricultural economist, a position he kept for five years. From 1949 until 1953, he was employed as a commercial banker in Memphis. He later served as a vice president at Boatmen's National Bank in St. Louis. In 1953, he rejoined the St. Louis Bank as a vice president, later serving as branch manager at the Memphis Branch for five years. In 1959, he was named first vice president in St. Louis. Then, in 1966, he became president of the Bank, a position he held for 10 years until his retirement.

Mr. Francis's major contribution to the field of economics was his strong advocacy of monetarist theory During his career, he was one of the Fed's sharpest critics, and he often was at odds with the Fed's stance on monetary policy. He also spoke openly at Federal Open Market Committee meetings and frequently dissented from the majority view. …

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