Nicholas F. Brady
Encyclopedia
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
under Presidents Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
and George H. W. Bush
George H. W. Bush
George Herbert Walker Bush is an American politician who served as the 41st President of the United States . He had previously served as the 43rd Vice President of the United States , a congressman, an ambassador, and Director of Central Intelligence.Bush was born in Milton, Massachusetts, to...
, and is also known for articulating the Brady Plan in March 1989.
Early life
The son of Eliot Chace and her husband James Cox Brady, Jr. http://select.nytimes.com/gst/abstract.html?res=F70915F6345D157A93C4A8178FD85F448385F9, his great-grandfather was industrialist Anthony N. BradyAnthony N. Brady
Anthony Nicholas Brady was an American businessman born in Lille, France who emigrated to Troy, New York in 1857. Settling in Albany, New York he was first employed by a local barber and at age 19 went into business for himself, opening a tea store that he soon expanded with other outlets...
. He was named for his grandfather's brother, Nicholas Frederic Brady
Nicholas Frederic Brady
Nicholas Frederic Brady was a New York City businessman and philanthropist who was the first American to receive the Roman Catholic Church honor, the Ordine Supremo del Christo. He was the holder of several papal honors including being a papal duke.Born in Albany, New York, the son of...
. He grew up on an estate in Far Hills, New Jersey
Far Hills, New Jersey
Far Hills is a borough in Somerset County, New Jersey, United States. As of the United States 2010 Census, the population was 919.Far Hills was incorporated as a borough based on an Act of the New Jersey Legislature passed on April 7, 1921, from portions of Bernards Township, subject to the results...
. He was educated at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
(B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
, 1952) and Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
(M.B.A., 1954).
Career
Brady's political career began when he was appointed as a Republican SenatorUnited States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
from New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
to fill the vacancy caused by the resignation of Harrison A. Williams, Jr. He served from April 27, 1982 through December 27, 1982 and did not seek election to a full term. During his time in the Senate he was a member of the Armed Services Committee and the Banking, Housing and Urban Affairs Committee. he is the last Republican to serve in the U.S. Senate representing New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
(Clifford Case was the last elected Republican to serve in the Senate from New Jersey).
In 1984 Reagan appointed Brady to be Chairman of the President's Commission on Executive, Legislative and Judicial Salaries. He also served on the President's Commission on Strategic Forces (1983), the National Bipartisan Commission on Central America (1983), the Commission on Security and Economic Assistance (1983), and the Blue Ribbon Commission on Defense Management (1985). He also chaired the Presidential Task Force on Market Mechanisms in 1987.
Brady became the 68th Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
on September 15, 1988. In 1989, after a period of years in which a number of developing countries, including Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
, defaulted on their international debt, he developed the Brady Plan to help them sell dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
-denominated bonds. These became known as Brady Bonds
Brady Bonds
Brady bonds are dollar-denominated bonds, issued mostly by Latin American countries in the 1980s, named after U.S. Treasury Secretary Nicholas Brady.-History:...
.
He is a former Chairman of the Board of Dillon Read & Co. Inc. (investment banking) (1970–1988) and a former Chairman of Purolator, Inc. (filtration products) (1971–1987).
Brady's career in the bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing industry spanned 34 years. He joined Dillon, Read & Co.
Dillon, Read & Co.
Dillon, Read & Co. was a prominent American investment bank from the 1920s into the 1960s.-Origins:Dillon Read traces its roots to 1832 with the founding of the Wall Street brokerage firm Carpenter & Vermilye. This firm was succeeded by Read & Company in which chief principal was William A. Read. ...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
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
Weatherford International
Weatherford International Oil Field Services Ltd is one of the largest international oil and natural gas service companies. The company provides products and services for drilling, evaluation, completion, production and intervention of oil and natural gas wells, along with pipeline construction...
since 2004. He has been a Director of the NCR Corporation
NCR Corporation
NCR Corporation is an American technology company specializing in kiosk products for the retail, financial, travel, healthcare, food service, entertainment, gaming and public sector industries. Its main products are self-service kiosks, point-of-sale terminals, automated teller machines, check...
, the MITRE Corporation, and the H.J. Heinz Company, among others. His father had been a major figure in Thoroughbred
Thoroughbred
The Thoroughbred is a horse breed best known for its use in horse racing. Although the word thoroughbred is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thoroughbred breed...
horse racing
Horse racing
Horse racing is an equestrian sport that has a long history. Archaeological records indicate that horse racing occurred in ancient Babylon, Syria, and Egypt. Both chariot and mounted horse racing were events in the ancient Greek Olympics by 648 BC...
both in the United States and in Europe. Although never involved with the sport at the same level as his father, Nicholas Brady served for a time as chairman of The Jockey Club
The Jockey Club
The Jockey Club, formed on February 9, 1894, is the keeper of The American Stud Book. It came into existence after James R. Keene spearheaded a drive in support of racehorse trainers who had complained about the Board of Control that governed racing in New York State.-History:On its formation, The...
. Mill House (Stable) is the nom-de-course for Brady's racing operation.
He has also served as a trustee of Rockefeller University
Rockefeller University
The Rockefeller University is a private university offering postgraduate and postdoctoral education. It has a strong concentration in the biological sciences. It is also known for producing numerous Nobel laureates...
and a member of the Board of the Economic Club of New York
The Economic Club of New York
The Economic Club of New York is a non-profit and non-partisan membership organization located in New York City and founded in 1907. Its stated purpose is the promotion of the study and discussion of social, economic, and political questions....
. He is a member of the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
, Inc. He is a former trustee of the Boys' Club of Newark
Newark, New Jersey
Newark is the largest city in the American state of New Jersey, and the seat of Essex County. As of the 2010 United States Census, Newark had a population of 277,140, maintaining its status as the largest municipality in New Jersey. It is the 68th largest city in the U.S...
.