Menc S. Szymczak was a member of the Board of Governors of the Federal Reserve System from June 14, 1933, until May 31, 1961. He was reappointed twice, in 1936 and 1948, serving the longest tenure of any Fed Governor.
Szymczak was born in Chicago in 1894. He received multiple bachelor’s, master’s, and law degrees and taught at two of the schools he attended – St. Mary’s College and De Paul University – between 1913 and 1933.
In 1925, Szymczak became organizer of the Ridgemoor Building and Loan Association. That same year, he was promoted to director, which he served as until 1928. From 1926 to 1928, he also worked for the Cook County Forest Preserve District. Szymczak was vice president of Hattermann & Glanz State Bank from 1929 to 1930 and vice president and director of Northwestern Trust and Savings Bank from 1930 to 1931. From 1931 to 1933, he was Chicago comptroller.
After his years at the Board of Governors, Szymczak was involved in political and civic organizations. He was a US adviser at the International Monetary and Financial Conference in 1944, chairman of the Foreign Economic Administration’s mission to London to discuss Belgium’s reconstruction needs, and chief of the trade and commerce branch of the economics division of the Office of Military Government for Germany. He later became the division director. In 1950, he served as chairman of the Study Committee of Washington. Szymczak was director of the DC chapter of the American Red Cross. He also was involved in a variety of clubs, including the Washington chapter of the American Institute of Banking and the Mugwumps.
Szymczak received a number of honors during his career. In particular, he was decorated by the government of Poland with the Commander Star as well as by the royal prince regent of Belgium for assistance rendered during World War II.
Szymczak died in 1978.
Written by the Board of Governors of the Federal Reserve System. See disclaimer.