Rudolph M. Evans became a member of the Board of Governors of the Federal Reserve System on March 14, 1942. He left the Board of Governors on August 13, 1954.
Evans was born in Cedar Rapids, Iowa, in 1890. He received a bachelor’s degree in civil engineering from Iowa State College. Evans worked with a New York construction company for a short time after graduation. In 1916, he joined Allied Machinery Company of America, leaving temporarily in 1918 to serve in the US Army for ten months. In 1921, he left his position at Allied Machinery to move to Laurens, Iowa, and become a livestock farmer.
Because of his knowledge of farming operations, Evans was appointed regional representative of the Corn-Hog Section of the Agricultural Adjustment Administration in 1933. He later became chairman of the Iowa Corn-Hog Committee in Des Moines.
In 1936, Evans became special assistant to the secretary of Agriculture in Washington, DC. He served in that capacity until October 1938, when he was appointed administrator of the Agricultural Adjustment Administration. He held that role until his appointment in March 1942 to the Board of Governors.
During his tenure, the Federal Reserve raised reserve requirements and used Regulation W to keep inflation at bay. Regulation W limited the terms of consumer credit. As governor, Evans pushed for the reinstatement of consumer credit controls. He argued that consumer credit greatly impacted the economy and stronger regulation ensured economic stability.
In 1956, Evans was Iowa’s Democratic candidate for the US Senate. He died in 1956.
Evans' papers are housed at the University of Iowa Libraries.
Written by the Board of Governors of the Federal Reserve System. See disclaimer.