James Coyne

Coyne became a highly controversial governor of the Bank of Canada in 1955 after 17 years with the bank. He warned against the dangers of foreign investment and spoke out on economic matters despite the divergence of his views from government policy. His outspokenness caused friction with the Diefenbaker government, which already distrusted him because of his close links with prominent Liberals. Ultimately, Coyne's refusal to adopt the government's expansionist monetary policy irritated not only finance minister Donald Fleming but many leading economists, who signed an open letter calling for his resignation. Coyne initially refused but, confronted with a bill firing him, he stepped down 13 July 1961.