Obituary: William Miller

William Miller, who served as both chairman of the US Federal Reserve and secretary of the US Treasury during the inflation-plagued Carter administration, has died. Miller, 81, whose tenure at the Fed was one of the shortest on record, died at his home in Washington.

A native of Oklahoma, Miller achieved a record as a successful businessman early in his career after guiding a Rhode Island-based textiles firm, Textron Inc, into a conglomerate that produced a range of goods including military hardware. He was named chairman of the Federal Reserve in 1978, serving until 1979. Short as it was, Miller's service at the US central bank came at a crucial period when inflation was soaring, oil prices were rising and unemployment was high, giving rise to the term "stagflation".

There was considerable criticism of Miller from Wall Street, which felt he was overly cautious in tackling the problems. President Jimmy Carter eventually asked him to leave the Fed.