Professor J. Dewey Daane served as a Federal Reserve Governor from 1963 to 1974. He was appointed by President Kennedy following an interview by Kennedy who questioned him for his economic views. The president knew Daane was hawkish on inflation but also wanted to know if he also would promote economic growth. Apparently he passed the interview and was appointed by Kennedy shortly before the assassination.
With Paul Volcker he also represented the United States as deputies to the ministers and governors of the Group of Ten in meetings related to international monetary crises. During his federal government days he served under four U.S. Presidents, Eisenhower, Kennedy, Johnson and Nixon.
Following his work with the Federal Reserve he joined the Owen Graduate School of Management as a Professor of Finance. He served in that position for 42 years and became the Frank K. Houston Professor of Finance Emeritus following his retirement.
Professor Daane received his undergraduate degree from Duke University in 1939. He later did graduate work at Harvard and earned his doctorate in Public Administration. His doctorate was the first one granted by Harvard’s School of Public Administration. It later would change its name to the Kennedy School of Government.
J. Dewey Daane was born on July 6, 1918 in Grand Rapids, Michigan, the location of many other Dutch Americans. His father was Gilbert Leonard Daane, who worked as a banker. His mother was Mamie Blocksma, also a person of clear Dutch, or pardon me, Frisian background.
The couple had three daughters, Elizabeth Marie Daane Malleck, Elizabeth Whitney Daane, and Olivia Quartel Daane. They also had four grandchildren, two great grandchildren and numerous nephews and nieces.
Professor Daane passed away on January 3, 2017 at the age of 98. He was predeceased by a brother Gilbert Warren Daane, a sister Elizabeth Marie Davidson and a nephew G. Warren Daane, Jr.
Haggerty, James R., “J. Dewey Daane, 1918-2017”, Wall Street Journal, January 14-15, 2017.
“J. Dewey Daane, 1918-2017”, Vanderbilt Magazine, March7, 2017.
“J. Dewey Daane, 1918-2017, Tennesean, January 9, 2017.
Federal Reserve History Site for picture