Nicholas Frederick Brady (born April 11, 1930) is an American politician from the state of

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

, who was the

United States Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

under Presidents Ronald Reagan and George H. W. Bush, and is also known for articulating the

Brady Plan Brady bonds are dollar-denominated bonds, issued mostly by Latin American countries in the late 1980s. The bonds were named after U.S. Treasury Secretary Nicholas Brady, who proposed a novel debt-reduction agreement for developing countries. ...

in March 1989. In 1982, he was appointed to succeed

Harrison A. Williams Harrison Arlington "Pete" Williams Jr. (December 10, 1919November 17, 2001) was an American politician and lawyer. He was a Democrat who represented New Jersey in the United States House of Representatives (1953–1957) and the United States Sena ...

as a United States Senator until a

special election A by-election, also known as a special election in the United States and the Philippines, a bye-election in Ireland, a bypoll in India, or a Zimni election (Urdu: ضمنی انتخاب, supplementary election) in Pakistan, is an election used to f ...

could be held. He served in the Senate for 8 months.

Early life

Brady was born in

Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...

, New York City, the son of James Cox Brady Jr., and his wife, Eliot Chace. He was named for his paternal great-uncle, businessman and philanthropist

Nicholas Frederic Brady Nicholas Frederic Brady, Duke of the Holy Roman Church (October 27, 1878 – March 27, 1930) was a New York City businessman and philanthropist who was the first American to receive the Roman Catholic Church honor, the Supreme Order of Christ. He ...

. His great-grandfather was industrialist Anthony N. Brady. He grew up on an estate in

Far Hills, New Jersey Far Hills is a borough in Somerset County in the U.S. state of New Jersey. As of the 2010 United States census, the population was 919,St. Mark's School,

Southborough, Massachusetts Southborough is a town in Worcester County, Massachusetts, United States. It incorporates the villages of Cordaville, Fayville, and Southville. Its name is often informally shortened to Southboro, a usage seen on many area signs and maps, though ...

, Brady attended

Yale University Yale University is a Private university, private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the List of Colonial Colleges, third-oldest institution of higher education in the United Sta ...

(

B.A. Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four yea ...

, 1952), where he was a member of

Chi Psi Chi Psi () is a fraternity consisting of active chapters (known as "Alphas") at 33 American colleges and universities. The mission of Chi Psi is to create and maintain an enduring society which encourages the sharing of traditions and values, res ...

fraternity. He received his

M.B.A. A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as account ...

from

Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...

in 1954.

Career

President Ronald Reagan Meeting with Nicholas Brady in The Oval Office

Brady's political career began when he was appointed by Governor

Thomas Kean Thomas Howard Kean ( ; born April 21, 1935) is an American businessman, academic administrator and politician. A member of the Republican Party, Kean served as the 48th governor of New Jersey from 1982 to 1990. Following his tenure as governor, ...

as a

Republican Republican can refer to: Political ideology * An advocate of a republic, a type of government that is not a monarchy or dictatorship, and is usually associated with the rule of law. ** Republicanism, the ideology in support of republics or agains ...

Senator from

to fill the vacancy caused by the resignation of

. He served from April 12, 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. 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 The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

on September 15, 1988, and served during the last four months of Reagan's presidency and throughout the Bush administration. In 1989, after a period of years in which a number of

developing countries A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreem ...

, including

Mexico Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...

, defaulted on their international debt, he developed the

to help them sell

dollar Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, ...

-denominated bonds. These became known as

Brady Bonds Brady bonds are dollar-denominated bonds, issued mostly by Latin American countries in the late 1980s. The bonds were named after U.S. Treasury Secretary Nicholas Brady, who proposed a novel debt-reduction agreement for developing countries. ...

. Early in his tenure as Treasury Secretary, ''

The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...

'' wrote that Brady had a rocky start and was "bland on television and awkward as a public speaker." But as a close friend and advisor to President Bush he had considerable influence.

Chuck Schumer Charles Ellis Schumer ( ; born November 23, 1950) is an American politician serving as Senate Majority Leader since January 20, 2021. A member of the Democratic Party, Schumer is in his fourth Senate term, having held his seat since 1999, an ...

, a Democratic congressman at the time, expressed the prevailing view: "Is he the smartest guy in the world? No. Did he make some major screwups? Yes. But Brady is one of the few people in the Government trying to do real substance. On savings and loan, he stepped up to the plate and swung at balls. The same with the third world debt. I'm not sure I agree with his plan, but at least he tried to do something. So, in an Administration where so much seems aimed at image and hype, Brady does deserve a lot of credit." 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 A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

ing industry spanned 34 years. He joined Dillon, Read & Co. in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

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 Hess Corporation (formerly Amerada Hess Corporation) is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petrol ...

(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 plc, an American Irish public limited company, together with its subsidiaries, is a multinational oilfield service company and one of the largest companies in the world in oil services. Weatherford is a wellbore and ...

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 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. Thoroughbreds are ...

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 The Jockey Club is the breed registry for Thoroughbred horses in the United States and Canada. It is dedicated to the improvement of Thoroughbred breeding and racing and fulfills that mandate by serving many segments of the industry through its s ...

. 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 The Economic Club of New York is a U.S. nonprofit and non-partisan membership organization dedicated to promoting the study and discussion of social, economic and political questions. History Founded in 1907, the Economic Club of New York is t ...

. He is a member of the Council on Foreign Relations, Inc and a former member of the Steering Committee of the

Bilderberg Group The Bilderberg meeting (also known as the Bilderberg Group) is an annual off-the-record conference established in 1954 to foster dialogue between Europe and North America. The group's agenda, originally to prevent another world war, is now defi ...

. He is a former trustee of the Boys' Club of

Newark Newark most commonly refers to: * Newark, New Jersey, city in the United States * Newark Liberty International Airport, New Jersey; a major air hub in the New York metropolitan area Newark may also refer to: Places Canada * Niagara-on-the ...

. Brady received the Golden Plate Award of the

American Academy of Achievement The American Academy of Achievement, colloquially known as the Academy of Achievement, is a non-profit educational organization that recognizes some of the highest achieving individuals in diverse fields and gives them the opportunity to meet ...

in 1977.

Personal life

Brady and his wife, the former Katherine Douglas (known as Kitty), have four children.

References

External links

* , - {{DEFAULTSORT:Brady, Nicholas F. 1930 births Living people 20th-century American politicians St. Mark's School (Massachusetts) alumni Harvard Business School alumni Politicians from New York City People from Far Hills, New Jersey United States Secretaries of the Treasury Reagan administration cabinet members Republican Party United States senators from New Jersey New Jersey Republicans American financial businesspeople Yale University alumni Members of the Steering Committee of the Bilderberg Group Mitre Corporation people George H. W. Bush administration cabinet members