Former Fed No 2, Preston Martin, dies

Preston Martin, the former deputy chairman of the Federal Reserve died last week, aged 83.

Martin served as vice chairman of the American central bank from 1982 to 1986. He was the first senior central banker appointed by President Ronald Reagan.

During his years at the Fed, Martin was known as a Reagan loyalist who challenged the tough inflation-busting policies of the chairman, Paul A. Volcker.

The New York Times reports that Martin was regarded as a possible successor to Volcker as Fed cha