Zurich North America will donate former President Franklin D. Roosevelt's desk to the Presidential Library and Museum this President's Day to commemorate the insurer's 100th anniversary. FDR used the desk during his employment at Fidelity & Deposit Co. prior to his presidency.
FDR was one of the few presidents with an insurance background. He served as vice president for Zurich and board member for F&D (now a Zurich-owned company) from 1920 to 1928, based out of F&D's Wall Street office. During the economic downturn of 1920, FDR worked to insure large infrastructure projects, according to Bruce Weindruch, founder and CEO of The History Factory.
Roosevelt helped F&D grow substantially in his 8-year employment. "In one year alone…the underwriting jumps about 42 percent," Weindruch said. "This is driven by Roosevelt's connections and understanding of certain kinds of business, which was kind of this quasi-private work."
The 32nd president went on to use his insurance knowledge to sign the Glass-Steagall Act, effectively creating the Federal Deposit Insurance Corp. (FDIC).
Prior to this, the famous desk moved around Zurich for years—from New York to Baltimore to Schaumburg, Ill., where it sits now. The museum plans to display it after renovations are completed in 2013. Zurich also will donate documents from FDR's employment to the archive collection, including his original signed letter of resignation, a photo from 1928 and the original newspaper article announcing his employment with F&D.
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