William E. Simon

Source: Department of Treasury NEWS Biographical Notes - June 1975

William E. Simon became the 63d Secretary of the Treasury on May 8, 1974. In August he was asked to continue to serve in this position by President Gerald Ford, who shortly afterward appointed him chairman of the Economic Policy Board and chief spokesman for the Administration on economic issues.

On April 8, 1975, President Ford also named Secretary Simon chairman of the newly created East-West Foreign Trade Board, established under authority of the Trade Act of 1974.

At the time of his nomination as Treasury Secretary, Mr. Simon was serving as Treasury's Deputy Secretary, a post he had held from January 22, 1973. As Deputy, he supervised the Administration's program to restructure and improve U.S. financial institutions.

From December 4, 1973, Mr. Simon simultaneously launched and administered the Federal Energy Administration at the height of the oil embargo. He also chaired the President's Oil Policy Committee and was instrumental in revising the mandatory oil import program in April 1973. Mr. Simon is a member of the President's Energy Resources Council and continues to have major responsibility for coordinating energy policy both domestic and international.

As Secretary of the Treasury, Mr. Simon is the nation's chief financial officer, and chairs or holds membership on numerous national and international financial, trade and economic bodies (note list on page 2). In addition, he administers the work of more than 125,000 employees of the Department of the Treasury, which collects the nation's taxes, pays its bills, prints and issues currency and coins, manages the nation's accounts and debts and has extensive law enforcement responsibilities.

Prior to becoming Deputy Secretary, Mr. Simon was a senior partner in the Wall Street investment banking firm of Salomon Brothers, New York. He joined that firm in 1964 as one of seven partners on its executive committee, responsible for the Government and Municipal Securities Department.

The son of an insurance executive, Mr. Simon was born in Paterson, New Jersey, November 27, 1927, and was educated at Newark Academy and Lafayette College, Easton, Pa., where he received his B.A. degree in 1951. His financial career began in 1952 with Union Securities in New York, where, three years later, he became Assistant Vice President and Manager of the firm's Municipal Trading Department. In 1957, he joined Weeden & Company as Vice President, a post he held until he joined Salomon Brothers.

Mr. Simon served on the Board and Executive Committee of the Investment Bankers Association of America and its successor, the Securities Industry Association. He is a founder and past president of the Association of Primary Dealers in U.S. Government Securities and has been active in many public and private organizations, including the U.S. Olympic Committee And the Debt Management Committee of New York City. He is also a trustee of Lafayette College, the Mannes College of Music in New York City, and Newark Academy.

He is married to the former Carol Girard. They have two sons and five daughters and reside in McLean, Virginia.

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Last Updated: Tuesday, July 14, 1998