| George William Miller | |
 |
|
|
|
|
|---|---|
| In office March 8, 1978 – August 6, 1979 |
|
| Preceded by | Arthur F. Burns |
| Succeeded by | Paul Volcker |
|
|
|
| In office August 6, 1979 – January 22, 1981 |
|
| Preceded by | W. Michael Blumenthal |
| Succeeded by | Donald Regan |
|
|
|
| Born | March 9, 1925 Sapulpa, Oklahoma |
| Died | March 17, 2006 (aged 81) |
| Nationality | American |
| Profession | Lawyer |
George William Miller (March 9, 1925 – March 17, 2006) served as the 65th United States Secretary of the Treasury under President Carter from August 6, 1979 to January 20, 1981. The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States and one of the most Events 1618 - Johannes Kepler discovers the third law of planetary motion. Year 1978 ( MCMLXXVIII) was a Common year starting on Sunday (link displays the 1978 Gregorian calendar) Events 1538 - Bogotá, Colombia, is founded by Gonzalo Jiménez de Quesada. Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) For the American discus thrower see Art Burns. Arthur Frank Burns ( April 27, 1904 in Stanyslaviv, Galicia Paul Adolph Volcker (born September 5, 1927 in Cape May New Jersey) is an American Economist The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and until Events 1538 - Bogotá, Colombia, is founded by Gonzalo Jiménez de Quesada. Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) Events 565 - Eutychius is deposed as Patriarch of Constantinople by John Scholasticus. Year 1981 ( MCMLXXXI) was a Common year starting on Thursday (link displays the 1981 Werner Michael Blumenthal (born January 3, 1926) served as United States Secretary of the Treasury under President Jimmy Carter from 1977-1979 Donald Thomas Regan ( December 21, 1918 &ndash June 10, 2003) was the 66th United States Secretary of the Treasury, from 1981 to 1985 Events 590 - Bahram Chobin is crowned as king Barham VI of Persia. Year 1925 ( MCMXXV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar. Sapulpa is a city in Creek and Tulsa counties in the US state of Oklahoma. Events 45 BC - In his last victory Julius Caesar defeats the Pompeian forces of Titus Labienus and Pompey the Younger Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. A lawyer, according to Black's Law Dictionary, is "a person learned in the law as an attorney, Counsel or Solicitor; a person Events 590 - Bahram Chobin is crowned as king Barham VI of Persia. Year 1925 ( MCMXXV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar. Events 45 BC - In his last victory Julius Caesar defeats the Pompeian forces of Titus Labienus and Pompey the Younger Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and until James Earl "Jimmy" Carter Jr (born October 1 1924 was the thirty-ninth President of the United States, serving from 1977 to 1981 and the recipient of the 2002 Events 1538 - Bogotá, Colombia, is founded by Gonzalo Jiménez de Quesada. Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) Events 250 - Emperor Decius begins a widespread persecution of Christians in Rome. Year 1981 ( MCMLXXXI) was a Common year starting on Thursday (link displays the 1981 He previously served as the 11th Chairman of the Federal Reserve, where he began service on March 8, 1978. The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States and one of the most Events 1618 - Johannes Kepler discovers the third law of planetary motion. Year 1978 ( MCMLXXVIII) was a Common year starting on Sunday (link displays the 1978 Gregorian calendar)
Miller was the first and currently only Federal Reserve Chairman to come from a corporate background, rather than from economics or finance. He is also the only person to have served both as Federal Reserve Chairman and as Treasury Secretary.
Contents |
Early life and career
William Miller was born in Sapulpa, Oklahoma. Sapulpa is a city in Creek and Tulsa counties in the US state of Oklahoma. His family soon moved to Borger, the largest city in Hutchinson County, Texas, where Miller spent his childhood. Borger is the largest City in Hutchinson County, Texas, United States. Hutchinson County is a County located in the US state of Texas in the northern portion of the Texas Panhandle. Texas ( is a state geographically located in the South Central United States and is also known as the Lone Star State. After attending Amarillo College for the 1941-1942 school year, he received an appointment to the U.S. Coast Guard Academy. Amarillo College ( AC) is a two-year fully accredited Community college in Amarillo, Texas with over 10000 students that was established The United States Coast Guard Academy ( USCGA) is the Military academy of the United States Coast Guard. He graduated in 1945 with a B. S. in marine engineering and served until 1949 as a Coast Guard officer in the Far East and on the U. S. West Coast. During his time with the Coast Guard, he met and then married Ariadna Rogojarsky, a Russian emigre. He received a law degree from the Boalt Hall School of Law at the University of California, Berkeley in 1952, and joined the law firm of Cravath, Swaine & Moore in New York City. The University of California Berkeley School of Law, commonly referred to as Berkeley Law and Boalt Hall, is one of 14 schools and colleges at the University The University of California Berkeley (also referred to as Cal, Berkeley and UC Berkeley) is a major research university located in Berkeley Cravath Swaine & Moore LLP (“Cravath” is a prominent American Law firm based in New York City, United States with an additional office in London The City of New York [1]
In 1956, Miller joined Textron, Inc as an assistant secretary. He became a Vice President of the company in 1957 and President in 1960. In 1968 he became Chief Executive Officer of Textron and was elected Chairman and Chief Executive Officer in 1974, a post he held until he came to the Federal Reserve Board.
Miller also forayed into politics. From 1963 to 1965, Miller was Chairman of the Industry Advisory Council of the President's Committee on Equal Employment Opportunity; in 1966 and 1967, he was a member of the National Council on the Humanities. The term Equal Employment Opportunity was created by President Lyndon B Miller also served in the "think tank" Club of Rome. The Club of Rome is a global Think tank that deals with a variety of international political issues In characteristic fashion, he privately quipped that the other members were all gullible and that he was just playing games with them, actually feeding them nonsense with his futuristic pronouncements. But still, he insisted, he could garner their adulation at will. In 1968, he aided Hubert Humphrey's presidential campaign as chairman of a Democratic-leaning business group. Hubert Horatio Humphrey Jr ( May 27, 1911 &ndash January 13, 1978) was the thirty-eighth Vice President of the United States, serving [2]
At the time he joined the Federal Reserve Board, Miller was a director of the Federal Reserve Bank of Boston and of several corporations. This article is under the building's alternate name For a complete article please see Federal Reserve Bank Building (Boston The Federal Reserve Bank of Boston, commonly He was also a member of the Business Council and the Business Roundtable and Chairman of the Conference Board and of the National Alliance of Businessmen.
Federal Reserve Chairman
Miller succeeded Arthur Burns as Fed Chairman in January of 1978. For the American discus thrower see Art Burns. Arthur Frank Burns ( April 27, 1904 in Stanyslaviv, Galicia He inherited a high inflation economy, still suffering from the increase in oil prices from OPEC. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time The 1973 oil crisis began on October 17 1973 when the members of Organization of Arab Petroleum Exporting Countries (OAPEC consisting of the Arab members of The Organization of the Petroleum Exporting Countries ( OPEC) is a Cartel of thirteen countries made up of Algeria, Angola, Ecuador The change in the Consumer Price Index was 4. CPI redirects here For other uses see CPI (disambiguation. A consumer price index ( CPI) is a measure of the average price of consumer 9% in 1976 and 6. 7% in 1977. [3] Nevertheless, Miller maintained a Keynesian belief that inflation could "prime the pump" of the economy, and would at any rate be self-correcting. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist [4] He thus pursued a strongly doveish policy and opposed raising interest rates. The effect of this was to send the dollar's value spiraling downward. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been In November 1978, only 11 months into his term, the dollar had fallen nearly 34% against the German mark and almost 42% against the Japanese yen, prompting the Carter administration to launch a "dollar rescue package" including emergency sales from the U. S. gold stock, borrowing from the International Monetary Fund, and auctions of Treasury securities denominated in foreign currencies. [5][6] This proved only a short-term fix; while temporarily steadying the dollar, it soon resumed its fall. [7] The portmanteau stagflation, the combination of stagnation and inflation, increased in popularity during this time to describe the high rate of inflation that was failing to spur the economy. Stagflation is an economic situation in which Inflation and Economic stagnation occur simultaneously and remain unchecked for a period of time
Miller's lackadaisical measures against inflation caused distress among members of the Carter Administration itself. Treasury Secretary Blumenthal, Inflation Adviser Alfred Kahn, and Chief Presidential Economist Charles Schultze all advocated for increasing the interest rate prior to the April 1979 meeting, where Miller opposed such measures. There are two people named Alfred Kahn: Alfred E Kahn - American professor and deregulation expert Alfred R Charles L Schultze (1924- is a United States Economist and public policy analyst Carter had to admonish his own staff over the press leaks used to carry on the dispute. A news leak is a disclosure of embargoed information in advance of its official release or the unsanctioned release of confidential information [8]
Miller was not perceived as having great prestige; not coming from an economics or Wall Street background, he was seen as an "outsider. "[9] A 2003 article in The Economist said that "America's central bankers have all made their weight felt across the political sphere, with the possible exception of William Miller, whose brief tenure in 1978-79 was notable for his attempts to ban smoking at the board. "[10] It is rare for the influential chair's opinion to not carry the vote at the Federal Reserve's meetings, but Miller was outvoted by the Board of Governors at a meeting in 1979 where he opposed an increase in the discount rate, the rate at which the Federal Reserve lends to banks. For the interest rate charged to Banks for borrowing short-term funds directly from the Federal Reserve, see Discount window. [9]
Economic historians have generally considered Miller's short tenure unsuccessful. The high inflation that Miller allowed required harsh "shock therapy" treatment by his successor Paul Volcker to bring under control, which sent the U. Paul Adolph Volcker (born September 5, 1927 in Cape May New Jersey) is an American Economist S. economy into recession from 1980-1982. Steven Beckner, a Federal Reserve analyst, offered a particularly harsh assessment:
Under Arthur Burns, who chaired the Fed from 1970 to 1978, and under G. William Miller, who was was chairman from January 1978 to August 1979, the Fed provided the monetary fuel for an inflation that began as a flicker and grew into a fearsome blaze. . . If Nixon appointee Burns lit the fire, Miller poured gasoline on it during the administration of President Jimmy Carter. Without question the most partisan and least respected chairman in the Fed's history, this former Textron executive worked in tandem with fellow Carter appointee, Treasury Secretary W. Michael Blumenthal, in pursuit of monetary policies that were expansionist domestically and devaluationist internationally. The goals were to spur employment and exports, with little thought to the dollar's value. By early 1980, inflation was running at 14 percent. [6]
—Steven Beckner, Back from the Brink: The Greenspan Years
Treasury Secretary
Miller was Fed chairman for just over a year when Carter appointed him Secretary of the Treasury in August 1979, replacing Michael Blumenthal as part of a major cabinet shuffle in which five Cabinet members were replaced. Werner Michael Blumenthal (born January 3, 1926) served as United States Secretary of the Treasury under President Jimmy Carter from 1977-1979 The United States Cabinet (usually simplified as "the Cabinet" is composed of the most senior appointed officers of the Executive branch of the Federal government [11] Blumenthal had previously clashed with the administration, and Miller desired his post. Miller leaked certain unsavory personal details about Blumenthal to Carter, and soon Blumenthal was gone. Carter appointed Paul Volcker to replace Miller. He thus became the only person to serve as both Treasury Secretary and Chairman of the Federal Reserve. As Treasury Secretary, Miller is best known for his role on the Chrysler Loan Guarantee Board, which oversaw management of a $1.5 billion loan to rescue the carmaker from bankruptcy. Chrysler LLC is an American Automobile manufacturer that has been producing Automobiles since 1925 This attracted some controversy as the bailout was thought to reward mismanagement and impede fair trade relations between the United States and Japan. The relationship between Japan and the United States of America is one of very close economic and military cooperation coupled with extensive cultural exchange Miller agreed that "The administration does not favor, as a general proposition, government aid to private corporations,"[1] but thought an exception should be made in Chrysler's case. Chrysler recovered in the early 1980s and paid off the loan early.
Miller is also known for managing the freezing and partial unfreezing of $12 billion in Iranian funds held in the United States during the Iranian hostage crisis. The Iran hostage crisis ( Persian: تصرف سفارت آمریکا was a diplomatic crisis between Iran and the United States where 52 He also pushed through an accord with labor unions on wage-price guidelines that had been "stalemated for months. "[2]
Miller's economic policies failed to contain inflation and had little impact on rising unemployment rates. The poor state of the economy was a major factor in Carter's 1980 defeat by Ronald Reagan.
Later years
After Carter's administration ended, Miller founded G. William Miller & Co. , a Washington private investment company that he likened to a discreet, Swiss-style merchant bank. [1] He also served positions on a number of charitable and nonprofit organizations. This included treasurer of the American Red Cross, a trustee and director of the Washington Opera, and chairman of the Washington-based H. The American Red Cross (also known as the American National Red Cross) is a humanitarian organization that provides emergency assistance disaster relief and education inside The Washington National Opera ( WNO) is a world-class opera company in Washington D John Heinz III Center for Science, Economics and the Environment. He also was chairman and chief executive of Federated Stores Inc. (now Macy's, Inc.) from 1990 to 1992. Macy's Inc ( formerly Federated Department Stores Inc, is a Department store Holding company and owner of Macy's and Bloomingdale's [2]
William Miller died on March 17, 2006 from idiopathic pulmonary fibrosis, a lung condition. Events 45 BC - In his last victory Julius Caesar defeats the Pompeian forces of Titus Labienus and Pompey the Younger Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Idiopathic pulmonary fibrosis (IPF, also known as cryptogenic fibrosing alveolitis, is a Chronic, progressive interstitial lung disease with an unknown [1]
References
- Department of the Treasury Resignation of W. Michael Blumenthal and Nomination of G. William Miller To Be Secretary. July 19, 1979 American Reference Library
- ^ a b c d Bernstein, Adam. "Obituary: Fed Chairman G. William Miller, 81", The Washington Post, 2006-03-20. The Washington Post is the largest and most circulated Newspaper in Washington D Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1600 - The Linköping Bloodbath takes place on Maundy Thursday in Linköping, Sweden. Retrieved on 2007-11-21. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 164 BC - Judas Maccabaeus, son of Mattathias of the Hasmonean family restores the Temple in Jerusalem.
- ^ a b c McFadden, Robert D. . "Obituary: G. William Miller", The New York Times, 2006-03-19. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1279 - A Mongolian victory in the Battle of Yamen ends the Song Dynasty in China. Retrieved on 2007-12-06. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1060 - Béla I of Hungary is crowned king of Hungary 1240 - Mongol invasion of Rus: Kiev
- ^ Consumer Prince Index, from the Department of Labor
- ^ Educate Yourself: Paul Volcker. Retrieved on 2007-12-06. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1060 - Béla I of Hungary is crowned king of Hungary 1240 - Mongol invasion of Rus: Kiev
- ^ Record of Policy Actions: November 21, 1978 (PDF). Federal Open Market Committee (1978-11-21). The Federal Open Market Committee (FOMC a component of the Federal Reserve System, is charged under U Year 1978 ( MCMLXXVIII) was a Common year starting on Sunday (link displays the 1978 Gregorian calendar) Events 164 BC - Judas Maccabaeus, son of Mattathias of the Hasmonean family restores the Temple in Jerusalem. Retrieved on 2007-11-29. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1777 - San Jose California, is founded as el Pueblo de San José de Guadalupe
- ^ a b Beckner, Steven K. (1996). Back from the Brink: The Greenspan Years. New York, NY: John Wiley & Sons, Inc. , 5. ISBN 0-471-16127-6.
- ^ "The Squeeze of '79", Time, 1979-10-22. Time (trademarked in capitals as TIME) is a weekly American Newsmagazine, similar to Newsweek and Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) Events 202 BC - Hannibal Barca, leader of the Carthaginians, is defeated by the Roman legions under Scipio Africanus Retrieved on 2007-11-27. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1095 - Pope Urban II declares the First Crusade at the Council of Clermont
- ^ "The Fed vs. Jimmy's Aides", Time, 1979-04-30. Time (trademarked in capitals as TIME) is a weekly American Newsmagazine, similar to Newsweek and Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) Events 313 - Roman emperor Licinius unifies the entire Eastern Roman Empire under his rule Retrieved on 2007-12-06. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1060 - Béla I of Hungary is crowned king of Hungary 1240 - Mongol invasion of Rus: Kiev
- ^ a b Belden, Susan. Policy preferences of FOMC members as revealed by dissenting votes
- ^ "After Alan", The Economist, 2005-08-13. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 3114 BC - According to the Lounsbury correlation the start of the Maya calendar. Retrieved on 2007-11-16. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 534 - A second and final revision of the Codex Justinianus is published . The order of the sentence is reversed for clarity here.
- ^ "Carter's Great Purge", Time, 1979-07-30. Time (trademarked in capitals as TIME) is a weekly American Newsmagazine, similar to Newsweek and Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) Events 1419 - First Defenestration of Prague. 1502 - Christopher Columbus lands at Guanaja in the Bay Islands off Retrieved on 2007-12-06. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1060 - Béla I of Hungary is crowned king of Hungary 1240 - Mongol invasion of Rus: Kiev
External links
- Secretaries of the Treasury, G. William Miller - Official profile
- Minutes and Policy Actions of the Federal Open Market Committee, Historical
| Preceded by Arthur F. Burns |
Chairman of the Federal Reserve 1978–1979 |
Succeeded by Paul Volcker |
| Preceded by W. Michael Blumenthal |
United States Secretary of the Treasury 1979–1981 |
Succeeded by Donald Regan |
Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic