- Preston Martin
Dr. Preston Martin (
December 4 1923 –May 30 2007 ) was an American banker and public official best known as the Vice Chairman of theFederal Reserve Board between 1982 and 1986. [ [http://www.mercurynews.com/news/ci_6039035 "Associated Press via San Jose Mercury News" "Martin, financial regulator appointed by Nixon and Reagan, dies" 1 June 2007] ]Education
Preston Martin graduated from the
University of Southern California in 1947 and successfully completed an MBA from the same university. He earned hisPh.D fromIndiana University in 1952. [ [http://www.presidency.ucsb.edu/ws/index.php?pid=42187 President Reagan "Nomination of Preston Martin To Be a Member of the Board of Governors of the Federal Reserve System, and Designation as Vice Chairman " January 11, 1982] ]Career
He served as
California 's Saving and Loan Commissioner between 1967 and 1969. President Nixon appointed him as Chairman and Chief Operating Officer of theFederal Home Loan Bank Board in 1969. He was involved in creatingFreddie Mac while working in this position. [ [http://www.mercurynews.com/news/ci_6039035 "Associated Press via San Jose Mercury News" "Martin, financial regulator appointed by Nixon and Reagan, dies" 1 June 2007] ]After leaving government in 1972, he founded the
PMI Mortgage Insurance Company . [ [http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/06/01/BAGU1Q5NB01.DTL&hw=preston+martin&sn=001&sc=1000"San Francisco Chronicle" "Preston Martin -- ex-Fed vice chair" 1 June 2007] ]Martin later established Seraco Enterprises, a subsidiary of
Sears, Roebuck and Company and was appointed to the board of directors of Sears. In 1982, President Reagan appointed him as Vice Chairman of the Federal Reserve for four years and as a member for 14 years. [ [http://www.presidency.ucsb.edu/ws/index.php?pid=42187 President Reagan "Nomination of Preston Martin To Be a Member of the Board of Governors of the Federal Reserve System, and Designation as Vice Chairman " January 11, 1982] ] During his years at the Fed, Martin was known as a Reagan loyalist who challenged Chairman Paul Volcker's tough anti-inflation policies.Martin was considered as a possible successor to
Paul Volcker as Chairman of the Federal Reserve butAlan Greenspan was appointed instead. He died ofcancer , aged 83 inSan Francisco . [ [http://www.mercurynews.com/news/ci_6039035 "Associated Press via San Jose Mercury News" "Martin, financial regulator appointed by Nixon and Reagan, dies" 1 June 2007] ]References
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