Preston Martin
Preston Martin | |
|---|---|
| Born | 5 December 1923 |
| Died | 30 May 2007 (aged 83) |
| Occupation(s) | Economist, banking executive |
| Known for | 12th Vice Chairman of the Federal Reserve (1982–1986) |
Preston Martin (December 5, 1923 – May 30, 2007) was a prominent American economist and banking executive who held the position of the 12th vice chairman of the Federal Reserve between 1982 and 1986.
Education
Martin completed his undergraduate studies at the University of Southern California in 1947, followed by a finance MBA from the same institution in 1948. He then earned a PhD specializing in monetary economics from Indiana University Bloomington in 1952.
Career
At USC, Martin headed the Economic Department and was the founder of ERG Economic Research Group, which served clients including Lockheed. He also authored a publication focused on Housing and Urban Development. His governance experience included serving on the board of Lincoln Savings and Loan. Between 1967 and 1969, he acted as California’s Savings and Loan Commissioner under Governor Ronald Reagan. His achievements in this role led to his appointment by President Richard Nixon as chairman and COO of the Federal Home Loan Bank Board in 1969, where he significantly contributed to the establishment of Freddie Mac. Martin championed legislation for 5% mortgage loans, facilitating greater access to homeownership. After departing public service in 1972, he founded PMI Mortgage Insurance Company, which provided insurance for these low down payment mortgages.
Subsequently, Martin founded Seraco Enterprises, a Chicago-based subsidiary of Sears, and joined Sears’ board of directors. Following Sears’ merger with Coldwell Banker in 1982, President Reagan appointed him as vice chairman of the Federal Reserve for a four-year term; he remained on its board for fourteen years. Known for his allegiance to Reagan’s policies, Martin frequently opposed Chairman Paul Volcker’s rigorous anti-inflation measures.
Although considered a contender to succeed Volcker, Martin was ultimately passed over in favor of Alan Greenspan. He then relocated back to San Francisco to establish Western Holdings, focusing on acquiring troubled savings and loan institutions throughout the Pacific Rim. Martin passed away from cancer at age 83 and is survived by his son Pier Preston Martin, who also pursued a banking career.
External links
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- 1923 births
- 2007 deaths
- American bankers
- Businesspeople from San Francisco
- Deaths from cancer in California
- Marshall School of Business alumni
- Vice chairs of the Federal Reserve
- Reagan administration personnel
- Indiana University Bloomington alumni