Eugene Robert Black Sr. (May 1, 1898 – February 20, 1992) was an American investment banker who was the third president of the World Bank Group, serving from 1949 to 1962.
He was the eldest son of Eugene R. Black, who served as the sixth chairman of the Federal Reserve from 1933 to 1934. The first Eugene Robert Black did not use the "Sr." suffix, so his eldest son became Sr.
He was the eldest son of Eugene R. Black, who served as the sixth chairman of the Federal Reserve from 1933 to 1934, during the height of the Great Depression. The first Eugene Robert Black did not use the "Sr." suffix, so his eldest son became Sr. and his grandson (the third in line) became Eugene Robert Black Jr.
Upon leaving the Navy after the war, Black joined the New York investment firm of Harris, Forbes & Co.[4] He worked as a traveling salesperson for the firm, selling bonds and meeting with bankers and investors.[4] He opened the firm's first southern office, in Atlanta, and later became a partner in the firm,[4] and was known as a bond expert.[2]
In 1933, he was hired by Chase National Bank, which had at one point owned Harris Forbes,[3] as a second vice president,[2] and moved back to New York.[3] In 1937[2] he was promoted to senior vice president and was responsible Chase National's large investment portfolio.[1]
In 1944, the World Bank was established by the Bretton Woods Conference, mainly to provide loans for the rebuilding of postwar Europe.[2] It began operating in 1946.[2] In 1947 John J. McCloy accepted the presidency of the bank, but only under the proviso that Black would be appointed its executive director.[3] Chase National Bank gave Black a two-year leave of absence.[3]
When McCloy resigned in 1949, Black, against his will, was nominated to replace him and became the third president of the bank.[1]
Prior to his tenure at the bank, it had made only 10 loans, mainly to war-torn countries in Western Europe.[3]
In 1963, the United States was considering pursuing a program to create a supersonic transport (SST) to rival the British and French Concorde. President Kennedy commissioned an outside review of the feasibility of a federally funded SST program. Black and Stanley Osborne, chairman of Olin Mathieson Chemical Corporation, led the commission. The review was completed in December 1963 and given to President Lyndon B. Johnson. The report recommended not pursuing a race against the Concorde and instead focusing the effort initially on building a test aircraft for research.[6]
President Johnson selected Black in 1966 to be Special Adviser to the President on Southeast Asian Social and Economic Development. In this position, Black was charged with organizing and establishing the Asian Development Bank. This was a task that Black was initially quite hesitant to undertake, but Johnson would not take no for an answer. To President Johnson, the creation of the ADB was an important step in securing Asian support or at least acquiescence for the War in Vietnam.[7]
Black also served on a number of boards for corporations and foundations. The University of Georgia Foundation named a fellowship in honor of him and his achievements.[8]Princeton University awarded him an honorary Doctor of Laws degree in 1960.[9] Black was Chair of the Peabody AwardsBoard of Jurors from 1967 to 1977.[10]
