A Chance to Stack the Fed

Preston Martin, Henry Wallich, J. Charles Partee, Emmett Rice, Martha Seger. To most Americans, those names could be a random selection from a telephone book or maybe the supporting cast of the movie Revenge of the Nerds. But though they garner little recognition, Martin, Wallich & Co. are some of the most important people in America. They help determine how fast consumer prices rise, how many jobs are available and how difficult it is to get a car loan or mortgage. Obscure but powerful, they are Chairman Paul Volcker's colleagues on the Federal Reserve system's board of governors.

President Reagan will...