Katherine Dávalos Ortega (born July 16, 1934) is a former politician who was the 38th
Treasurer of the United States
The treasurer of the United States is an officer in the United States Department of the Treasury who serves as custodian and trustee of the federal government's collateral assets and the supervisor of the department's currency and coinage produc ...
. She served from September 26, 1983 to July 1, 1989 under Presidents Ronald Reagan and then George H. W. Bush. Ortega also has the distinction of being the first female bank president in the state of
California
California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...
New Mexico
)
, population_demonym = New Mexican ( es, Neomexicano, Neomejicano, Nuevo Mexicano)
, seat = Santa Fe
, LargestCity = Albuquerque
, LargestMetro = Tiguex
, OfficialLang = None
, Languages = English, Spanish ( New Mexican), Navajo, Ke ...
to Donaciano Ortega and Catarina Dávalos. She was one of nine children. Her family had originally come to New Mexico when the area still comprised a territory. Ortega's paternal grandfather arrived from Texas in the 1880s while on her mother's side, her great-grandfather Luciano had been one of the original settlers of Tularosa in 1862.Susan Rasky, "I Was Born a Republican," ''The New York Times'' (August 21, 1984): A20.St. Joseph Mission New Interior Entryway Finished! ''The Burden Basket'' (May 2007): 2.
Ortega's father, a former Justice of the Peace in nearby Bent, opened a blacksmith shop in Tularosa in 1928. By the 1940s, he owned a small restaurant with a dance hall attached in which the entire family worked. Ortega began to work in the restaurant at age 10, operating the cash register. Originally, Ortega grew up speaking only Spanish. She later learned English when she entered the local elementary school."Katherine Davalos Ortega," ''Encyclopedia of World Biography'' (via Answers.com). Accessed on June 22, 2009.
As a teenager, Ortega worked as a teller at Otero County State Bank in order to earn enough money for college. She attended
Eastern New Mexico University
Eastern New Mexico University (ENMU or Eastern) is a public university with a main campus in Portales, New Mexico, and two associate degree-granting branches, one at Ruidoso and one at Roswell. ENMU is New Mexico's largest regional comprehensiv ...
and graduated with honors in 1957 with a bachelor's degree in Business and Economics. Initially wanting to become a teacher, Ortega was dismayed by repeated instances of discrimination and, instead, opened a small accounting firm in
Alamogordo
Alamogordo () is the seat of Otero County, New Mexico, United States. A city in the Tularosa Basin of the Chihuahuan Desert, it is bordered on the east by the Sacramento Mountains and to the west by Holloman Air Force Base. The population was ...
with one of her sisters, a certified public accountant. The family had already relocated to that town when her father moved the growing restaurant business there in the 1940s and opened a furniture store.
Banking career
In 1968, Ortega moved to
Los Angeles
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...
where she became a CPA and joined the firm of Peat, Marwick, Mitchell & Company as a tax supervisor. She also worked as a cashier at Pan American National Bank, a financial institution founded in 1963 by
Romana Acosta Bañuelos
Romana Acosta Bañuelos (March 20, 1925 – January 15, 2018) was the thirty-fourth Treasurer of the United States. Appointed by President Richard Nixon on September 20, 1971,
. Ortega became vice president of the bank in 1971 the same year that Bañuelos was sworn-in as U.S. Treasurer. Finally, in 1975, Ortega became president of Santa Ana State Bank, the first woman chief executive of a bank in the state.Robert McFadden, "Choice for Treasurer: Katherine Davalos Ortega," ''The New York Times'' (September 13, 1983): A1.
Ortega returned to New Mexico in 1977 in order to help run the family accounting firm. Under her stewardship, the company grew into the Otero Savings and Loan Association and, by 1983, had assets of $20 million. During this time, Ortega garnered numerous academic and business accolades for her efforts.
Political appointments
Ortega was involved in Republican Party politics from an early age. "I was born a Republican," she has been quoted on several occasions.Francis X. Clines, "Reagan Names Hispanic Woman as Treasurer of the United States," ''The New York Times'' (September 13, 1983): B14."Remarks at the Swearing-in Ceremony for Katherine D. Ortega as Treasurer of the United States, October 3, 1983," ''Ronald Reagan Presidential Library,'' University of Texas web site (archived). Accessed on June 21, 2009. She often credited her father, a lifelong Republican, with her decision to join the Party.
Ortega worked for Republicans at local and state levels initially as a type of low-key liaison to women and
Hispanic
The term ''Hispanic'' ( es, hispano) refers to people, cultures, or countries related to Spain, the Spanish language, or Hispanidad.
The term commonly applies to countries with a cultural and historical link to Spain and to viceroyalties forme ...
groups in New Mexico. After her return to her home state, she became involved in the 1978 re-election campaign of Sen.
Pete Domenici
Pietro Vichi "Pete" Domenici (May 7, 1932 – September 13, 2017) was an American attorney and politician who served as a United States Senator from New Mexico from 1973 to 2009. A member of the Republican Party, he served six terms in the S ...
. In time, the senator became something of a political benefactor.
In April 1982, Ortega was named to a 10-person Presidential Advisory Committee on Small and Minority Business Ownership by President Ronald Reagan. In December, she was appointed one of five members and chair of the Copyright Royal Commission, a federal agency established in 1976 to set royalty fees for the cable television and music entertainment industries. In 1983, Sen. Domenici, by that time chairman of the
Senate Budget Committee
The United States Senate Committee on the Budget was established by the Congressional Budget and Impoundment Control Act of 1974. It is responsible for drafting Congress's annual budget plan and monitoring action on the budget for the Federal G ...
, put forth Ortega's name for the post of U.S. Treasurer. She was officially nominated by President Reagan on September 12 of that year.
U.S. Treasurer
Ortega was sworn in on October 3, 1983 (however, she is listed by the Treasury Department as having begun her term on September 26).United States Department of the Treasury "Treasurers of the U.S.," ''History the Treasury''. Accessed on June 28, 2009. She was the tenth consecutive woman and the second-ever Hispanic to hold the office. At her swearing-in ceremony, three previous U.S. Treasurers attended:
Francine Irving Neff
Francine Irving Neff (December 6, 1925 – February 9, 2010) was the 35th Treasurer of the United States, serving from June 21, 1974, to January 19, 1977. She was appointed by Richard Nixon but continued serving as Treasurer through Gerald Ford's t ...
, Bañuelos, and her immediate predecessor,
Bay Buchanan
Angela Marie "Bay" Buchanan (born December 23, 1948) is a conservative political commentator who served as Treasurer of the United States under President Ronald Reagan.Statue of Liberty, and helped to design a new currency to aid in preventing counterfeiting. She also spearheaded the effort to have the
West Point Bullion Depository
The West Point Mint is a U.S. Mint production and depository facility erected in 1937 near the U.S. Military Academy in West Point, New York, United States. the mint holds 22% of the United States' gold reserves, or approximately 54 million oun ...
designated as an official
United States Mint
The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; tha ...
.
Although soft-spoken in personal conversation, Ortega became known for her rhetorical speaking skills in public. "Her low-key authenticity works magic with an audience," one Treasury Department official is quoted as saying. In 1984, she was chosen to be the
keynote speaker
A keynote in public speaking is a talk that establishes a main underlying theme. In corporate or commercial settings, greater importance is attached to the delivery of a keynote speech or keynote address. The keynote establishes the framework f ...
national convention
The National Convention (french: link=no, Convention nationale) was the parliament of the Kingdom of France for one day and the French First Republic for the rest of its existence during the French Revolution, following the two-year Nationa ...
. This was done in part to counter the selection of prominent New York governor
Mario Cuomo
Mario Matthew Cuomo (, ; June 15, 1932 – January 1, 2015) was an American lawyer and politician who served as the 52nd governor of New York for three terms, from 1983 to 1994. A member of the Democratic Party, Cuomo previously served as ...
National Convention
The National Convention (french: link=no, Convention nationale) was the parliament of the Kingdom of France for one day and the French First Republic for the rest of its existence during the French Revolution, following the two-year Nationa ...
.
As the highest-ranking Hispanic (until the appointment of
Lauro Cavazos
Lauro Fred Cavazos Jr. (January 4, 1927 – March 15, 2022) was an American educator and politician. He served as the United States Secretary of Education, and was the first Hispanic to serve in the United States Cabinet.
Early life and educat ...
as
Secretary of Education
An education ministry is a national or subnational government agency politically responsible for education. Various other names are commonly used to identify such agencies, such as Ministry of Education, Department of Education, and Ministry of Pub ...
in 1988) and one of only a few high-profile women in the Administration combined with the largely ceremonial nature of the Treasurer's office, Ortega was one of the key personnel utilized by the White House in outreach to both the Hispanic community and women's organizations. In 1984 alone, she logged almost 60,000 miles in appearances before Republican and Hispanic groups.
In 1986, Ortega conducted a study that rejected the idea of changing the colors of $50 and $100 denomination bills in order to frustrate counterfeiters and drug lords with large amounts of such type of cash. This idea would later be partially incorporated into U.S. currency during subsequent administrations.
After Reagan left office, Ortega was retained by the George H. W. Bush administration and reappointed to her post on January 20, 1989. She retired from the office in July and returned to her family firm in New Mexico.
Post-Treasurer years
While Ortega returned to the private sector and business activities, she still maintained a low profile in political circles. In 1990, she was appointed by President Bush to serve as an Alternate Representative to the
United Nations General Assembly
The United Nations General Assembly (UNGA or GA; french: link=no, Assemblée générale, AG) is one of the six principal organs of the United Nations (UN), serving as the main deliberative, policymaking, and representative organ of the UN. Curr ...
for the duration of his administration. She also worked in an advisory capacity for the
National Park Service
The National Park Service (NPS) is an agency of the United States federal government within the U.S. Department of the Interior that manages all national parks, most national monuments, and other natural, historical, and recreational propert ...
and the non-profit organization, Executive Women in Government.
Ortega served on the Boards of a number of large corporations:
Ralston-Purina
Ralston Purina Company was a St. Louis, Missouri,–based American conglomerate with substantial holdings in animal feed, food, pet food, consumer products, and entertainment. On December 12, 2001, it merged with Swiss food-giant Nestlé's Fr ...
,
Rayonier
Rayonier Inc, headquartered in Wildlight, Florida, is a timberland real estate investment trust ("REIT") with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. Its core business s ...
,
Ultramar Diamond Shamrock
Valero Energy Corporation is a Fortune 500 international manufacturer and marketer of transportation fuels, other petrochemical products, and power. It is headquartered in San Antonio, Texas, United States. Throughout the United States and Can ...
, and, since 1992,
Kroger
The Kroger Company, or simply Kroger, is an American retail company that operates (either directly or through its subsidiaries) supermarkets and multi-department stores throughout the United States.
Founded by Bernard Kroger in 1883 in Cinci ...
. She has also continued her efforts on behalf of women in business while working at Catalyst, a business and research advisory firm. Ortega has received honorary degrees from Kean University,
Villanova University
Villanova University is a private Roman Catholic research university in Villanova, Pennsylvania. It was founded by the Augustinians in 1842 and named after Saint Thomas of Villanova. The university is the oldest Catholic university in Penns ...
, and her alma mater, Eastern New Mexico.
Sicpa investigation
Ortega's years as Treasurer came partially under scrutiny in 1992 when Sen. John Glenn, then chairman of the Senate
Governmental Affairs Committee
The United States Senate Committee on Homeland Security and Governmental Affairs is the chief oversight committee of the United States Senate. It has jurisdiction over matters related to the Department of Homeland Security and other homeland s ...
, investigated irregularities in the competitive bidding process used by the Treasury Department. Sen. Glenn's committee questioned the relationship between Robert J. Leuver, then director of the
Bureau of Engraving and Printing
The Bureau of Engraving and Printing (BEP) is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is Federal Re ...
, and Maurice Amon, president of Sicpa Industries of America – the sole provider of the ink used for U.S. currency since 1982. In particular, Sen. Glenn was concerned over gifts and other gratuities received by Leuver from Amon's company. One focus of the investigation was a business trip taken to the Far East by several government and business officials, including Ortega, Leuver, and Amon, in 1985. Ortega was not implicated in any wrongdoing and Leuver was also exonerated from any impropriety during the course of the investigation. The Department of Justice declined to investigate the matter due to insufficient evidence supporting the claims.
In 2002, Ortega's achievements from humble beginnings were recognized by the
Horatio Alger Association of Distinguished Americans
The Horatio Alger Association of Distinguished Americans is a nonprofit organization based in Alexandria, Virginia, that was founded in 1947 to honor the achievements of outstanding Americans who have succeeded in spite of adversity and to emphas ...
when she received the organization's
Horatio Alger Award
The Horatio Alger Association of Distinguished Americans is a nonprofit organization based in Alexandria, Virginia, that was founded in 1947 to honor the achievements of outstanding Americans who have succeeded in spite of adversity and to emphas ...
.
Family life
Ortega has cited her family upbringing as her chief inspiration in life:
I am the product of a heritage that teaches strong family devotion, a commitment to earning a livelihood by hard work, patience, determination and .
She has often singled out her father in particular, saying that " etaught me we were as good as anybody else, that we could accomplish anything we wanted ..."
Ortega was married briefly when she returned to New Mexico in the late 1970s. In interviews, she has declined to elaborate on that part of her life, insisting only that she be referred to as "Mrs. Ortega". In 1989, she married Lloyd J. Derrickson, a former general counsel with Merrill Lynch and currently a board member with World Cell, a wireless communications consulting firm."Company- Board Members: Lloyd J. Derrickson," ''World Cell''. Accessed on June 28, 2009. She has no children.