Nomination of Preston Martin To Be a Member of the Board of Governors of the Federal Reserve System, and Designation as Vice Chairman

The President today announced his intention to nominate Preston Martin to be a member of the Board of Governors of the Federal Reserve System for a term of 14 years from February 1, 1982, and to be Vice Chairman for a term of 4 years. He would succeed Frederick H. Schultz, term expiring.

Dr. Martin is a member of the President's Commission on Housing. He founded, organized, and staffed a new Sears company, Seraco Enterprises. Seraco, an amalgam of the words "Sears Allstate Companies," is a holding company that provides capital and overall planning of five real estate and financial subsidiaries. He is a member of the board of directors of Sears, Roebuck and Co.

Dr. Martin is a former member of the Federal Home Loan Mortgage Corporation Advisory Committee. He served as Chairman and Chief Operating Officer of the Federal Home Loan Bank Board in 1969-72. He served then-Governor Ronald Reagan as his first Savings and Loan Commissioner in 1967-69. In 1954-66 he was involved in homebuilding, shopping center, mortgage finance, and savings and loan "start up" organizations.

He graduated from the University of Southern California (B.S, 1947; M.B.A., 1948) and Indiana University (Ph.D., 1952). He was born December 4, 1923, and resides in Atherton, Calif.