Famous Marines: George Schultz


Famous Marines

In the News and Serving Their Community



George P. Shultz was sworn in as the 62nd Secretary of the Treasury on June 12, 1972. The nomination was announced by President Nixon on May 16, 1972.

On December 1, 1972, Mr. Shultz was reappointed to that post in the second Nixon Administration with the additional designation of Assistant to the President, charged with coordinating both domestic and international economic policy. He was also named Chairman of the new Council on Economic Policy and the Cost of Living Council. On March 6, 1973, the President named him Chairman of the East-West Trade Policy Committee, and on November 25, he was appointed a member of the President’s Emergency Energy Action Group.

The position of Secretary of the Treasury was his third major post with President Nixon’s Administration. He served first as Secretary of Labor from January 22, 1969, until July 1, 1970, when he became the first Director of the Office of Management and Budget, the position he held until his Treasury appointment.

Mr. Shultz was born December 13, 1920, in New York City, the son or Birl E. and Margaret Pratt Shultz. He received a bachelor’s degree (cum laude) in economics from Princeton University in 1942, and a Ph.D. in industrial economics at the Massachusetts Institute of Technology in 1949.

After service on the faculty of the Department of Economics at M.I.T., he moved on to the University of Chicago Graduate School of Business as professor of industrial relations in 1957. He served as Dean of the Graduate School of Business from 1962 to 1968.

His government service in Washington began in 1955 when, on leave of absence from M.I.T., he was a senior staff economist with the President’s Council of Economic Advisors, and later as a consultant to the Secretary of Labor in 1959.

Mr. Shultz participated in numerous labor negotiating and advisory committees as government, management or labor representative, arbitrator or mediator. He wrote or edited books and articles on industrial and labor relations, including Management Organization and the Computer (with T. A. Whisler) and Strategies for the Displaced Worker (with Arnold R. Weber).

He married the former Helena Marie O’Brien in 1946. They had five children, three daughters and two sons.