Thomas B. McCabe, Chairman of the Federal Reserve

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Thomas Bayard McCabe

Birthdate: (89)
Death: 1982 (89)
Immediate Family:

Son of William Robins McCabe and Beulah Whaley

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Immediate Family

About Thomas B. McCabe, Chairman of the Federal Reserve

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 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 served as Chairman of The Business Council, then known as the Business Advisory Council for the United States Department of Commerce in 1944 and 1945.

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.

He was awarded the Vermilye Medal in 1963.

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. (his son)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.

Thomas B.McCabe Jr and Yvonne Motley McCabe died in a house fire in 1977 and were survived by three children; Thomas B. McCabe III, Marcia B. McCabe and Jeannette Laws MCabe. Thomas B. McCabe III died of cancer in 2002. Marcia mcCabe is married to Chris Goutman an executive producer of Soap Opera's in NYC. Jeannette Laws McCabe now Jeannette McCabe Harris married to Mark Elliott Harris works for Morgan Stanely Smith Barney in private wealth management in San Francisco, and founded The Harris Group in 2006.

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Thomas B. McCabe, Chairman of the Federal Reserve's Timeline

Age 89