George Shultz

George Pratt Shultz ( SHUULTS; December 13, 1920 – February 6, 2021) was an American economist, businessman, diplomat, and statesman who served in various positions under presidents Richard Nixon and Ronald Reagan. A member of the Republican Party, he is one of only two persons to have held four different Cabinet-level posts, the other being Elliot Richardson. As the 60th United States Secretary of State, Shultz played a major role in shaping the foreign policy of the Reagan administration, and conservative foreign policy thought thereafter. Born in New York City, Shultz grew up in Englewood, New Jersey. After graduating from Princeton University, he served in the United States Marine Corps during World War II. After the war, Shultz earned a Doctor of Philosophy in industrial economics from the Massachusetts Institute of Technology (MIT). He taught at MIT from 1948 to 1957, taking a leave of absence in 1955 to take a position on President Dwight D. Eisenhower's Council of Economic Advisers. After serving as dean of the University of Chicago Graduate School of Business, he accepted President Nixon's appointment as United States Secretary of Labor. As secretary of Labor, Shultz imposed the Philadelphia Plan on construction contractors who refused to accept black members, marking the first use of racial quotas by the federal government. In 1970, he became the first director of the Office of Management and Budget, and he served in that position until his appointment as United States Secretary of the Treasury in 1972. In that role, Shultz supported the Nixon shock, which sought to revive the ailing economy in part by abolishing the gold standard, and presided over the end of the Bretton Woods system. Shultz left Nixon's administration in May 1974 to become an executive at Bechtel. After becoming president and director of that company, he...