Thomas B. McCabe

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8th Chairman of the Board of Governors of the Federal Reserve
Thomas Bayard McCabe
In office April 15, 1948 – March 31, 1951
President	Harry Truman
Preceded by	Marriner S. Eccles
Succeeded by	William McChesney Martin, Jr.

Born	July 11, 1893 Whaleyville, Maryland
Died	May 27, 1982 Swarthmore, Pennsylvania
Nationality	American
Alma mater	Swarthmore College
Profession	Economist

Thomas Bayard McCabe (1893–1982), a graduate of Swarthmore, served as the chairman of the Federal Reserve from 1948-1951. He was president and CEO of Scott Paper Company 1927–1967. McCabe graduated from Swarthmore College in 1915. While attending Swarthmore, he joined the distinguished non-secret fraternity Delta Upsilon. McCabe also attended Harvard Business School.

McCabe joined Scott Paper Company after serving as a Captain in the United States Army in World War I. He was 26 when he joined the company, and advanced to CEO by the time he was 34. Under McCabe's leadership, Scott Paper expanded from a single mill, employing about 500 people, into a multinational giant, employing over 40,000 at 60 locations throughout the world. McCabe retired from the board of Scott Paper in 1980.

He is notable on the Swarthmore campus for his donation of the McCabe library, the central library on the campus. McCabe also funds several prestigious scholarships and fellowships for Swarthmore students and alumni.

[edit] Scholarships and fellowships funded by McCabe:

The National McCabe Scholarship places emphasis on ability, character, personality, leadership, and service to school and community. The amount awarded is based on a student's demonstrated financial need and all need is met with scholarship. No interviews or separate applications are required for consideration.

The Regional McCabe Scholarship is the only merit-based scholarship at Swarthmore. Each year, two Regional McCabe Scholars are selected from each the Delmarva Peninsula Chester County, Montgomery County, or Delaware County in Pennsylvania. These four Regional McCabe Scholars receive a minimum of full tuition for each of their four years at Swarthmore (but more if they demonstrate financial need).

The Thomas B. McCabe Jr. and Yvonne Motley McCabe Memorial Fellowship is awarded annually to graduates of the College, and provides a grant toward an initial year of study at the Harvard Business School, or at the University of Chicago, Massachusetts Institute of Technology, Northwestern University, the University of Pennsylvania, or Stanford University. The McCabe Fellowship is renewable for a second year on the same program. Yvonne and Thomas B. McCabe Jr. lived in Cambridge, Massachusetts for a time, and he received an MBA from Harvard University, and was a visiting lecturer there. In selecting the recipient, the standards that determine the McCabe Achievement Awards are followed, giving special consideration to applicants who have demonstrated superior qualities of leadership.

Preceded by Marriner S. Eccles	Chairman of the Federal Reserve 1948–1951	Succeeded by William McChesney Martin, Jr.

v • d • e Chairmen of the Federal Reserve

Hamlin • Harding • Crissinger • Young • Meyer • Black • Eccles • McCabe • Martin • Burns • Miller • Volcker • Greenspan • Bernanke