Government: A New Lady for the Fed

When Martha Seger was Michigan's Financial Institutions bureau commissioner in 1981 and 1982, a state senator said she was sometimes "pimping for the bankers." In reply, Seger later quipped, "The whores in the legislature are on such long-term contracts that they do not need pimps." With that spirit and wit, she should be able to stand the heat in her next job. Last week President Reagan nominated Seger, a professor of finance at Central Michigan University known for her free-market philosophy, to the seven-member Federal Reserve Board.

If approved by the Senate, Seger, 52, will replace Nancy Teeters, whose term...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!