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. "December 4th" redirects here For the song by Jay-Z, see December 4th (song. Year 1923 ( MCMXXIII) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar. Events 1416 - The Council of Constance, called by the Emperor Sigismund a supporter of Antipope John XXIII burns Jerome of Prague following Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. [1]
Education
Preston Martin graduated from the University of Southern California in 1947 and successfully completed an MBA from the same university. The University of Southern California (commonly referred to as USC, SC, Southern California, and incorrectly He earned his Ph.D from Indiana University in 1952. "PhD" redirects here for other uses see PhD (disambiguation. Indiana University, founded in 1820, is a nine-campus University system in the state of Indiana. [2]
Career
He served as California's Saving and Loan Commissioner between 1967 and 1969. California ( is a US state on the West Coast of the United States, along the Pacific Ocean. President Nixon appointed him as Chairman and Chief Operating Officer of the Federal Home Loan Bank Board in 1969. The Federal Housing Finance Board, also known by the abbreviation FHFB, was an independent agency of the U 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. The PMI Group ( is a provider of Credit enhancement products that promote homeownership and the provision of services essential to the building of strong communities [4]
Martin later established Seraco Enterprises, a subsidiary of Sears, Roebuck and Company and was appointed to the board of directors of Sears. Sears Roebuck and Company, commonly known as Sears, is an American mid-range chain of International Department stores founded by Richard 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. Paul Adolph Volcker (born September 5, 1927 in Cape May New Jersey) is an American Economist Alan Greenspan (born March 6 1926 in New York City) is an American Economist and was from 1987 to 2006 the Chairman of the Federal Reserve of He died of cancer, aged 83 in San Francisco. Cancer (medical term Malignant Neoplasm) is a class of Diseases in which a group of cells display uncontrolled The City and County of San Francisco is the fourth most populous city [6]
References
- ^ Associated Press via San Jose Mercury News "Martin, financial regulator appointed by Nixon and Reagan, dies" 1 June 2007
- ^ 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
- ^ Associated Press via San Jose Mercury News "Martin, financial regulator appointed by Nixon and Reagan, dies" 1 June 2007
- ^ San Francisco Chronicle "Preston Martin -- ex-Fed vice chair" 1 June 2007
- ^ 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
- ^ Associated Press via San Jose Mercury News "Martin, financial regulator appointed by Nixon and Reagan, dies" 1 June 2007
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