In 1936 Eccles was chosen "man of the year" by Time magazine. The cartoon shows Eccles orchestrating his economic plan, even as Treasury Secretary Henry Morgenthau sounds a discordant note. Treasury Secretary Henry Morgenthau asked Eccles to join his department temporarily to put "the Eccles plan" into practice. Eccles agreed to begin the assignment on February l, 1934, and remain until June 1935, givinghis children a full school year in the capital. Les Corey then succeeded Eccles as president of the Utah Construction Company, and Eccles became "chairman of the Board on leave." He had not been in Washington long before the president personally asked Eccles if he would replace the retiring governor of the Federal Reserve System. "I would not touch the position of governor with a 10-foot pole unless fundamental changes were made in the Federal Reserve System," Eccles replied bluntly. If saying "no" to FDR was difficult," saying "yes" to Eccles seemed imperative. "But, Mr. President," he added, "if you will help bring about by law the necessary legal changes in the Federal Reserve System then I would welcome any consideration you might give to my personal fitness to serve as governor of the Federal Reserve Board." Eccles recommended minimum wage laws, deficit spending, and increased regulation of the agricultural and banking systems. His plan meant increased governmental involvement in the practices of institutions, private or public, and in the lives of individuals - in short a shocking blueprint put forth by a conservative banker seeking to influence a not-yet-liberal president. Over time it became apparent that Eccles' ideas had merit, and his program became the Banking Act of 1935. Two years later this quip appeared in Fortune magazine: "Anyone who will translate the latter suggestions into their present alphabetical symbols [for federal programs] and compare the earlier general statements of economics with the economics of the present administration will be forced to conclude that M. S. Eccles of Ogden, Utah, was not only a Mormon but a prophet."