Written By Thomas Perez. September 26, 2019 at 12:37AM. Copyright 2019.
Prologue:
Before I begin, I would like to quote five notable citations. They are as follows:
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…. I believe that banking institutions are more dangerous to our liberties than standing armies…The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
President Thomas Jefferson.
The above citation is spurious. The proper and correct citation is the following:
“And I sincerely believe with you, that banking establishments are more dangerous than standing armies; & that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” “Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.”
President Thomas Jefferson
Jefferson to Taylor, May 28, 1816, in PTJ:RS, 10:89. Transcription available at Founders Online. Note that the final period is missing in the original letter.
Jefferson to Eppes, September 11, 1813, in PTJ:RS, 6:494. Transcription available at Founders Online.
The 2nd citation is as follows:
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world. No longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”
President Woodrow Wilson.
The above citation is also spurious. The proper and correct citation is the following:
“We have restricted credit, we have restricted opportunity, we have controlled development, and we have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men.”
President Woodrow Wilson.
Project Gutenberg. Verified June 17, 2008.
The 3rd citation is as follows:
”The day will come when our Republic will be an impossibility because wealth will be concentrated in the hands of a few. When that day comes, we must rely upon the wisdom of the best elements in the country to readjust the laws of the nation.”
President James Madison.
The above citation is also spurious. The earliest is from 1900, “when Daniel De Leon is speaking at the Convention of the Socialist Labor Party, Earlier, in 1889, De Leon had written an essay, The Voice of Madison, discussing what Madison had written about suffrage and property. De Leon’s essay is a little vague, but I believe that he is talking about remarks that Madison made at the Federal Constitutional Convention and later elaborated upon in A Series of Notes. Madison is talking about whether the right to vote should be limited to landholders, a restriction he opposed. There is some similarity in theme between the purported quote and Madison’s discussion of suffrage. Madison does say that, as the population increased, the proportion of the population with property, especially farm land, will decrease. And he discusses the inherent conflict between the rights of those with property and those without. But I don’t see anything about our republic being an impossibility.”
https://en.m.wikiquote.org/wiki/Talk:James_Madison#Authenticity?
The 4th citation is as follows:
“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
Henry Ford.
The above citation is also spurious. The proper and correct citation is the following:
“The people are naturally conservative. They are more conservative than the financiers. Those who believe that the people are so easily led that they would permit the printing presses to run off money like milk tickets do not understand them. It is the innate conservation of the people that has kept our money good in spite of the fantastic tricks which financiers play and which they cover up with high technical terms. The people are on the side of sound money. They are so unalterably on the side of sound money that it is a serious question how they would regard the system under which they live, if they once knew what the initiate can do with it.”
Henry Ford. My Like and Work 1922, pg 179.
The 5th citation is as follows:
“The very word “secrecy” is repugnant in a free and open society; and we are as a people inherently and historically opposed to secret societies, to secret oaths and to secret proceedings…Our way of life is under attack. Those who make themselves our enemy are advancing around the globe…no war ever posed a greater threat to our security. If you are awaiting a finding of “clear and present danger,” then I can only say that the danger has never been more clear and its presence has never been more imminent…For we are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence–on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations. Its preparations are concealed, not published. Its mistakes are buried, not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed.”
President John F. Kennedy
Authentic citation. April 27, 1961. Although the citation (as in the whole speech) by Kennedy above is in reference to the ideological system of the former Soviet Union, it bears remembering that during this particular speech, the phrases used may, or may not, have an underlying message to it. I say this due to the fact that since many claim that the whole speech was in reference to the Soviet Union and/or Communism in general, then why the descriptions and forewarnings between the sentences and paragraphs? Surely everyone knew what Kennedy was talking about, or did they?
Why do I begin by citing five various quotations, you may ask? Answer: Although all, except for the fifth citation, are spurious and/or misquoted, the concern is there, nevertheless and notwithstanding. The concern is in reference to “the initiate,” the “depopulation of personal owned property, as opposed to financial, corperate and banking institutions owning them, with the people having to buy or mortgage it from those institutions will “decrease,” and “fantastic tricks” will increase. Where with “restricted credit; we have restricted opportunity, we have controlled development, and we have come to be one of the worst ruled. Where “No expenditure is questioned, no rumor is printed, no secret is revealed.” “A monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence.”
Due to the citations above and to what I have learned thus far, I am very concerned.
Why do these citations exist? When did the cause for alarm became something to be concerned about? What were the scenerios that led many to be concerned about it in the first place? To answer these questions we must begin to ask ourselves one simple question, “Who held the office of Secretary of Treasury in the past, and who holds that position today?” Moreover, is the individual in charge of the Treasury Department today subservient to a system of vested interests? A system devoted to monetary gain? Again, to answer these questions we must look into the history regarding the Treasury Department and to those who were put in charge of it.
In order to do this, I have provided a list of every single person, and their activities, who was once in charge of the Treasury Departmen; from its formation in 1789 to the present. However, for the sake of this article, I have excluded their activities from 1789 to 1909. Their activities are not mentioned until 1913 unto the present. The mention of individual activities from 1913 to the present is cited due to the fact that in 1913 the Federal Reserve Monetary System was created. A system that is international due to various acts and executive orders that saw its expansion grow beyond any expectation; even to the point of eradicating our countries own ability to coin and make its own money. Moreover, every area of interest, act and executive order, that I believe is of great importance with reference to the systems growing power and take over, is briefly covered. These areas of interest are high-lighted in bold print from 1913 and onward. These high-lighted bold print areas of interest will be further examined in Part 2.
The Discussion
The following is a list of all the people who have been in charge of the United States Treasury Department. The list is taken from
https://home.treasury.gov/about/history/prior-secretaries
Portraits of the People Who Have Led the Treasury Department Through the Years (1789-1909).
Alexander Hamilton, New York. Sept. 11, 1789 – Jan. 31, 1795. President Washington.
Oliver Wolcott Jr., Connecticut. Feb. 3, 1795 – Mar. 3, 1797. Mar. 4, 1797 – Dec. 31, 1800. Washington, John Adams.
Samuel Dexter, Massachusetts. Jan. 1, 1801 – Mar. 3, 1801. Mar. 4, 1801 – May. 6, 1801. John Adams,
Jefferson.
Albert Gallatin, Pennsylvania. May 14, 1801 – Mar. 3, 1809. Mar. 4, 1809 – Feb 9 , 1814. Jefferson,
Madison.
George W. Campbell , Tennessee. Feb. 9, 1814 – Sept. 26, 1814. Madison.
Alexander J. Dallas, Pennsylvania. Oct. 6, 1814 – Oct. 21, 1816. Madison.
William H. Crawford, Georgia. Oct. 22, 1816 – Mar. 3, 1817. Mar. 4, 1817 – Mar. 3, 1825. Madison, Monroe.
Richard Rush, Pennsylvania. Mar. 7, 1825 – Mar. 3, 1829. J.Q. Adams.
Samuel D. Ingham, Pennsylvania. Mar. 6, 1829 – Jun. 20, 1831. Jackson.
Louis McLane, Delaware. Aug. 8, 1831 – May 29, 1833. Jackson.
William J. Duane, Pennsylvania. May 29, 1833 – Sep. 23, 1833. Jackson.
Roger B. Taney, Maryland. Sep. 23, 1833 – Jun. 24, 1834. Jackson.
Levi Woodbury, New Hampshire. Jul. 1, 1834 – Mar. 3, 1837. Mar. 4, 1837 – Mar. 3, 1841. Jackson, Van Buren.
Thomas Ewing, Ohio. Mar. 5, 1841 – Apr. 4, 1841
Apr. 5, 1841 – Sep. 11, 1841. W.H. Harrison
Tyler.
Walter Forward, Pennsylvania. Sep. 13, 1841 – Mar. 1, 1843. Tyler.
John C. Spencer, New York. Mar. 8, 1843 – May 2, 1844. Tyler.
George M. Bibb, Kentucky. Jul. 4, 1844 – Mar. 3, 1845. Mar. 4, 1845 – Mar. 7, 1845. Tyler, Polk.
Robert J. Walker, Mississippi. Mar. 8, 1845 – Mar. 3, 1849. Mar. 4, 1849 – Mar. 5, 1849. Polk, Taylor.
William M. Meredith, Pennsylvania. Mar. 8, 1849 – Jul. 9, 1850. Jul. 10, 1850 – Jul. 22, 1850. Taylor, Fillmore.
Thomas Corwin, Ohio. Jul. 23, 1850 – Mar. 3, 1853
Mar 4, 1853 – Mar. 6, 1853. Fillmore,
Pierce.
James Guthrie, Kentucky. Mar. 7, 1853 – Mar. 3, 1857. Mar. 4, 1857 – Mar. 6, 1857. Pierce,
Buchanan.
Howell Cobb, Georgia. Mar. 7, 1857 – Dec. 8, 1860. Buchanan.
Philip F. Thomas, Maryland. Dec. 12, 1860 – Jan. 14, 1861. Buchanan.
John A. Dix, New York. Jan. 15, 1861 – Mar. 3, 1861
Mar. 4, 1861 – Mar. 6, 1861. Buchanan, Lincoln.
Salmon P. Chase, Ohio. Mar. 7, 1861 – Jun. 30, 1864. Lincoln.
William P. Fessenden, Maine. Jul. 5, 1864 – Mar. 3, 1865. Lincoln.
Hugh McCulloch, Indiana. Mar. 9, 1865 – Apr. 15, 1865. Apr. 15, 1865 – Mar. 3, 1869. Lincoln, A. Johnson.
George S. Boutwell, Massachusetts. Mar. 12, 1869 – Mar. 16, 1873. Grant.
William A. Richardson, Massachusetts. Mar. 17, 1873 – Jun. 3, 1874. Grant.
Benjamin H. Bristow, Kentucky. Jun. 4, 1874 – Jun. 20, 1876. Grant.
Lot M. Morrill, Maine. Jul. 7, 1876 – Mar. 3, 1877
Mar. 4, 1877 – Mar. 9, 1877. Grant, Hayes.
John Sherman, Ohio. Mar. 10, 1877 – Mar. 3, 1881. Hayes.
William Windom, Minnesota. Mar. 8, 1881 – Sep. 19, 1881. Sep. 20, 1881 – Nov. 13, 1881. Garfield,
Arthur.
Charles J. Folger, New York. Nov. 14, 1881 – Sep. 4, 1884. Arthur.
Walter Q. Gresham, Indiana. Sep. 25, 1884 – Oct. 30, 1884. Arthur.
Hugh McCulloch, Indiana. Oct. 31, 1884 – Mar. 3, 1885. Mar. 4, 1885 – Mar. 7, 1885. Arthur, Cleveland.
Daniel Manning, New York. Mar. 8, 1885 – Mar. 31, 1887. Cleveland.
Charles S. Fairchild, New YorkApr. 1, 1887 – Mar. 3, 1889. Mar. 4, 1889 – Mar. 6, 1889. Cleveland,
B. Harrison.
William Windom, Minnesota. Mar. 7, 1889 – Jan. 29, 1891. B. Harrison.
Charles Foster, Ohio. Feb. 25, 1891 – Mar. 3, 1893
Mar. 4, 1893 – Mar. 6, 1893. B. Harrison, Cleveland.
John G. Carlisle, Kentucky. Mar. 7, 1893 – Mar. 3, 1897. Mar. 4, 1897 – Mar. 5, 1897. Cleveland, McKinley.
Lyman J. Gage, Illinois. Mar. 6, 1897 – Sep. 14, 1901
Sep. 14, 1901 – Jan. 31, 1902. McKinley, T. Roosevelt.
Leslie M. Shaw, Iowa. Feb. 1, 1902 – Mar. 3, 1907. T. Roosevelt.
George B. Cortelyou, New York. Mar. 4, 1907 – Mar. 3, 1909. Mar. 4, 1909 – Mar. 7, 1909. T. Roosevelt, Taft.
Franklin MacVeagh, Illinois. Mar. 8, 1909 – Mar. 3, 1913. Mar. 4, 1913 – Mar. 5, 1913. Taft, Wilson.
The Year 1913 and Onward. In this section I will highlight in bold print various areas of interest that bears further examination which will be discussed in Part 2.
William G. McAdoo, (D) New York. Mar. 6, 1913 – Dec. 15, 1918. Wilson.
McAdoo was a business man. McAdoo offered to resign from the position of Secretary of Treasury after his wedding, but President Wilson urged him to complete his work of turning the Federal Reserve System into an operational central bank. The legislation establishing the System had been passed by Congress in December 1913.
Carter Glass, (D) Virginia. Dec. 16, 1918 – Feb. 1, 1920. Wilson.
As a Senator, Glass’s most notable achievement was passage of the Glass-Steagall Act, which separated the activities of banks and securities brokers and created the Federal Deposit Insurance Corporation.
David F. Houston, (D) Missouri. Feb. 2, 1920 – Mar. 3, 1921. Wilson.
Houston recieved an MA in political science.
Houston served as President Woodrow Wilson’s Secretary of Agriculture from 1913 to 1920. During his time as Agriculture Secretary many important agricultural laws were passed by the U.S. Congress including the Smith-Lever Act, the Farm Loan Act, the Warehouse Act, and the Federal Aid Road Act. However following the Food and Fuel Control Act, responsibility for food was handed over to Herbert Hoover at the United States Food Administration. Hoover only accepted the position on the basis he would be free from interference from Houston.
Andrew W. Mellon, (R) Pennsylvania. Mar. 4, 1921 – Aug. 2, 1923. Aug. 3, 1923 – Mar. 3, 1929. Mar. 4, 1929 – Feb. 12, 1932. Harding, Coolidge, Hoover.
Mellon was an American banker, businessman, industrialist, philanthropist, art collector, and politician. He was in position during the beginning of the crash.
Ogden L. Mills, (R) New York. Feb. 13, 1932- Mar. 3, 1933. Hoover.
Mills was a financier, who transitioned into politics. He was also, like Mellon, in position during the crash.
William H. Woodin, (R) New York. Mar. 4, 1933 – Dec. 31, 1933. F.D. Roosevelt.
Woodin was a Republican businessman and was a major contributor to Roosevelt’s campaign in 1932. Woodin served as the Treasury Secretary from March 4, 1933 until he resigned effective December 31, 1933.
On March 4, 1933, when Roosevelt first took the oath of office, banks were closing their doors all over the United States as waves of panic led depositors to demand immediate payment of their money. Woodin was the point man in the administration’s declaration of a “Bank Holiday” which closed every bank in the U.S. until bank examiners could determine which were sound enough to re-open. With “seals of approval” from the examiners, depositors regained confidence, and the vast majority left their money in bank deposits. This preceded the creation of deposit insurance and the Federal Deposit Insurance Corporation with the passage of the Glass-Steagall Act of 1933.
Woodin also presided over the Roosevelt Administration’s withdrawal from the international monetary conference in London and the decision to take the United States off the International Gold Standard there. While he was the Secretary of the Treasury, the Administration also began the decision-making process that eventually led to the administration’s decision to buy all the gold in private hands in the United States (other than that used by dentists and jewelers) and then to raise the dollar price of gold, devaluing the dollar against gold.
Wooden was a director of the Federal Reserve Bank of New York from 1927 through 1932.
Henry Morgenthau, Jr., (D) New York. Jan. 1, 1934 – Apr. 12, 1945. Apr. 12, 1945 – Jul. 22, 1945. F.D. Roosevelt, Truman.
In 1933, Roosevelt became President and appointed Morgenthau governor of the Federal Farm Board. Morgenthau was nonetheless involved in monetary decisions. Roosevelt adopted the idea of raising the price of gold to inflate the currency and reverse the debilitating deflation of prices. The idea came from Professor George Warren of Cornell University. Morgenthau wrote in his diary:
“Saturday — Went to the White House and met Jones there. I said to the President that we did not buy any gold last night. He said, “That is right. Harrison called up and spoke to Jesse.” I could not make out whether he also spoke to the President. Then Harrison urged that inasmuch as Saturday was only half a day that they should not buy any gold. Both the President and Jones said that they thought they made a mistake by agreeing with Harrison. I believe it was on Friday that we raised the price 21¢, and the President said, “It is a lucky number because it is three times seven.” If anybody ever knew how we really set the gold price through a combination of lucky numbers, etc., I think that they really would be frightened. Saturday we increased the price 10¢. I stayed after Jones left and had a good half hour talk in which most of the time Louis Howe was present.”
In 1934, when William H. Woodin resigned because of poor health, Roosevelt appointed Morgenthau Secretary of the Treasury; even conservatives approved. Morgenthau was a strict monetarist.
In 1933, Roosevelt became President and appointed Morgenthau governor of the Federal Farm Board.
Fred M. Vinson, (D) Kentucky. Jul. 23, 1945 – Jun. 23, 1946. Truman.
His mission as Secretary of the Treasury was to stabilize the American economy during the last months of the war and to adapt the United States financial position to the drastically changed circumstances of the postwar world. Before the war ended, Vinson directed the last of the great war bonds drives.
At the end of the war, he negotiated payment of the British Loan of 1946, the largest loan made by the United States to another country ($3.75 billion), and the lend-lease settlements of economic and military aid given to the allies during the war. In order to encourage private investment in postwar America, he promoted a tax cut in the Revenue Act of 1945. He also supervised the inauguration of the International Bank for Reconstruction and Development and the International Monetary Fund, both created at the Bretton Woods Conference of 1944, acting as the first chairman of their respective boards.
John W. Snyder, (D) Missouri. Jun. 25, 1946 – Jan. 20, 1953. Truman.
Snyder moved to Washington in the early 1930s with a broad background in banking and business. He held several public and private offices including National Bank Receiver in the Office of the Comptroller of the Currency, Federal Loan Administrator, and Director of War Mobilization and Reconversion. In the last office he played a leading part in the transition of the American economy from a wartime to a peacetime basis. Liberals complained that he removed federal controls on the economy too quickly after the war, hurting consumers, delaying the housing program and bankrupting small businesses. His biographer says, “His handling of the steel crisis in 1946 was an even greater fiasco.”
Vibha Kapuria-Foreman (1996), p 343
His task as Secretary was to establish a stable postwar economy. Snyder funded the Korean War by increasing taxes. He feuded constantly with the Federal Reserve system, until it became more independent in 1951. He retired from government in 1953 at the end of Truman’s second term. Snyder was a technically a businessman.
George M. Humphrey, (R) Ohio. Jan. 21, 1953 – Jul. 29, 1957. Eisenhower.
He received both his undergraduate and law degrees from the University od Michigan.
Corporation Builder; George Magoffin Humphrey” (PDF). The New York Times. 17 August 1962. Retrieved 26 April 2019.
He fought to have a balanced budget, tight money, limits on welfare and foreign aid, as well as “trickle down” tax cuts.
Ibid.
“He was even more adamant about government spending, saying in a 1957 press conference that if it wasn’t curbed, “you will have a depression that will curl your hair.” Eisenhower was once quoted as saying, “When George speaks, we all listen.”
A Proud Conservative; George Magoffin Humphrey A Success in Business Not So Hoover-like” (PDF). The New York Times. 18 January 1957. Retrieved 26 April 2019.
Robert B. Anderson, (D and R) Connecticut. Jul. 29, 1957 – Jan. 20, 1961. Eisenhower.
Anderson was born in Burleson, Texas on June 4, 1910, to Robert Lee Anderson and his wife Elizabeth Haskew “Lizzy” Anderson. He was a high school teacher prior to entering the University of Texas Law School, from which he graduated in 1932. He thereafter engaged in political, governmental, law and business activities in the state of Texas.
In 1959, as Secretary of the Treasury, Anderson supported the creation of the International Developmentl Association, after pressure from then-Senator Mike Monroney (D-Oklahoma).
Kapur et al, 1997, The World Bank: Its First Half Century, Volume 1, Washington DC: Brooklings Institution.
The International Development Association is an international financial institution which offers concessional loans and grants to the world’s poorest developing countries. The IDA is a member of the World Bank Group and is headquartered in Washington D.C. in the United States. It was established in 1960 to complement the existing International Bank for Reconstruction and Development by lending to developing countries which suffer from the lowest gross national income, from troubled creditworthiness, or from the lowest per capita income. Together, the International Development Association and International Bank for Reconstruction and Development are collectively generally known as the World Bank, as they follow the same executive leadership and operate with the same staff.
International Development Association. “What is IDA?”. World Bank Group. Retrieved 2019-06-13
Coppola, Damon P. (2011). Introduction to International Disaster Management, 2nd Edition. Oxford, UK: Butterworth-Heinemann. ISBN 978-0-75-067982-4.
Sanford, Jonathan E. (2002). “World Bank: IDA Loans or IDA Grants?”. World Development. 30 (5): 741–762. doi:10.1016/S0305-750X(02)00003-7.
Dreher, Axel; Sturm, Jan-Egbert; Vreeland, James Raymond (2009). “Development aid and international politics: Does membership on the UN Security Council influence World Bank decisions?”. Journal of Development Economics. 88 (1): 1–18.
After leaving office, Anderson was active in business, investment and banking affairs, and, during the 1960s, carried out diplomatic missions on behalf of President Lyndon B. Johndon, including many trips to Cairo to confer with Egyptian President Gamal Abdel Nasser in the wake of the 1967 Six-Day-War.
“Foreign Relations of the United States, 1964–1968, Volume XIX, Arab-Israeli Crisis and War, 1967 – Office of the Historian”. history.state.gov. Retrieved 11 April 2018.
C. Douglas Dillon, (R) New Jersey. Jan. 21, 1961 – Nov 22, 1963. Nov. 22, 1963 – Apr. 1, 1965. Kennedy, L.B. Johnson.
In 1938, he became Vice President and Director of Dillon, Read & Co, an investment company. He remained influential after leaving the Treasury Dept, including being vice chairman of the Council on Foreign Relations.
Henry H. Fowler, (D) Virginia. Apr. 1, 1965 – Dec. 20, 1968. L.B. Johnson.
Fowler received his law degree from Yale Law School in 1932. He worked briefly at Covington & Burling in Washington, D.C., then joined the legal staff of the Tennessee Valley Authority (TVA) in 1934. There he assisted in the preparation and successful conduct of the four-year litigation establishing the constitutionality of that program. By 1939, he had risen to Assistant General Counsel of the TVA and subsequently served as chief counsel of a subcommittee of the
From 1941 to 1944, he was an assistant general counsel of the Office of Production Management and afterward of the War Production Board. He then served in the United Kingdom and Germany in 1944 and 1945. He returned to private practice and in 1951 rejoined the government to work on the mobilization of troops during the Korean War. During this period he was an administrator of the National Production Authority, administrator of the Defense Production Administration, Director of the Office of Defense Mobilization and member of the National Security Council.
Lyndon Baines Johnson Front Page – Henry H. Fowler (1965–1968): Secretary of the Treasury”. American President: A Reference Resource. Charlottesville, Virginia: Miller Center of Public Affairs. Archived from the original on 2012-05-05. Retrieved 2012-04-15.
Joseph W. Barr, (D) Indiana. Dec. 21, 1968 – Jan. 20, 1969. L.B. Johnson.
Barr earned a master’s degree in economics from Harvard University in Cambridge Massachusetts, in 1941. In 1958, he won election to Congress from Indiana’s 11th congressional district, a Republican stronghold. During his time in the House, he became friend with then-Senator John F. Kennedy. Be served only one term before being defeated for re-election in 1960.
Katz, Bernard; Vencill, C. Daniel (1996). Biographical Dictionary of the United States Secretaries of the Treasury.
“Joseph Barr, 78, Bank Executive Who Held Several Federal Posts”. New York Times. 1996-02-29.
After his electoral defeat, President Kenned appointed him as the Assistant Secretary of the Treasury for Congressional Relations. In 1963, he was appointed Chairman of the Federal Deposit Insurance Corporation.
Ibid 2.
Barr’s appointment was to be effective for the remainder of Johnson’s term in office. His 28 days in the position was the shortest term of any Treasury Secretary. Given his short period in office, his signature appears only on the one-dollar bill.
Shortest Stays in the White House”. Saturday Evening Post. 2017.
David M. Kennedy, (R) Utah. Jan. 22, 1969 – Feb. 11, 1971. Nixon.
His first government job was as a staff member for the Federal Reserve Board of Governors.
Sobel, Robert. Biographical Dictionary of the United States Executive Branch, 1774-1977, (Westport: Greenwood Press, 1977) p. 199-200.
During this time he built up his financial experience and later became assistant to then-Fed Chairman Marriner Eccles. Kennedy was also attending George Washington University and received master’s and law degrees from there in 1935 and 1937. He education was completed at the Stonier Graduate School of Banking, then housed at Rutgers University, New Brunswick in 1939.
John B. Connally, (D and R) Texas. Feb. 11, 1971 – Jun. 12, 1972. Nixon.
He graduated from the University of Texas School of Law and was admitted to the bar by examination. He became a navel secretary and later became the Governor of Texas. Nixon appointed Connally as his Treasury Secretary. In this position, Connally presided over the removal of the U.S. dollar from the gold Standard, an event known as the Nixon shock.
The Nixon shock was a series of economic measures undertaken by Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.
Lewis, Paul (August 15, 1976). “Nixon’s Economic Policies Return to Haunt the G. O. P.” The New York Times. Retrieved March 25, 2019.
George P. Shultz, (R) Illinois. Jun. 12, 1972 – May 8, 1974. Nixon.
Shultz supported the Nixon shock (which sought to revive the ailing economy in part by abolishing the gold standard) and presided over the end of the Bretton Woods System.
William E. Simon, (R) New Jersey. May 8, 1974 – Aug. 9, 1974. Aug 9, 1974 – Jan. 20, 1977. Nixon, Ford.
During his business career, Simon served on the boards of over thirty companies including Xerox, Citibank, Halliburton, Dart & Kraft and United Technologies.
W. Michael Blumenthal, (D) Michigan. Jan. 23, 1977 – Aug. 4, 1979. Carter.
He earned a Master of Arts and Master of Public Affairs in 1953, followed by a Ph.D. in economics in 1956.
Kaufman, Diane, and Kaufman, Scott. Historical Dictionary of the Carter Era, Scarecrow Press (2013) p. 42
G. William Miller, (D) Rhode Island. Aug. 6, 1979 – Jan. 20, 1981. Carter.
Miller enrolled in the Boalt Hall School of Law at the University of California, Berkeley and graduated the top of the class of 1952. From there he joined the law firm of Cravath, Swaine & Moorein New York City.
Chairman G. William Miller, 81″. The Washington Post. Retrieved 2007-11-21.
Donald T. Regan, (R) (New Jersey. Jan. 22, 1981 – Feb. 2, 1985. Reagan.
He attended Harvard Law School before dropping out to join the Marine Corps at the outset of World War II.
After the war, he joined Merrill Lynch & Co., Inc. in 1946 as an account executive trainee. He worked up through the ranks, eventually taking over as Merrill Lynch’s chairman and CEO in 1971, the year the company went public. He held those positions until 1980.
Regan was one of the original directors of the Securities Investor Protection Corporation and was vice chairman of the New York Stock Exchange from 1973 to 1975. He was a major proponent of brokerage firms going public, which he viewed as an important step in the modernization of Wall Street. Under his supervision, Merrill Lynch had its initial public offering on June 23, 1971, becoming only the second Wall Street firm to go public. (Donaldson, Lufkin & Jenrette was the first).
James A. Baker, III, (D and R) Texas. Feb. 3, 1985 – Aug. 17, 1988. Reagan.
His grandfather was attorney and banker Captain James A. Baker, and his great-grandfather was jurist and politician Judge James A. Baker (same name).
He earned a bachelor of laws (1957) from the University of Texas School of Law and began to practice law in Texas.
The Alcalde: UT Austin Alumni Magazine (September – October 1991)
Nicholas F. Brady, (R) New Jersey. Sep. 16, 1988 – Jan. 20, 1989. Jan. 20, 1989 – Jan. 17, 1993. Reagan, G.H.W. Bush.
Brady’s career in the banking industry spanned 34 years. He joined Dillon, Read & Co in New York City in 1954, rising to Chairman of the Board. He has been the Chairman of Darby Overseas Investments, Ltd. and Darby Technology Ventures Group, LLC, investment firms, since 1994. Mr. Brady is Chairman of Franklin Templeton Investment Funds (an international investment management company), a director of Hess Corporation (an exploration and production company) and Holowesko Partners Ltd. (investment management companies). He is also a director of the oilfield services company Weatherford International since 2004. He has been a Director of the NCR Corporation, the MITRE Corporation, and the H.J. Heinz Company, among others.
Lloyd M. Bentsen, (D) Texas. Jan. 22, 1993 – Dec. 22, 1994. Clinton.
He graduated from the University of Texas School of Law with an LL.B. degree in 1942 and was admitted to the bar. Bentsen helped win crucial Republican votes to pass the North American Free Trade Agreement (NAFTA) and the Uruguay Round of the General Agreement on Tariffs and Trade (GATT).
Robert E. Rubin, (D) New York. Jan. 10, 1995 – Jul. 2, 1999. Clinton.
He attended the London School of Economics and received an LL.B. from Yale Law School in 1964.
Before his government service, he spent 26 years at Goldman Sachs, eventually serving as a member of the board and co-chairman from 1990 to 1992.
Lawrence H. Summers, (D) Massachusetts. Jul. 2, 1999 – Jan. 20, 2001. Clinton.
After his departure from Harvard, Summers worked as a managing partner at the hedge fund D.E. Shaw & Co, and as a freelance speaker at other financial institutions, including Goldman Sachs, JP Morgan Chase, Citigroup, Merrill Lynch and Lehman Brothers. Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Obama from January 2009 until November 2010, where he emerged as a key economic decision-maker in the Obama administration’s response to the Great Recession.
Paul H. O’Neill, (R) Pennsylvania. Jan. 30, 2001 – Dec. 31, 2002. G.W. Bush.
He received a bachelor’s degree in economics from California State University, Fresno, studied economics at Claremont Graduate University in 1961, and received a Master of Public Administration from Indiana University.
John W. Snow, (R) Virginia. Feb. 3, 2003 – June 29, 2006. G.W. Bush.
He received a Doctor of Philosophy in economics from the University of Virginia in 1965. From 1965 to 1968, he was an Assistant Professor of Economics at the University of Maryland. He completed a Juris Doctor at the George Washington University Law School in 1967 and then worked at the Washington D.C. law firm of Wheeler & Wheeler from 1967 to 1972.
Henry M. Paulson, Jr., (R) Illinois. Jul. 10, 2006 – Jan. 20, 2009. G.W. Bush.
Paulson joined Goldman Sachs in 1974, working in the firm’s Chicago office under James P. Gorter, covering large industrial companies in the Midweast. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then Chief Operating Officer from December 1994 to June 1998.
Management”, Goldman Sachs, 2006.
Timothy F. Geithner, (Independant) New York. Jan. 26,2009 – Jan 25, 2013. Obama.
Geithner is a former American central banker who served as the 75th United States Secretary of the Treasury under Obama from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and managing director of Warburg Pincus, a private equity firm headquartered in New York.
Bloomberg “Company Overview of Warburg Pincus LLC – Timothy F. Geithner”, Bloomberg L.P.; 2018. Retrieved 12-07-2018.
Jacob J. Lew, (D) New York. Feb. 28, 2013 – Jan 20, 2017. Obama.
Lew earned his A.B. from Harvard College, then a J.D. from Georgetown University Law Center.
On January 10, 2013, during Obama’s second term, Lew was nominated to replace retiring Treasury Secretary Geithner was confirmed by the Senate February 27, 2013, and then sworn in on the following day, serving until the conclusion of the Obama administration, and resigning with the inauguration of Donald Trump. Lew was replaced, on an interim basis, by Adam Szubin, before being officially succeeded as Secretary of the Treasury by Steve Mnuchin.
Steven T. Mnuchin. Feb. 13,2017 – Present. Trump.
Steven Terner Mnuchin is an American politician and investment banker who is serving as the 77th United States secretary of the treasury as part of the Cabinet of Donald Trump. (Wiki).
The Editorial Board (February 6, 2018). “Do You Think Donald Trump Is Ready for a Real Financial Crisis?”. The New York Times. Retrieved February 7, 2018.
The Trend
When we consider everyone that has had the position and the individual that has the position today, we realize that they all share a commonality. They were, or either are, economic majors, lawyers, or bankers. I can understand economic majors, but the whole sale involvement of lawyers and bankers positioned in the governmental structure pertaining to the Treasury Department should cause one to become alarmed.
What are their interests? Do they have the interest of the United States at heart? Do lawyers and private bankers really have the interest of the people? Or are they simply bureaucrats; a cartel of international vested individuals whose sole aim is the self and what they can get out of every nation involved in their international cooperate monetary system of “give” and “take?”
The “take” is always higer than the “give,” it is called interest.
Universal Salvation For All 