Thomas Bayard McCabe
| Thomas McCabe | |
|---|---|
| Chair of the Federal Reserve | |
|
In office April 15, 1948 – March 31, 1951 |
|
| President | Harry Truman |
| Preceded by | Marriner Eccles |
| Succeeded by | Bill Martin |
| Personal details | |
| Born |
July 11, 1893 Whaleyville, Maryland, U.S. |
| Died | May 27, 1982 (aged 88) Swarthmore, Pennsylvania, U.S. |
| Spouse(s) | Jeannette Everett Laws |
| Education | Swarthmore College (BA) |
Thomas Bayard McCabe (July 11, 1893 – May 27, 1982) was president and chief executive officer of Scott Paper Company for 39 years. McCabe also held several important government offices during the administrations of Franklin D. Roosevelt and Harry S. Truman. Most notably, he was appointed by President Truman to serve as Chairman of the Board of Governors of the Federal Reserve in the years following World War II.
The youngest of five children, Thomas Bayard McCabe was born on July 11, 1893 to William Robbins McCabe and Beulah Whaley in Whaleyville, Maryland. According to family records, his paternal ancestors were early pioneers of Selbyville, Delaware, dating as far back as the late 1700s. By 1837, Thomas's great-great-great grandfather, Arthur McCabe, owned what was then all of Selbyville. His grandfather, William S. McCabe was involved in the local mercantile business for over 50 years.
When McCabe's father came of age, the firm William S. McCabe & Son was formed and became one of the leading business firms in Sussex County, Delaware. His father later founded and served as the first president of the Selbyville Bank as well as a banking and insurance commissioner for the State of Delaware in the early 20th century. He was an early advocate of the Federal Reserve System. Family records state that several generations of McCabe's mother's maternal and paternal ancestors were early settlers of Maryland and Delaware, on the Delmarva Peninsula. He was awarded the Vermilye Medal in 1963, which is given to individuals who have leadership in business and industry in the industries of science and technology.
McCabe attended preparatory school at Wilmington Conference Academy (now called Wesley College) in Dover, Delaware, from 1907-1910. Following graduation from WCA, he entered Swarthmore College, where he studied Economics, graduating in 1915 with an Associate Bachelor's degree. While attending Swarthmore, he joined the fraternity Delta Upsilon, as well as the Book & Key secret society. In addition, he held honorary doctoral degrees from 15 colleges and universities
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