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Chairman of the Fed: William McChesney Martin Jr., and the Creation of the Modern American Financial System

Online ISBN:
9780300127799
Print ISBN:
9780300105087
Publisher:
Yale University Press
Book

Chairman of the Fed: William McChesney Martin Jr., and the Creation of the Modern American Financial System

Published:
10 November 2004
Online ISBN:
9780300127799
Print ISBN:
9780300105087
Publisher:
Yale University Press

Abstract

This is a biography of William McChesney Martin Jr. (1906–1998), the first paid president of the New York Stock Exchange (NYSE) and the chairman of the Federal Reserve System (Fed) under Presidents Harry S. Truman to Richard Nixon. The extent of Martin's influence on the course of American economic history was significant: arguably he has done more to strengthen and reform the nation's most important financial institutions than has any other individual. This book recounts Martin's life story, and explains his lasting impact on the NYSE and the Fed, both troubled institutions that he transformed. It provides an inside look at the economic deliberations of five presidential administrations, and describes Martin's battles to bring about ethical and intelligent regulation of U.S. financial markets. Martin's experiences shed light not only on the evolution of the American financial system but also on critical issues that confront the system today.

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