G. William Miller

George William Miller ( born March 9, 1925 in Sapulpa ( Oklahoma), † March 17, 2006 in Washington, DC ) was an American politician, Minister of Finance and President of the Federal Reserve System.

  • 2.1 Chairman of the Federal Reserve System
  • 2.2 Treasury under President Carter and rescue of Chrysler

Study and career

Studying and working as an attorney

After school he graduated from 1942 to 1945 studying naval engineering at the United States Coast Guard Academy ( USCGA ), from which he graduated in 1945 with a Bachelor of Science in Marine Engineering (B.Sc. ME). He then spent four years an officer in the Coast Guard in the Far East and on the West Coast of the United States. Then he studied law at the University of California in Berkeley (California), where he graduated in 1952 with a Bachelor of Laws ( LL.B. ). He then joined in New York City as a lawyer ( attorney ) in 1819, founded the law firm Cravath, Swaine & Moore.

Ascent to the Chairman of Textron and functions under President Lyndon B. Johnson

1956 Miller entered the service of the U.S. conglomerate Textron. In 1957 he became Vice President and 1960 following the departure of its founder president. He was first Chief Executive Officer ( CEO) and then in 1974 also Chairman of Textron in 1968.

In the meantime, he was from 1963 to 1965 in addition also the chairman of an advisory board of industry in a committee under President Lyndon B. Johnson, which dealt with the opportunities in the labor market. Under Johnson, he was from 1966 to 1967 and member of the National Council for the Humanities. Finally, he also was a member of the Club of Rome.

Political career

Chairman of the Federal Reserve System

On March 8, 1978, he was Chairman of the Federal Reserve System, the central banking system of the United States (Fed). When he took over this office from his predecessor, Arthur F. Burns, the U.S. economy was associated with a high inflation in a bad location. However, the action taken by him showed no apparent success. On July 17, 1978, a caricature of him was under the headline " inflation fighter " on the cover of TIME magazine.

Treasury under President Carter and rescue of Chrysler

On 6 August 1979 he was appointed by President Jimmy Carter as part of a cabinet reshuffle as the successor to W. Michael Blumenthal to the U.S. Treasury. This reshuffle, however, was inspired by Miller's ambitions to Blumenthal's office. Successor as President of the Federal Reserve System, Paul Volcker.

During his tenure, the automotive group Chrysler in 1979 stood before the bankruptcy. Miller introduced a bill (Chrysler Corporation Loan Guarantee Act of 1979) in the U.S. Congress, providing for the extensive government guarantees (State wage guarantee in the amount of 1.5 billion U.S. $) and Chrysler under the then new CEO Lee Iacocca before bankruptcy rescued.

Miller, he was the only politician who was both president of the Fed and Treasury. Although Miller was a gifted manager, hit his economic policies in relation to the fight against inflation and the reduction of unemployment, however, failed. Ultimately was especially the weak economic situation the main reason of the defeat of President Carter in the election in 1981 against Ronald Reagan.

Successor as finance minister of the new government of Reagan was Donald Regan.

Offices and awards in the last years of life

After his retirement from politics Miller was not only chairman of he founded G. Miller Merchant Bank Inc. in Connecticut, but also 1983-1987 Treasurer of the American Red Cross (ARC ), Vice President of the National Academy of Sciences (NAS) 1989-1992 and 2000-2005 Chairman of the H. John Heinz III center for Science, economies and the environment.

Miller has been repeatedly awarded academic honorary title. In addition, he was a visiting scholar at the University of California and 1984, the owner of the Lloyd Bentsen Chair in relations between government and business at the Lyndon B. Johnson School of Public Administration at Texas State University - San Marcos.

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