Martha Seger
Martha Seger | |
|---|---|
| Born | Template:Birth date Adrian, Michigan, U.S. |
| Died | June 30, 2021 (aged 89) |
| Occupation(s) | Economist, business executive |
| Years active | 1964–2001 |
| Known for | First woman to complete a full term as Federal Reserve Board governor |
Martha Romayne Seger (February 17, 1932 – June 30, 2021) was a prominent American economist and business executive who served on the Federal Reserve Board of Governors. In 1976, she was recognized by Businessweek Magazine as one of the leading corporate women in the United States. Notably, she was the first woman to complete a full term as a Federal Reserve governor, holding office from 1984 until 1991.
Early life
Seger was born in Adrian, Michigan and completed her undergraduate studies along with an MBA and a PhD specializing in finance and business economics at the University of Michigan. She was inducted into prestigious honor societies including Phi Kappa Phi and Beta Gamma Sigma.
Career
Between 1964 and 1967, Seger held the position of financial economist at the Federal Reserve Board. In 1967, she advanced to chief economist at Detroit Bank and Trust. By 1974, she assumed the role of vice president overseeing economics and investments at the Bank of the Commonwealth in Detroit, playing a key role in its financial stabilization prior to its merger with Comerica in 1984.
In 1980, Seger joined Oakland University as an associate professor teaching economics and finance. She also served as Michigan’s commissioner of financial institutions from 1981 to 1982. Subsequently, while acting as a distinguished visiting professor of finance at Central Michigan University, she was nominated by President Reagan in 1984 to join the Federal Reserve Board.
Her service on the Federal Reserve Board (1984–1991) occurred during the Reagan administration’s economic agenda, which focused on tax reductions and promoting business investment incentives. Seger endorsed these policies, emphasizing enhanced incentives connected to personal income.
Following her tenure at the Fed, Seger became a John M. Olin Distinguished Fellow at the Eller Center of the University of Arizona from 1991 to 1993. She then directed M.R. Seger & Associates, a financial consulting firm, from 1994 through 2001. Her corporate governance experience included board memberships at major companies such as Comerica, Xerox, Kroger, Johnson Controls, Amoco, Massey Energy, Fluor Corporation, BP plc, and Tucson Electric Power.
In addition, Seger contributed to advisory panels including the Mackinac Center for Public Policy’s Board of Scholars, the National Chamber Foundation, and the Institute for Research on the Economies of Taxation.