William McChesney Martin

William McChesney Martin Jr. was an influential American economist and the longest-serving chairman of the Federal Reserve, holding the position from 1951 to 1970. He played a crucial role in shaping U.S. monetary policy during a period marked by economic expansion and inflation pressures. Martin is well-known for his philosophy that the Federal Reserve should focus on maintaining price stability and controlling inflation, famously stating that the Fed's job was to "take away the punch bowl just when the party is warming up." His tenure helped establish the Fed's independence from political influence.