There has never been a precedent in the over 100 year history of the Federal Reserve for a president to dismiss a Fed chairman, but there have been cases where a Fed chairman voluntarily resigns early due to political pressure or compromise. In 1951, Truman forced then Federal Reserve Chairman Mike Kay to resign after serving as chairman for three years and appointed Martin to replace him. In 1950, President Truman asked the Federal Reserve to continue to buy treasury bond bonds and set an interest rate ceiling to support the Korean War. However, after Mackay became the chairman of the Federal Reserve, he refused to continue to buy treasury bond bonds in order to curb the overheated economy, which caused continued tension between the government and the Federal Reserve. Truman once stated in his letter, "If the Federal Reserve is unwilling to maintain its purchases of US bonds, that is exactly what Stalin wanted." Subsequently, the Truman administration and the Federal Reserve reached the 1951 Agreement, officially establishing the legal basis for the independence of the Federal Reserve, but on the condition that McKay resigned. Therefore, this resignation can be seen as a political sacrifice made by McKay in exchange for the independence of the Federal Reserve. It is interesting that the new Federal Reserve Chairman is Martin, nominated by Truman, who was originally considered a puppet under the command of the Treasury Department. But in fact, during Martin's 19 year tenure, he effectively maintained the independence of the Federal Reserve and achieved long-term low and stable inflation (although inflation had risen in the years leading up to his resignation). Due to Martin's' conviction ', there are rumors that when he encountered Truman on the streets of New York, Truman greeted him with just one sentence: traitor.