Preston Martin
Encyclopedia
Dr. Preston Martin was an American banker and public official best known as the Vice Chairman of the Federal Reserve Board between 1982 and 1986.
in 1947 and successfully completed an MBA from the same university. He earned his Ph.D from Indiana University
in 1952.
'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.
After leaving government in 1972, he founded the PMI Mortgage Insurance Company
.
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. 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.
Education
Preston Martin graduated from the University of Southern CaliforniaUniversity of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
in 1947 and successfully completed an MBA from the same university. He earned his Ph.D from Indiana University
Indiana University
Indiana University is a multi-campus public university system in the state of Indiana, United States. Indiana University has a combined student body of more than 100,000 students, including approximately 42,000 students enrolled at the Indiana University Bloomington campus and approximately 37,000...
in 1952.
Career
He served as CaliforniaCalifornia
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
's Saving and Loan Commissioner between 1967 and 1969. President Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
appointed him as Chairman and Chief Operating Officer of the Federal Home Loan Bank Board
Federal Home Loan Bank Board
The Federal Home Loan Bank Board was a board created by the Federal Home Loan Bank Act of 1932 that created and oversaw the Federal Home Loan Banks also created by the act. It was superseded by the Federal Housing Finance Board and the Office of Thrift Supervision in the Financial Institutions...
in 1969. He was involved in creating Freddie Mac while working in this position.
After leaving government in 1972, he founded the PMI Mortgage Insurance Company
PMI Group
The PMI Group is a holding company whose primary subsidiary is the PMI Mortgage Insurance Co. .PMI has a 50% equity ownership in CMG Mortgage Insurance Company and CMG Mortgage Assurance Company , a provider of private mortgage insurance to the credit union industry.The company was founded in 1972...
.
Martin later established Seraco Enterprises, a subsidiary of Sears, Roebuck and Company
Sears, Roebuck and Company
Sears, officially named Sears, Roebuck and Co., is an American chain of department stores which was founded by Richard Warren Sears and Alvah Curtis Roebuck in the late 19th century...
and was appointed to the board of directors of Sears. In 1982, President Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
appointed him as Vice Chairman of the Federal Reserve for four years and as a member for 14 years. 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
Paul Volcker
Paul Adolph Volcker, Jr. is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and...
as Chairman of the Federal Reserve but Alan Greenspan
Alan Greenspan
Alan Greenspan is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private advisor and provides consulting for firms through his company, Greenspan Associates LLC...
was appointed instead. He died of cancer
Cancer
Cancer , known medically as a malignant neoplasm, is a large group of different diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the...
, aged 83 in San Francisco.