For release: Feb. 8, 2002
Contact: Charles B. Henderson, (314) 444-8311

Former Bank President Darryl R. Francis Passes Away

Darryl R. Francis, president of the Federal Reserve Bank of St. Louis from January 17, 1966, to March 1, 1976, died today in Ft. Smith, Ark. Francis' major contribution to monetary policy was his strong advocacy of monetarist theory, which related inflation to the nation's money supply. This was an unpopular view at the time, but it eventually gained widespread acceptance.

On learning the news of Francis' death, William Poole, president and chief executive officer of the Federal Reserve Bank of St. Louis, said: "Darryl Francis was at the helm of the St. Louis Fed during a very difficult period for monetary policy in the 1960s and 1970s. He had the vision to see that research and open debate would succeed in strengthening monetary policy. Francis had the courage to carry his ideas for improving policy--ideas emphasizing the importance of controlling inflation and limiting money growth to achieve that objective--to the nation when they were not popular. He was a great leader for the Federal Reserve Bank of St. Louis. The nation owes Darryl Francis a debt of gratitude for his significant contribution to the formation of monetary policy that eventually brought inflation under control."

Back to top