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Encyclopedia > G. William Miller
Chairman Miller, Time, 1978
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Chairman Miller, Time, 1978
Miller's signature, as used on American currency
Miller's signature, as used on American currency

George William Miller (March 9, 1925March 17, 2006) served as the 65th United States Secretary of the Treasury under President Carter from August 6, 1979 to January 20, 1981. He previously served as the 11th Chairman of the Federal Reserve, where he had been serving since March 8, 1978. Image File history File links Time-magazine-cover-william-miller. ... Image File history File links Time-magazine-cover-william-miller. ... Image File history File links G_William_Miller_sig. ... Image File history File links G_William_Miller_sig. ... March 9 is the 68th day of the year in the Gregorian Calendar (69th in Leap years). ... 1925 (MCMXXV) was a common year starting on Thursday (link will take you to calendar). ... March 17 is the 76th day of the year in the Gregorian Calendar (77th in Leap years). ... 2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ... John W. Snow, the current Secretary of the Treasury. ... James Earl Jimmy Carter, Jr. ... August 6 is the 218th day of the year in the Gregorian Calendar (219th in leap years), with 147 days remaining. ... This page refers to the year 1979. ... January 20 is the 20th day of the year in the Gregorian calendar. ... 1981 (MCMLXXXI) was a common year starting on Thursday of the Gregorian calendar. ... The Chairman of the Board of Governors of the United States Federal Reserve is the head of the central bank of the United States and one of the most important players in American economic policies. ... March 8 is the 67th day of the year in the Gregorian Calendar (68th in Leap years). ... 1978 (MCMLXXVIII) was a common year starting on Sunday (the link is to a full 1978 calendar). ...


Early life and career

Born in Sapulpa, Oklahoma, Miller grew up in Borger, Texas. He graduated in 1945 from the U.S. Coast Guard Academy with a B.S. in marine engineering and served until 1949 as a Coast Guard officer in the Far East and on the U.S. West Coast. He received a law degree from the Boalt Hall School of Law at the University of California, Berkeley in 1952, and joined the law firm of Cravath, Swaine & Moore in New York City. Sapulpa is a city located in Creek County, Oklahoma. ... Borger is a city located in Hutchinson County, Texas. ... 1945 (MCMXLV) was a common year starting on Monday (the link is to a full 1945 calendar). ... Welcome sign outside the front gate of the United States Coast Guard Academy in New London. ... 1949 (MCMXLIX) was a common year starting on Saturday (the link is to a full 1949 calendar). ... Boalt Halls law library was expanded in 1996 with the North Addition, pictured above. ... The University of California, Berkeley (also known as the University of California at Berkeley, UC Berkeley, Cal, California, or Berkeley) is the oldest and flagship campus of the ten-campus University of California system. ... 1952 (MCMLII) was a Leap year starting on Tuesday (link will take you to calendar). ... Cravath, Swaine & Moore LLP (Cravath) is one of the most prestigious law firms in the United States. ... Flag Seal Nickname: The Big Apple, The Capital of the World[1], Gotham [2], Metropolis Location Location in the state of New York Government Counties (Boroughs) Bronx (The Bronx) New York (Manhattan) Queens (Queens) Kings (Brooklyn) Richmond (Staten Island) Mayor Michael Bloomberg (R) Geographical characteristics Area     City 1,214. ...


In 1956, Miller joined Textron, Inc. He became a Vice President of the company in 1957 and President in 1960. In 1968 he became Chief Executive Officer of Textron and was elected Chairman and Chief Executive Officer in 1974, a post he held until he came to the Federal Reserve Board. 1956 (MCMLVI) was a leap year starting on Sunday of the Gregorian calendar. ... 1957 (MCMLVII) was a common year starting on Tuesday of the Gregorian calendar. ... 1960 (MCMLX) was a leap year starting on Friday (the link is to a full 1960 calendar). ... 1968 (MCMLXVIII) was a leap year starting on Monday (the link is to a full 1968 calendar). ... 1974 (MCMLXXIV) was a common year starting on Tuesday (the link is to a full 1974 calendar). ...


At the time he joined the Federal Reserve Board, Miller was a director of the Federal Reserve Bank of Boston and of several corporations. He was also a member of the Business Council and the Business Roundtable and Chairman of the Conference Board and of the National Alliance of Businessmen. The Federal Reserve Bank of Boston is responsible for the First District of the Federal Reserve, which covers Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. ...


From 1963 to 1965, Mr. Miller was Chairman of the Industry Advisory Council of the President's Committee on Equal Employment Opportunity and in 1966 and 1967 he was a member of the National Council on the Humanities. Miller was also a member of the "think tank" Club of Rome. In characteristic fashion, he privately quipped that the other members were all gullible and that he was just playing games with them, actually feeding them nonsense with his futuristic pronouncements. But still, he insisted, he could garner their adulation at will. 1963 (MCMLXIII) was a common year starting on Tuesday (the link is to a full 1963 calendar). ... 1965 (MCMLXV) was a common year starting on Friday (the link is to a full 1965 calendar). ... President Lyndon Baines Johnson The term Equal Opportunity Employment was created by President Lyndon Baines Johnson when he signed Executive Order 11246 which was created to prohibit federal contractors from discriminating against employees on the basis of race, sex, religion, color, or national origin. ... 1966 (MCMLXVI) was a common year starting on Saturday (the link is to a full 1966 calendar). ... 1967 (MCMLXVII) was a common year starting on Sunday of the Gregorian calendar (the link is to a full 1967 calendar). ...


Federal Reserve and Treasury Secretary

Carter appointed Miller to head the US Federal Reserve replacing Arthur Burns in March 1978. He was only Chairman for just over a year when Carter appointed him as Secretary of the Treasury. He inherited a high inflation economy and his policies did not have an obvious impact.


In August 1979, Carter appointed him as Secretary of the Treasury replacing Michael Blumenthal as part of a Cabinet reshuffle. The reshuffle was prompted by Miller's ambition to have Blumenthal's post. So he leaked certain unsavoury personal details about Blumenthal to Carter and, soon, Blumenthal was gone. Paul Volcker was appointed to replace Miller. He became the only person to date to serve as both US Treasury Secretary and Chairman of the Federal Reserve. As Treasury Secretary, Miller is best known for his role on the Chrysler Loan Guarantee Board which oversaw management of a loan of $1.5 billion dollars to Chrysler to rescue it from bankruptcy. Chrysler recovered in the early 1980's resulting in early repayment of the loan. [1] The Chrysler Corporation is a United States-based automobile manufacturer, since 1998 merged with Daimler_Benz into DaimlerChrysler. ...


While Miller was an able administrator, his economic policies failed to contain inflation nor did they have much impact on rising unemployment rates. The poor state of the economy was a major factor in the defeat of Carter by Ronald Reagan.


References

  • Secretaries of the Treasury, G. William Miller
  • Miami Herald Ex-Fed chief, Treasury Secretary G. William Miller dies at age 81 March 18 2006
  • Washington Post "Fed Chairman G. William Miller, 81", March 18 2006
  • Department of the Treasury Resignation of W. Michael Blumenthal and Nomination of G. William Miller To Be Secretary. July 19, 1979 American Reference Library
Preceded by:
Arthur F. Burns
Chairman of the Federal Reserve
19781979
Succeeded by:
Paul Volcker
Preceded by:
W. Michael Blumenthal
United States Secretary of the Treasury
19791981
Succeeded by:
Donald Regan
United States Secretaries of the Treasury Seal of the United States Department of the Treasury
HamiltonWolcottDexterGallatinCampbellDallasCrawfordRushInghamMcLaneDuaneTaneyWoodburyEwingForwardSpencerBibbWalkerMeredithCorwinGuthrieCobbThomasDixChaseFessendenMcCullochBoutwellRichardsonBristowMorrillShermanWindomFolgerGreshamMcCullochManningFairchildWindomFosterCarlisleGageShawCortelyouMacVeaghMcAdooGlassHoustonMellonMillsWoodin • Morgenthau • VinsonSnyderHumphreyAndersonDillon • Fowler • BarrKennedyConnallyShultzSimonBlumenthalMillerReganBakerBradyBentsenRubinSummersO'NeillSnow
Chairmen of the Federal Reserve Seal of the United States Federal Reserve
HamlinHardingCrissingerYoungMeyerBlackEcclesMcCabeMartinBurnsMillerVolckerGreenspanBernanke

 
 

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