Having served as Secretary of Labor in 1968 and head of the Office of Management and Budget in 1970, George P. Shultz (b.1920) was appointed Secretary of the Treasury by President Nixon in 1973. During his tenure, Shultz was concerned with two major issues: the continuing domestic administration of Nixon's "New Economic Policy," begun under Secretary John B. Conally, and a renewed dollar crisis that broke out in February 1973.
Domestically Shultz enacted the next phase of the NEP, which involved a lifting of price controls begun in 1971. This phase was a failure, resulting in high inflation, and price freezes were reestablished five months later. Meanwhile Shultz's attention was increasingly diverted from the domestic economy to the international arena. He participated in an international monetary conference in Paris in 1973, which grew out of the 1971 decision to close the gold window. The conference formally abolished the fixed rate exchange system, actually eliminated in 1971, and caused all currencies to float. Shultz resigned shortly before Nixon to return to private life. He returned to the cabinet in 1982 as President Ronald Reagan's Secretary of State. - Text Courtesy of the Office
of the Curator
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