Word: seger
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Dates: during 1980-1989
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Until this year, the board was dominated by governors who supported Volcker's strategy of maintaining relatively tight credit to keep inflation at bay. The Volckerites held sway over two members appointed by President Reagan --Martin and Martha Seger--who often wanted to push the economy faster. But in January Reagan named two more members: Wayne Angell, a Kansas banker and economics professor, and Manuel Johnson, a former Assistant Treasury Secretary. That put the Reagan appointees, whom economists dubbed the "Gang of Four," in the majority...
...possibly change the course of monetary policy. Lyle Gramley resigned from the board last week to become chief economist of the Mortgage Bankers Association. In January Partee's term will expire, creating a second vacancy. When those two posts are filled, Reagan, who has already named Martin and Seger, will have picked a majority of the board. Since Federal Reserve governors serve 14- year terms, the board will bear the President's stamp long after he leaves office...
Administration supply-siders, including Johnson, have often criticized Volcker's Federal Reserve for being too tight with the U.S. money supply and thus keeping interest rates too high. In addition, Martin and Seger, the two Reagan appointees to the Federal Reserve, have sometimes dissented from the board's decisions and called for less restrictive policies. The White House considered replacing Volcker, a Carter appointee, when his term as chairman expired in 1983, but then decided to reappoint him because of the respect he commands in the financial markets. Now, however, the openings at the Federal Reserve may give the Administration...
...July the Reserve board voted to lift the 1985 M1 limit slightly, to 8%, but to restore the 7% target in 1986. If the board is to meet those goals, it will soon have to rein in the money supply. Martin and Seger voted against the 7% target for 1986, arguing that faster money growth may be necessary for an economic rebound. The Volcker-led majority, however, was worried that too much money would lead to an acceleration of inflation...
...weaken the Federal Reserve's inflation-fighting resolve. The board during the past year has been divided into hawks, doves and owls. Gramley and Wallich were the hawks. They have been especially concerned about inflation and have occasionally voted for a more restrictive monetary policy than Volcker wanted. Martin, Seger and Rice have been doves, sometimes voting for faster money growth. Volcker and Partee were the owls in the center, favoring a moderate course. The appointment of Johnson and another Reagan loyalist might give the doves a stronger hand...