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Martha Seger
U.S. economist, central banker, and corporate executive (1932-2021) From Wikipedia, the free encyclopedia
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Martha Romayne Seger, PhD (February 17, 1932 - June 30, 2021) was an American economist, business administrator, and member of the Federal Reserve Board of Governors.[1]
In 1976, she was named by Businessweek Magazine (presently Bloomberg Businessweek) as one the top corporate women in the United States.[2] She was the first woman to start at the beginning of the term for the Federal Reserve governor position and complete the term, with having served from 1984 to 1991. Her predecessor, Nancy Teeters and first woman to serve on the Board, had been appointed after her predecessor had resigned.[3]
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Early life
Martha Seger was born in Adrian, Michigan in 1932. She had earned the following degrees and doctorate from the University of Michigan:
- A bachelor's degree
- A master's degree in business administration
- A doctorate in finance and business economics
She was a member of both the international collegiate honor society Phi Kappa Phi and the international business society Beta Gamma Sigma.[2]
Career
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From 1964 to 1967, she was a financial economist for the Federal Reserve Board of Governors in Washington, D.C.. In 1967, she was chief economist at Detroit Bank and Trust.[4] In 1974, she became vice president for economics and investments at the Bank of the Commonwealth based in Detroit, which had been struggling financially as a financial institution starting two years earlier, in 1972.[5] She was able to help the company became financially healthier.[3] The Bank of the Commonwealth later merged with Comerica in 1984.[6]
In 1980, she was an associate professor of economics and finance at Oakland University and had been appointed to the position of Michigan's commissioner of financial institutions by Governor William Milliken. She had served in that position from 1981 to 1982. She later became a professor at Central Michigan University.[7]
While she was a distinguished visiting Professor of Finance at Central Michigan University, President Reagan had announced on May 31, 1984 her nomination to the Board of Governors of the Federal Reserve System.[8][9]
Seger served at the Federal Reserve position from July 2, 1984, to March 3, 1991. At the Federal Reserve, she had created the following presentations:[2]
While as a Federal Reserve governor, she was quoted as having said:[3]
As long as I can remember I've believed in incentives. When you have a minority interest in your paycheck, I just can't believe you put forth the same effort as you would if you had, say, at least a 60 percent claim on it.
After serving at the Federal Reserve, she was a John M. Olin Distinguished Fellow in the Eller Center for the Study of the Private Market Economy at the University of Arizona from 1991 to 1993. From 1994 to 2001, she was the principal and economic consultant at the financial and economic consulting firm of M.R. Seger & Associates. Dr. Seger held director positions at the following organizations:[14][15][7]
- Commonwealth General Corporation (formerly known as Providian Corporation)
- Comerica and Comerica Bank-Detroit
- The Bramwell Funds
- The Amerisure Companies
- Xerox Corporation
- Kroger Company
- Johnson Controls Incorporated
- Amoco Corporation
- Massey Energy Company (1991 to May 22, 2007)
- Fluor Corporation (1991 to January 7, 2005)
- BP plc (British Petroleum)
- Tucson Electric Power Company
She was on the Board of Scholars of the Mackinac Center for Public Policy.[14]
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Memberships
She had been a board member of the following organizations:[2]
- National Chamber Foundation
- Institute for Research on the Economies of Taxation
References
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