to shape the CED's recommendations to Congress on roles for the World Bank and International Monetary Fund. Banking and investment Starting in the 1930s, Flanders held positions on the board of directors of the Shawmut Bank (1938–41), Federal Reserve Bank of Boston (1941–44) Boston and Maine Railroad, National Life Insurance Company, Massachusetts Institute of Technology, and Norwich University. In 1944, he was elected to a two-year term as president of the Federal Reserve Bank in Boston. During this period, the bank helped establish the Boston Port Authority to revitalize New England's capacity for sending and receiving goods by cargo ship. In 1946, Georges Doriot, Flanders, Karl Compton and others organized American Research & Development (AR&D). This was the first venture capital company to invest—according to a set of investment rules and goals—in a pool of fledgling companies. Flanders served as a director of AR&D. Politics In 1940, Ralph Flanders ran an unsuccessful campaign for the United States Senate. His Republican primary opponent was George Aiken, the popular two-term Governor of Vermont. Although Flanders admired and liked Aiken, he felt that Aiken's "liberal" ideas would not help the nation's economic recovery. In 1990, one of Vermont's major newspapers, The Rutland Herald described the 1940 Republican primary campaign as dirty and mean. Aiken's side accused Flanders of selling arms to the Nazis, and Flanders's side suggested that "Aiken was unduly influenced by his administrative assistant, a pretty 24-year-old with a fondness for power". In retrospect, Flanders felt that he had allowed his campaign advisers to make too many of the decisions. For example, a campaign brochure showed the candidate wearing a three-piece suit and holding a piglet in his arms. Although he had grown up on a subsistence farm and had an active interest in Vermont agriculture—especially in the type of hog shown in the picture—this had the effect of making him appear to be a phony. The Rutland Herald observed that, "In Vermont in 1940, pigs were common to many households. But so was common sense. There were many people, most in fact, who did not want as their representative someone who would wear his best clothes if he intended to be handling pigs." Aiken won by 7,000 votes, having spent $3,219.50 to Flanders's $18,698.45. This campaign taught Flanders that "I had to be myself." In August 1946, incumbent Senator Warren Austin resigned to accept U.S. President Harry S. Truman's appointment