William McChesney Martin
William McChesney Martin Jr. ( December 17, 1906 in St. Louis , Missouri , † July 28, 1998 in Washington, DC ) was an American economist and head of the Federal Reserve System from April 2, 1951 to January 31 1970.
Life
William McChesney Martin Jr. was born in 1906 to William McChesney Martin Sr. and Rebecca Woods. His father was a major banker and was instrumental in developing the US reserve system in 1913. William studied at the prestigious Yale University , where he mainly studied Latin , English and tennis . After graduation, he turned more to the financial world and got his first job at the Federal Reserve Bank in St. Louis, which his father was chairman. He then worked for the securities trading company AG Edwards & Sons , where he became a partner after just two years. In 1931 he began trading for the company on the New York Stock Exchange . In addition to his actual work, he also began working to improve securities supervision.
In 1935 Martin was elected to the board of directors of the NYSE. In 1938 he became the first paid chairman of the board of directors. In April 1941 he became a private in the United States Army and an officer only 10 months later . As such, he was responsible for coordinating US aid to the Soviet Union , among other things . After his release with the rank of Colonel , he became President of the Export-Import Bank . His work there ended after three years when he moved to the US Treasury Department , where he was Assistant Secretary responsible for financial affairs. At the same time he represented the USA in the World Bank . From there he was appointed head of the Federal Reserve System by US President Harry S. Truman in 1951 , which was confirmed by the US Senate on March 21, 1951. During his tenure, he was primarily interested in the stability of the US dollar and thus low inflation , which brought him into conflict with the government. Even so, his term of office did not end until January 30, 1970. At almost 19 years of age, he is the longest-serving chairman of the US central banking system. He was succeeded by Arthur F. Burns . In 1963 Martin was elected to the American Academy of Arts and Sciences and in 1972 to the American Philosophical Society .
Martin died in Washington in 1998 at the age of 91.
Web links
- William McChesney Martin in the "International Tennis Hall of Fame" (English; with picture)
Individual evidence
- ^ Member History: William McChesney Martin. American Philosophical Society, accessed December 16, 2018 .
| personal data | |
|---|---|
| SURNAME | Martin, William McChesney |
| ALTERNATIVE NAMES | Martin, William McChesney junior (full name) |
| BRIEF DESCRIPTION | American economist and head of the Federal Reserve System (1951–1970) |
| DATE OF BIRTH | December 17, 1906 |
| PLACE OF BIRTH | St. Louis , Missouri |
| DATE OF DEATH | July 28, 1998 |
| Place of death | Washington, DC |