C. Canby Balderston joined the Board of Governors of the Federal Reserve System on August 12, 1954, and was appointed vice chairman on March 11, 1955. He held the role until February 28, 1966.
Balderston was born in Kennett Square, Pennsylvania, in 1897. He attended Pennsylvania State College from 1915 to 1917. He earned a bachelor’s degree in economics from the University of Pennsylvania in 1921, as well as a master’s degree in1923 and a doctorate in 1928. In 1955, he also received his law degree from the university.
Balderston held several faculty roles at the University of Pennsylvania, including assistant professor (1925–31), professor (1931-54), and dean of the Wharton School of Finance and Commerce (1941–54). During that time, he also engaged in a variety of professional activities. Most notably, he served as a member of the board of directors for the Federal Reserve Bank of Philadelphia, beginning in April 1943. He served as the board’s deputy chairman from March 1949 to December 1953.
Balderston left the Board of Governors to become Regents Lecturer at the University of California, Berkeley. He returned to Washington in 1966 as an adjunct professor of finance at American University.
At various points, Balderston also served as president of Leeds & Lippincott Co.; vice president and director of the Philadelphia Chamber of Commerce; chairman of the board and president and director of the National Bureau of Economic Research; president of the American Association of Collegiate Schools of Business; and member of the board of managers for Friends Hospital in Frankford (Pennsylvania). In addition, he was a member of the American Management Association, American Economics Association, Theta Xi, and the Society of Friends; and president of Beta Gamma Sigma.
During his tenure on the Board of Governors, Balderston gave numerous speeches on the importance of monetary policy in maintaining stable economic growth, keeping inflation low, and promoting full employment. He authored or coauthored several books on wages, profits, and industry management throughout his career, in addition to publishing articles in academic journals.
Balderston died in 1979.
Written by the Board of Governors of the Federal Reserve System. See disclaimer.