Government: New Faces At the Fed; Business Notes Hotels Holiday Inn Himalaya-Style

New Faces At the Fed; Business Notes Hotels Holiday Inn Himalaya-Style

Who will succeed Paul Volcker as chairman of the Federal Reserve Board when his term expires next year? A new front runner may have emerged last week when the President nominated Manuel Johnson, 37, a Fed member for only three months, to be vice chairman of the board, replacing Preston Martin, who resigned in April. Reagan also named a new board member: Bank of America Economist H. Robert Heller, 46.

Some Wall Streeters speculate that Heller might join forces with Johnson and the two other Reagan appointees to form a new majority in favor of faster money growth and lower interest...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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