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William McChesney Martin - Longest serving fed chairman

William McChesney Martin - Longest serving fed chairman

William McChesney Martin was a real St. Louis whiz kid. He was born in St. Louis in 1906. The son of the first agent in charge of the federal reserve bank of St. Louis. When William McChesney Martin Jr. did something he never did it half way.He started his career as a stockbroker for A.G Edwards and bought a seat on the new york stock exchange at the age of 28."There's a reorganization of the New York Stock Exchange and William McChesney Martin at age 31 ends up being the president of the New York Stock exchange." said Dr. Robert Archibald of the Missouri History Museum.In World War II he was drafted by the army entering as a private and leaving as a colonel. While in service he also married Cynthia Davis. The daughter of tennis great Dwight Davis for whom the Davis Cup is named.After the war Martin served as the head of the import export bank and assistant secretary of the treasury until 1951. President Harry Truman then named Martin chairman of the federal reserve a post he continued holding under presidents Eisenhower, Kennedy, Johnson and Nixon.Though he would be known for many things as the chairman of the federal reserve. He was known as a staunch guardian against inflation. Calling himself "the host who removes the punchbowl just as the party starts."See moreWilliam McChesney Martin's writings, speeches, appointment calendars and other interesting pieces of history.

Duration: 1 min

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