Karl Bopp, one of the first professional economists to lead a Reserve Bank, served as president of the Federal Reserve Bank of Philadelphia from 1958 until his retirement in 1970.
Born in Kirkwood, Missouri, in 1906, Bopp earned bachelor's degrees in both economics and business administration at the University of Missouri, completing them all within four years. Bopp, a member of Phi Beta Kappa, also earned a master's degree in 1929 and a doctorate in 1931 from the university. He later served on the school’s faculty from 1931 to 1941. During his tenure at the university, he accepted fellowships to study the central banks in England, France, and Germany.
Bopp joined the Philadelphia Fed as director of personnel in 1941 and was named director of research the following year. He was elected president of the Reserve Bank in March 1958 and reappointed to the post in March 1961.
During his time as head of the Philadelphia Fed, Bopp established the data processing department. This marked the Reserve Bank's first incorporation of computers into its operations.
Bopp died on February 1, 1979.
Written by the Federal Reserve Bank of Philadelphia. See disclaimer.