| Gene Black | |
| Office: | 3rd President of the World Bank Group |
| Term Start: | July 1, 1949 |
| Term End: | January 1, 1963 |
| Predecessor: | John McCloy |
| Successor: | George Woods |
| Birth Name: | Eugene Robert Black |
| Birth Date: | 1 May 1898 |
| Birth Place: | Atlanta, Georgia, U.S. |
| Death Place: | Southampton, New York, U.S. |
| Father: | Eugene R. Black |
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.
Black was born in Atlanta, Georgia, in 1898.
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.
Black attended the University of Georgia, graduating in 1917[1] with a BA in Latin.[2]
Upon graduating from university in 1917, he enlisted in the United States Navy to fight in World War I;[1] he was assigned to convoy duty in the North Atlantic.[3]
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.[1]
In 1933, he was hired by Chase National Bank, which had at one point owned Harris Forbes,[2] as a second vice president,[1] and moved back to New York.[2] In 1937[1] he was promoted to senior vice president and was responsible Chase National's large investment portfolio.[3]
In 1944, the World Bank was established by the Bretton Woods Conference, mainly to provide loans for the rebuilding of postwar Europe.[1] It began operating in 1946.[1] In 1947 John J. McCloy accepted the presidency of the bank, but only under the proviso that Black would be appointed its executive director.[2] Chase National Bank gave him a two-year leave of absence.[2]
When McCloy resigned in 1949, Black, against his will, became the third president of the bank.[3]
While not joining in the anti-communist fervor following World War II, Black was concerned about the spread of communism and its impact on the spread of global capitalism. He believed that economic prosperity was an essential prerequisite for political freedom. Black had wanted to return to work for Chase National, but his personal commitment to the objectives of the World Bank overrode that desire, and he remained as President of the Bank.[3]
At the time of his departure from the World Bank, he had been President for 13 of its 16 years of existence, and the force of his personality and connection with every employee led to it being known as "Black's Bank".[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.[5]
From 1962 to 1968, Black was chairman of the Brookings Institution.[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 Awards Board of Jurors from 1967 to 1977.[10]