Robert Roosa
Encyclopedia
Robert Vincent Roosa was an American economist and banker. He served as Treasury Undersecretary for Monetary Affairs during the Kennedy
administration. He believed the U.S. dollar should be the world's leading currency and reference point because the United States was the leading political and economic power.
, he studied at the University of Michigan
, receiving his A.B. in 1939. He received a Rhodes Scholarship
but due to the outbreak of war in Europe did not attend Oxford. Instead, he remained at Michigan, taking M.A. and Ph.D. degrees in 1940 and 1942 respectively. Between 1939 and 1943, he taught economics at Michigan, Harvard, and at the Massachusetts Institute of Technology
. During World War II
he served in London as assistant to Charles P. Kindleberger
in the Enemy Objectives Unit
, identifying potentially valuable enemy targets.
, ultimately reaching the position of vice president in the bank's research department. He then joined the Treasury
, under John F. Kennedy, as Undersecretary for Monetary Affairs, where he helped to address the balance of payments
problem facing America at that time. One of his solutions was the creation of bonds that would attract and allow foreign holders of dollars to turn them into long-term assets as an alternative to buying U.S. gold. Known as Roosa bonds, they were bought with dollars, but denominated and repaid in Swiss franc
s. Roosa believed that the international monetary system should be based on a reference and that the reference should be the U.S. dollar. He continued under the administration of Lyndon B. Johnson
until 1964.
Roosa joined the Wall Street firm of Brown Brothers Harriman as a partner, in 1965. He was a director at the Council on Foreign Relations
between 1966 and 1981, and a trustee of the Rockefeller Foundation
. He also became a member of the influential Washington-based financial advisory body, the Group of Thirty
in 1979. He was also a member of the Trilateral Commission
. From 1975 to 1986, he was chairman of the Brookings Institution
. Roosa retired from Brown Brothers in 1991.
in December 1993.
John F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....
administration. He believed the U.S. dollar should be the world's leading currency and reference point because the United States was the leading political and economic power.
Early years
Born in Marquette, MichiganMarquette, Michigan
Marquette is a city in the U.S. state of Michigan and the county seat of Marquette County. The population was 21,355 at the 2010 census, making it the most populated city of the Upper Peninsula. Marquette is a major port on Lake Superior, primarily for shipping iron ore and is the home of Northern...
, he studied at the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
, receiving his A.B. in 1939. He received a Rhodes Scholarship
Rhodes Scholarship
The Rhodes Scholarship, named after Cecil Rhodes, is an international postgraduate award for study at the University of Oxford. It was the first large-scale programme of international scholarships, and is widely considered the "world's most prestigious scholarship" by many public sources such as...
but due to the outbreak of war in Europe did not attend Oxford. Instead, he remained at Michigan, taking M.A. and Ph.D. degrees in 1940 and 1942 respectively. Between 1939 and 1943, he taught economics at Michigan, Harvard, and at the Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
. During World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
he served in London as assistant to Charles P. Kindleberger
Charles P. Kindleberger
Charles Poor "Charlie" Kindleberger was a historical economist and author of over 30 books. His 1978 book Manias, Panics, and Crashes, about speculative stock market bubbles, was reprinted in 2000 after the dot-com bubble. He is well known for hegemonic stability theory.-Life:Kindleberger was born...
in the Enemy Objectives Unit
Enemy Objectives Unit
On June 13, 1942 President Roosevelt sought to create an intelligence group like Britain’s Special Operations Executive. The Office of Strategic Services or OSS was formed. Under the OSS a subdivision called Research and Analysis was composed of professors and scholars that were willing to...
, identifying potentially valuable enemy targets.
Postwar years
From 1946 he worked at the Federal Reserve Bank of New YorkFederal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
, ultimately reaching the position of vice president in the bank's research department. He then joined the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
, under John F. Kennedy, as Undersecretary for Monetary Affairs, where he helped to address the balance of payments
Balance of payments
Balance of payments accounts are an accounting record of all monetary transactions between a country and the rest of the world.These transactions include payments for the country's exports and imports of goods, services, financial capital, and financial transfers...
problem facing America at that time. One of his solutions was the creation of bonds that would attract and allow foreign holders of dollars to turn them into long-term assets as an alternative to buying U.S. gold. Known as Roosa bonds, they were bought with dollars, but denominated and repaid in Swiss franc
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...
s. Roosa believed that the international monetary system should be based on a reference and that the reference should be the U.S. dollar. He continued under the administration of Lyndon B. Johnson
Lyndon B. Johnson
Lyndon Baines Johnson , often referred to as LBJ, was the 36th President of the United States after his service as the 37th Vice President of the United States...
until 1964.
Roosa joined the Wall Street firm of Brown Brothers Harriman as a partner, in 1965. He was a director at the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
between 1966 and 1981, and a trustee of the Rockefeller Foundation
Rockefeller Foundation
The Rockefeller Foundation is a prominent philanthropic organization and private foundation based at 420 Fifth Avenue, New York City. The preeminent institution established by the six-generation Rockefeller family, it was founded by John D. Rockefeller , along with his son John D. Rockefeller, Jr...
. He also became a member of the influential Washington-based financial advisory body, the Group of Thirty
Group of Thirty
The Group of Thirty, often abbreviated to G30, is an international body of leading financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors related to these issues...
in 1979. He was also a member of the Trilateral Commission
Trilateral Commission
The Trilateral Commission is a non-governmental, non-partisan discussion group founded by David Rockefeller in July 1973 to foster closer cooperation among the United States, Europe and Japan.-History:...
. From 1975 to 1986, he was chairman of the Brookings Institution
Brookings Institution
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
. Roosa retired from Brown Brothers in 1991.
Personal
Roosa was married to Ruth Roosa (née AmEnde), who died in October 1993. They had two daughters. Roosa died in Port Chester, New YorkPort Chester, New York
Port Chester is a village in Westchester County, New York, United States. The village is part of the town of Rye. As of the 2010 census, Port Chester had a population of 28,967...
in December 1993.
Publications
- Milton FriedmanMilton FriedmanMilton Friedman was an American economist, statistician, academic, and author who taught at the University of Chicago for more than three decades...
and Robert V. Roosa, The Balance of Payments: Free Versus Fixed Exchange Rates, American Enterprise Institute for Public Policy Research, Washington, D.C. (1967)
External links
- United States Treasury Policies And Economic Stabilization a talk given at the Industrial College of the Armed ForcesIndustrial College of the Armed ForcesThe Industrial College of the Armed Forces is a U.S. military educational institution tasked with preparing military officers and civilian government officials for leadership and executive positions in the field of national security...
in 1962 - Mary Jean Bennett, 1968 book review of Roosa's book written with M. Friedman "A Reviewer’s Notebook – 1968/5". Retrieved May 20, 2011