Events in the Life of William McChesney Martin Jr.

Retirement Years, 1970-1998

EVENTS
January 30, 1970William McChesney Martin Jr. resigns from Board of Governors of the Federal Reserve and ends his career in public service.
February 1, 1970Arthur F. Burns is sworn in as Chairman of Board of Governors of the Federal Reserve. He serves until January 31, 1978.
1970Economic Stabilization Act is passed authorizing the president to stabilize prices, rents, wages, salaries, interest rates and dividends. It expires April 30, 1974.
April 1, 1971The United Kingdom lifts all restrictions on gold ownership.
August 5, 1971William McChesney Martin Jr. presents "The Securities Market: A Report with Recommendations" to the Board of Governors of the New York Stock Exchange in response to their request for a thorough study of the Constitution, rules, and procedures of the Exchange.
August 15, 1971Nixon ends convertability of the U.S. dollar to gold. This marks the end of the Bretton Woods Agreements.
1971Wage and price controls are implemented by President Nixon under the Economic Stabilization Act of 1970.
May 26, 1972SALT I Treaty: President Nixon and Leonid Brezhnev sign the Anti-Ballistic Missile Treaty agreeing to limit the development of nuclear weapons.
January 28, 1973Paris Peace Accords are signed, creating a ceasefire in Vietnam. U.S. begins withdrawing troops from Vietnam.
October 6, 1973Egypt and Syria cross the cease-fire lines from the Sinai and Golan Heights, beginning the Yom Kippur War.
October 17, 1973In response to Western support of Israel in the Yom Kippur War, Arab members of OPEC declare an embargo and cease shipping oil to countries supporting Israel. Other OPEC nations raise oil prices 400%, causing the 1973 energy crisis.
May 9, 1974Richard M. Nixon impeachment hearings begin.
August 9, 1974Richard M. Nixon resigns as President of the United States. He is succeeded by Gerald R. Ford, who serves 1974-1977.
November 2, 1976Jimmy Carter is elected President of the United States. He serves 1977-1981.
March 8, 1978G. William Miller becomes Chairman of the Board of Governors of the Federal Reserve. He serves until August 6, 1979.
June 18, 1979SALT II agreement is signed by President Carter and Leonid Brezhnev, banning new missile programs and successfully limiting nuclear arms production.
August 6, 1979Paul A. Volcker becomes Chairman of the Board of Governors of the Federal Reserve. He serves until August 11, 1987.
October 1979Islamic Revolution in Iran begins. U.S. Embassy is seized, 52 hostages are taken.
November 4, 1980Ronald Reagan is elected President of the United States. He serves 1981-1989.
April 3, 1986The U.S. national debt hits $2 trillion.
August 11, 1987Alan Greenspan is confirmed as Chairman of the Board of Governors of the Federal Reserve. He serves until January 31, 2006.
November 8, 1988George H. W. Bush elected President of the United States. He serves 1989-1993.
April 26, 1992Russia and 12 other former Soviet republics win entry into the International Monetary Fund and World Bank.
November 3, 1992William Jefferson Clinton is elected President of the United States. He serves 1993-2001.
November 1, 1993Maastricht Treaty on European Union goes into effect. It creates a central European bank, common policies, and groundwork for a single currency.
July 1993The first portion of the Metrolink opens in St. Louis between 5th St. & Missouri Ave. in Illinois and the North Hanley station in St. Louis.
July 28, 1998William McChesney Martin Jr. dies in Washington, D.C., at the age of 91.