Fed Chairman William McChesney Martin Jr.; Act With Integrity: His straightforward approach and ability to compromise shaped the system we have today.(LEADERS & SUCCESS)

Byline: CURT SCHLEIER

William McChesney Martin Jr. refused to succumb to pressure -- even if the person pressuring him was one of the most powerful men on Earth.

Martin (1906-98) served as chairman of the Federal Reserve System under six U.S. presidents, from Truman through Nixon. It wasn't merely a long run, either: His willingness to withstand political power plays established the Federal Reserve System as an independent body and shaped the system we have today.

For example, running for re-election, President Eisenhower pushed Martin to ease monetary policy. But Martin, concerned about inflation, persuaded the Board of the Federal Reserve to raise interest rates. A furious treasury secretary, George Humphrey, urged the president to call for Martin's resignation.

Martin, however, met with Eisenhower to defend his position. "Martin pressed the president to give priority to controlling inflation," said Robert P. Bremner in "Chairman of the Fed: William McChesney Martin, Jr., and the Creation of the American Financial System." "If the financial markets became too tight, he offered that the Fed would move quickly to ease them."

Not only did Eisenhower back down, he issued a statement reaffirming the Fed's independence.

This wasn't an isolated incident: Martin had run-ins with every president he served.