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

Robert P. Bremner

Yale University Press, Oct 1, 2008 - Biography & Autobiography - 374 pages

This is the first biography of William McChesney Martin, Jr. (1906-1998), the first paid president of the New York Stock Exchange and the chairman of the Federal Reserve System under Presidents Truman to 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.

Chairman of the Fed tells Martin’s fascinating life story and explains his lasting impact on the NYSE and the Fed, both troubled institutions that Martin transformed. The book provides an inside look into the economic deliberations of five presidential administrations and describes Martin’s battles to bring about ethical and intelligent regulation of U.S. financial markets. His experiences shed light not only on the evolution of the American financial system but also on critical issues that confront the system today.

Contents

• Introduction: 1
• 1 A Family of Substance: 7
• 2 Into the Maelstrom: 17
• 3 Cleaning the Augean Stables of Capitalism: 35
• 4 From President to Private and Back Again: 52
• 5 From Crisis to Crisis: 68
• 6 By Fits and Starts: 93
• 7 Trying to Manage Prosperity: 120
• 8 Gunfight on the New Frontier: 149
• 9 Sowing the Wind: 186
• 10 Reaping the Whirlwind: 227
• 11 Passing the Torch: 260
• 12 The Public Private Citizen: 279
• Epilogue: 294
• Appendix: 301
• List of Abbreviations: 307
• Notes: 309
• Acknowledgments: 345
• Index: 347

About the author

Robert P. Bremner has held positions in the World Bank and the investment banking industry. He is a former small business owner and currently serves as a public trustee for a large mutual fund management company.

Bibliographic information

• Title: Chairman of the Fed: William McChesney Martin Jr., and the Creation of the Modern American Financial System
• Author: Robert P. Bremner
• Edition: unabridged
• Publisher: Yale University Press, 2008
• ISBN: 0300127790, 9780300127799
• Length: 374 pages
• Subjects: Biography & Autobiography / General