David M. Kennedy
Encyclopedia
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman, economist and Cabinet secretary.
Born in Randolph, Utah
Randolph, Utah
Randolph is a city in Rich County, Utah, in the United States. As of the 2010 census, the city population was 464. It is the county seat of Rich County. Randolph had the highest percentage of people of any city in the country vote for George W...
, he attended public school and graduated from Weber College
Weber State University
Weber State University is a public university located in the city of Ogden in Weber County, Utah, USA. It was founded in 1889 and is a coeducational, publicly supported university offering professional, liberal arts and technical certificates, as well as associate, bachelor's and master's degrees...
, then a Mormon
Mormon
The term Mormon most commonly denotes an adherent, practitioner, follower, or constituent of Mormonism, which is the largest branch of the Latter Day Saint movement in restorationist Christianity...
college, in 1928. He served a two-year mission, for The Church of Jesus Christ of Latter-day Saints, to England. Then he earned master's and law
Law
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
degrees from George Washington University
George Washington University
The George Washington University is a private, coeducational comprehensive university located in Washington, D.C. in the United States...
in 1935 and 1937. He graduated from the Stonier Graduate School of Banking of Rutgers University
Rutgers University
Rutgers, The State University of New Jersey , is the largest institution for higher education in New Jersey, United States. It was originally chartered as Queen's College in 1766. It is the eighth-oldest college in the United States and one of the nine Colonial colleges founded before the American...
in 1939.
He spent most of his career in the private sector with the bank Continental Illinois, beginning in the bond
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
department and rising to CEO.
He died from cardiovascular disease
Cardiovascular disease
Heart disease or cardiovascular disease are the class of diseases that involve the heart or blood vessels . While the term technically refers to any disease that affects the cardiovascular system , it is usually used to refer to those related to atherosclerosis...
in Salt Lake City, Utah
Salt Lake City, Utah
Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake or SLC. With a population of 186,440 as of the 2010 Census, the city lies in the Salt Lake City metropolitan area, which has a total population of 1,124,197...
, in 1996.
The David M. Kennedy Center for International Studies
David M. Kennedy Center for International Studies
The David M. Kennedy Center for International Studies provides international study and service opportunities for students at Brigham Young University ....
at Brigham Young University
Brigham Young University
Brigham Young University is a private university located in Provo, Utah. It is owned and operated by The Church of Jesus Christ of Latter-day Saints , and is the United States' largest religious university and third-largest private university.Approximately 98% of the university's 34,000 students...
is named for Kennedy.
Early life
Kennedy was born in Randolph, UtahRandolph, Utah
Randolph is a city in Rich County, Utah, in the United States. As of the 2010 census, the city population was 464. It is the county seat of Rich County. Randolph had the highest percentage of people of any city in the country vote for George W...
where his father George Kennedy
George Kennedy (rancher)
George Kennedy was a rancher, legislator and Utah State Road Superintendent.Kennedy was the son of John Kennedy, who was a native of Scotland and a coal miner. John Kennedy joined The Church of Jesus Christ of Latter-day Saints and came to Utah...
was a rancher and his grandfathers John Kennedy and Peter Johnson had jointly formed the Bank of Randolph.
Kennedy's mother, Katherine, was ill much of the time he was growing up and he largely grew up in Kaysville, Utah
Kaysville, Utah
Kaysville is a city in Davis County, Utah, United States. It is part of the Ogden–Clearfield, Utah Metropolitan Statistical Area. The population was 20,351 at the 2000 census, and 25,820 as of the 2008 estimates.-History:...
and then Ogden, Utah
Ogden, Utah
Ogden is a city in Weber County, Utah, United States. Ogden serves as the county seat of Weber County. The population was 82,825 according to the 2010 Census. The city served as a major railway hub through much of its history, and still handles a great deal of freight rail traffic which makes it a...
spending much time taking care of his mother.
Kennedy married Lenora Bingham in the Salt Lake Temple
Salt Lake Temple
The Salt Lake Temple is the largest and best-known of more than 130 temples of The Church of Jesus Christ of Latter-day Saints. It is the sixth temple built by the church, requiring 40 years to complete, and the fourth operating temple built since the Mormon exodus from Nauvoo,...
in November 1924. In January 1925 he left to serve a mission in the United Kingdom. He served his entire mission in the mission office at Liverpool
Liverpool
Liverpool is a city and metropolitan borough of Merseyside, England, along the eastern side of the Mersey Estuary. It was founded as a borough in 1207 and was granted city status in 1880...
. His mission presidents were James E. Talmage
James E. Talmage
James Edward Talmage born in Hungerford, Berkshire, England, was a member of the Quorum of the Twelve Apostles of The Church of Jesus Christ of Latter-day Saints from 1911 until his death in 1933....
and John A. Widstoe.
Chicago years
After studying at George Washington UniversityGeorge Washington University
The George Washington University is a private, coeducational comprehensive university located in Washington, D.C. in the United States...
where he earnd a law degree and working for several years for the Federal Reserve Board, Kennedy joined Continental of Illinois in the fall of 1946. Kennedy started with the bond department, and later served as a vice president, president and then CEO for nearly 10 years.
In addition to this Kennedy served as a counselor to John K. Edmunds in the presidentcy of the Chicago Stake of The Church of Jesus Christ of Latter-day Saints. Kennedy was also a member of the board of Nauvoo Restoration from its founding in 1962 and advised David O. McKay
David O. McKay
David Oman McKay was the ninth president of The Church of Jesus Christ of Latter-day Saints , serving from 1951 until his death. Ordained an apostle and member of the Quorum of the Twelve Apostles in 1906, McKay was a general authority for nearly 64 years, longer than anyone else in LDS Church...
. Harold B. Lee
Harold B. Lee
Harold Bingham Lee was eleventh president of The Church of Jesus Christ of Latter-day Saints from July 1972 until his death.- Early life :...
and other LDS Church leaders on banking matters. It was in part due to the advice of Kennedy that McKay restructured the management of Zions First National Bank so that the president of the church no longer held the title of president of the bank, with Orval Adams assuming that title.
During these same years Kennedy also served as chairman of Mayor Richard J. Daley
Richard J. Daley
Richard Joseph Daley served for 21 years as the mayor and undisputed Democratic boss of Chicago and is considered by historians to be the "last of the big city bosses." He played a major role in the history of the Democratic Party, especially with his support of John F...
's Mayor's Committee for Economic and Cultural Growth in Chicago. In 1957 Kennedy became a member of the Board of Trustees of the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
. While serving in this post he was involved in fundraising. In 1966 he was asked to head a fundraising drive for Brigham Young University
Brigham Young University
Brigham Young University is a private university located in Provo, Utah. It is owned and operated by The Church of Jesus Christ of Latter-day Saints , and is the United States' largest religious university and third-largest private university.Approximately 98% of the university's 34,000 students...
. He worked on this project until becoming Secretary of the US Treasury.
From 1961 until January 1969 Kennedy was a member of the board of trustees of the Brookings Institution
Brookings Institution
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
.
Government service
Kennedy served as a special assistant on debt management to U.S. Secretary of the Treasury George M. HumphreyGeorge M. Humphrey
George Magoffin Humphrey was an American lawyer, businessman and Cabinet secretary.Raised in Edenbronx, Humphrey received both his undergraduate and law degrees from the University of Michigan. After practicing law in his hometown for five years with his father's farm, he accepted a position with...
. He also served on the staff of the Board of Governors of the Federal Reserve system from 1930 to 1946 ending up assistant to the Chairman.
In October 1962, President John F. Kennedy
John F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....
(no relation) appointed him a member of a private corporation (COMSAT
COMSAT
The Communications Satellite Corporation is a global telecommunications company, based in the USA, and with branches in Brazil, Argentina, Colombia, Mexico, Peru, Venezuela and several other countries in the Americas. It is present also in Turkey...
) to own and operate the United States' share of a global satellite communication system. He was elected to the permanent board of directors in 1964.
President Lyndon B. Johnson
Lyndon B. Johnson
Lyndon Baines Johnson , often referred to as LBJ, was the 36th President of the United States after his service as the 37th Vice President of the United States...
in 1969 appointed him chairman of the Commission on Budgetary Concepts, whose recommendations were adopted as standard government budgetary practice.
Kennedy was nominated by President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
Richard Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
to be the 60th Secretary of the Treasury. He served from 1969 until 1971.
Kennedy served as the U.S. Ambassador to NATO
United States Permanent Representative to NATO
The United States Permanent Representative to NATO is the official representative of the United States to the North Atlantic Treaty Organization. The Representative has the rank of full ambassador and is appointed by the President and confirmed by the Senate...
from March 1972 to February 1973.
He founded the US-Taiwan Business Council
US-Taiwan Business Council
The US-Taiwan Business Council is a membership-based, non-profit organization founded in 1976 to foster trade and business relations between the United States and Taiwan....
in 1976 and served as its Chairman for fourteen years until 1990.
Church service
He also served as a special representative of the First PresidencyFirst Presidency
In the Latter Day Saint movement, the First Presidency was the highest governing body in the Latter Day Saint church established by Joseph Smith, Jr. in 1832, and is the highest governing body of several modern Latter Day Saint denominations...
of The Church of Jesus Christ of Latter-day Saints. This assignment required him to represent the church around the world, meeting with government and ecclesiastical leaders.
Biography
- David Matthew Kennedy: Banker, Statesman, Churchman by Martin Berkeley Hickman (ISBN 0-87579-093-3)