Preston Martin

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Dr. Preston Martin (born December 4, 1923 - died May 30, 2007) was an American banker and public official best known as the Vice Chairman of the Federal Reserve Board between 1982 and 1986. ^[1]

[edit] Education

Preston Martin graduated from the University of Southern California in 1947 and successfully completed an MBA from the same university. He earned his Ph.D from Indiana University in 1952. ^[2]

[edit] 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 the Federal Home Loan Bank Board in 1969. He was involved in creating Freddie Mac while working in this position. ^[3]

After leaving government in 1972, he founded the PMI Mortgage Insurance Company. ^[4]

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. ^[5] 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 but Alan Greenspan was appointed instead. He died of cancer, aged 83 in San Francisco.^[6]

[edit] References