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...
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