William W. Paddock was the fifth president at the Federal Reserve Bank of Boston, serving from April 1942 to May 1944.
Paddock was born in Clinton, Iowa, in 1879. After graduating from Clinton High School, he enlisted in the 49th Iowa Voluntary Infantry and served during the Spanish-American War and later as a civilian clerk for the War Department in the Philippines.
After leaving the military, Paddock studied economics at Columbian College and the University of Pennsylvania before earning a bachelor’s degree in law from George Washington University.
Paddock joined the Federal Reserve System in 1918 serving as chief of the Division of Examination at the Federal Reserve Bank of Philadelphia. In 1920, he was named deputy governor of the Boston Fed. Later, in 1936, he added the title of first vice president. In 1934, newspapers reported that the Boston Fed had processed part of the Lindberg ransom money, although any knowledge of this transaction was denied by Paddock and the Boston Fed.
In 1942, Paddock was elected president of the Boston Fed succeeding Roy Young. He served as president for two years, resigning in 1944 with almost twenty-five years of Fed service although he continued as a trustee of the Retirement System of the Federal Reserve System.
Paddock died at his home on the Fenway in Boston in 1957. He was married to Beulah McLean and had one son.
Written by the Federal Reserve Bank of Boston. See disclaimer.