Historical records matching Nicholas F. Brady, U.S. Senator and Secretary of the Treasury
About Nicholas F. Brady, U.S. Senator and Secretary of the Treasury
Nicholas Frederick Brady (born April 11, 1930) was United States Secretary of the Treasury under Presidents Ronald Reagan and George H. W. Bush, and is also known for articulating the Brady Plan in March 1989.
The son of Eliot Chace and her husband James Cox Brady, Jr., his great-grandfather was industrialist Anthony N. Brady. He was named for his grandfather's brother, Nicholas Frederic Brady. He grew up on an estate in Far Hills, New Jersey. He was educated at Yale University (B.A., 1952) and Harvard University (M.B.A., 1954).
Brady's political career began when he was appointed as a Republican Senator from New Jersey 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. As of 2009 he is the last Republican to serve in the U.S. Senate representing New Jersey (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 on September 15, 1988. In 1989, after a period of years in which a number of developing countries, including Mexico, defaulted on their international debt, he developed the Brady Plan to help them sell dollar-denominated bonds. These became known as Brady Bonds.
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 banking industry spanned 34 years. He joined Dillon, Read & Co. in New York City 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 since 2004. He has been a Director of the NCR Corporation, the MITRE Corporation, and the H.J. Heinz Company, among others. His father had been a major figure in Thoroughbred horse racing 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. Mill House (Stable) is the nom-de-course for Brady's racing operation.
He has also served as a trustee of Rockefeller University and a member of the Board of the Economic Club of New York. He is a member of the Council on Foreign Relations, Inc. He is a former trustee of the Boys' Club of Newark.
Brady and his wife, Katherine, have four children.