Federal Reserve: Remembering Bob Black and Al Broaddus

The Richmond Fed recently lost two of its former presidents: Robert (Bob) P. Black and John Alfred (Al) Broaddus. Their combined tenure at the Bank spanned 50 years, from 1954 when Black first arrived as a newly minted economist to Broaddus's retirement in 2004. Both leaders guided the Bank through turbulent economic times, from the Great Inflation of the 1970s and 1980s to the Great Moderation and dot-com boom and bust of the 1990s and early 2000s. Before serving as Bank presidents, both men were economists in the Bank's research department and helped shape its model of informing monetary policy through rigorous research and debate that continues today. As presidents, Black and Broaddus were both ardent supporters of monetary policies that prioritized stable prices and low inflation — positions that were tested and refined through their engagement with Richmond Fed economists.