"The issue came to a head at the beginning of the presidential election year of 1948 when Marriner Eccles came up for reappointment as Fed chairman. Giannini wrote Snyder,
Rumors seem to point to the reappointment of a certain man who has
consistently iolated his Oath of office when acting on many of the matters
pertaining to certain Interests. I'm wondering if, at the moment, there isn't
any one readily available as successor...
"On January 27, 1948, Wall Street was puzzled by the news that President Truman had 'demoted' Eccles to Vice Chairman of the Federal Reserve, appointing another chairman in his stead. One liberal Democratic Senator demanded to know 'who went to the President' to engineer Eccles' ouster. Truman said publicly that it was his own idea."
Richard H. Smith in The Huffington Post presents unearthed letters from Bank of America founder A. P. Giannini attempting to depose the Federal Reserve chairman sixty-two years ago.
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