Anthony M. Solomon
- President, Federal Reserve Bank of New York, 1980–1984
- Born: December 27, 1919
- Died: January 18, 2008
Anthony M. Solomon became president of the Federal Reserve Bank of New York on April 1, 1980. He retired December 31, 1984.
Solomon was born in Arlington, New Jersey, in 1919. He graduated from the University of Chicago with a bachelor's degree in economics in 1941 before joining the American financial mission to Iran.1 He entered Harvard University in 1946 and received a master's degree in economics and public administration in 1948.2
Over the next 10 years, Solomon lived in Mexico, working first as a publisher and then as head of a Mexican food company. In 1961, he returned to Harvard University as a member of the faculty. He returned to government service two years later and was eventually appointed deputy assistant secretary of State for Latin America. From 1965 to 1969, Solomon was the assistant secretary of state for economic affairs and a member of President Johnson's task force on the reform of the international monetary system. In 1969, Solomon established the International Investment Corporation. for Yugoslavia at the request of Robert McNamara, president of the World Bank. He departed that position to become an adviser to the chairman of the U.S. House of Representatives Ways and Means Committee and assisted in the development of trade legislation. Solomon served as undersecretary of the Treasury for monetary affairs from March 1977 to March 1980.2
In 1980, the New York Fed's board of directors appointed Solomon to be the sixth president of the Bank.3 That year was turbulent for financial markets as the United States economy skidded into the 1981-1982 recession. In addition, the Iran hostage situation continued throughout 1980; and Solomon's prior experience in that region helped him to lead the Bank through this turbulent time in our nation's history.4
Solomon stepped down as president of the New York Fed on December 31, 1984, upon reaching the mandatory retirement age of 65.5
He died in 2008.6
Endnotes
- 1 Anthony M. Solomon. "The Revival of Trade between the 'Communist Bloc' and the West." Annals of the American Academy of Political and Social Science, July 1967: 105.
- 2 Federal Reserve Bank of New York. "Anthony M. Solomon." n.d.
- 3 Robert A. Bennett. "Anthony Solomon: New Man at the Fed." New York Times, September 28, 1980; Ben Weberman. "Solomon's Choice." Forbes, June 20, 1983.
- 4 Jimmy Carter. "The Final Day." TIME, October 18, 1982.
- 5 Bart Faust. "NY Fed Loses the Wisdom of Solomon When the Bearded Sculptor Retires; The President Who Never Worked for a Bank Proved Skillful and Practical." American Banker, December 24, 1984.
- 6 Dennis Hevesi. "Anthony Solomon, Finance Policy Maker, Is Dead at 88." New York Times, January 19, 2008.
Written by the Federal Reserve Bank of New York as of November 2013 and updated by Ella Needler and Genevieve Podleski as of July 2022. See disclaimer and update policy.
