Nicholas F. Brady facts for kids
Quick facts for kids
Nicholas F. Brady
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Official portrait of Brady as Secretary of the Treasury
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| 68th United States Secretary of the Treasury | |
| In office September 15, 1988 – January 17, 1993 |
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| President | Ronald Reagan George H. W. Bush |
| Preceded by | James Baker |
| Succeeded by | Lloyd Bentsen |
| United States Senator from New Jersey |
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| In office April 12, 1982 – December 27, 1982 |
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| Appointed by | Thomas Kean |
| Preceded by | Harrison A. Williams |
| Succeeded by | Frank Lautenberg |
| Personal details | |
| Born |
Nicholas Frederick Brady
April 11, 1930 New York City, New York, U.S. |
| Political party | Republican |
| Spouse |
Kitty Douglas
(m. 1952; died 2021) |
| Children | 4 |
| Education | Yale University (BA) Harvard University (MBA) |
| Signature |  |
Nicholas Frederick Brady, born in 1930, is an American banker and politician. He was a U.S. Senator for a short time in 1982. He also served as the Secretary of the Treasury for Presidents Ronald Reagan and George H. W. Bush from 1988 to 1993. He belongs to the Republican Party.
In 1982, he was chosen to be a U.S. Senator for New Jersey to fill a vacant spot. He did not run for election to keep the seat. As of 2025, he is the oldest living former U.S. Senator. As Secretary of the Treasury, Brady created a plan to help developing countries reduce their debt. This plan led to something called Brady Bonds.
Contents
Early Life and Education
Nicholas Brady was born on April 11, 1930, in Manhattan, New York City. His father, James Cox Brady Jr., was well-known in horse racing. Nicholas was named after his great-uncle, Nicholas Frederic Brady, who was a businessman. His great-grandfather was the industrialist Anthony N. Brady.
He grew up on a large estate in Far Hills, New Jersey. After finishing high school at St. Mark's School, he went to Yale University. He earned his bachelor's degree there in 1952. Later, he received his master's degree in business from Harvard University in 1954.
Career in Business and Politics
Brady worked in the banking industry for 34 years. He started at a company called Dillon, Read & Co. in New York City in 1954. He became the chairman of the board for this company in 1970.
Since 1994, he has been the Chairman of Darby Overseas Investments, Ltd. and Darby Technology Ventures Group, LLC. These are companies that focus on investments. He also serves as Chairman of Franklin Templeton Investment Funds. He has been a director for several other companies, including Hess Corporation and Weatherford International.
Serving as a U.S. Senator
Brady was involved in Republican politics in Somerset County, New Jersey. In 1981, he led the team that helped Thomas Kean after Kean was elected Governor of New Jersey.
In 1982, Governor Kean had to choose someone to fill a vacant U.S. Senate seat. The previous senator, Harrison A. Williams, had resigned. Kean decided to appoint Brady to serve for a short time.
Brady served as a U.S. Senator from April 12, 1982, to December 27, 1982. During his time in the Senate, he was part of important committees. These included the United States Senate Committee on Armed Services and the United States Senate Committee on Banking, Housing, and Urban Affairs. He resigned a little early so that the newly elected senator, Frank Lautenberg, could start his term sooner. This helped Lautenberg gain more seniority in the Senate.
Advisor to President Reagan
In 1984, President Ronald Reagan asked Brady to lead a commission on salaries for government officials. Brady also served on several other important commissions for President Reagan. These commissions looked at topics like strategic forces, economic assistance, and defense management. In 1987, he led a special task force that studied how financial markets work.
Secretary of the Treasury
Nicholas Brady became the 68th United States Secretary of the Treasury on September 15, 1988. He served during the last few months of President Reagan's time in office. He then continued as Secretary throughout the entire George H. W. Bush administration.
In 1989, many developing countries were struggling with their external debt. Brady created a plan to help them. This plan allowed these countries to sell special bonds, which became known as Brady Bonds. These bonds helped countries like Mexico manage their debt better.
Early in his time as Treasury Secretary, some people thought Brady was not very good at public speaking. However, he was a close friend and advisor to President Bush. This gave him a lot of influence. Many people, including politicians, respected him for trying to solve big problems. They felt he focused on real solutions rather than just appearances.
Brady has also been a trustee for Rockefeller University. He was a member of the Council on Foreign Relations. He also served as a trustee for the Boys & Girls Clubs of America in Newark, New Jersey. In 1977, he received the Golden Plate Award from the American Academy of Achievement.
Personal Life
Nicholas Brady married Katherine Douglas, known as Kitty, in 1952. They had four children and 13 grandchildren. Katherine Brady passed away in 2021 at the age of 89.
While he was not as involved in horse racing as his father, Nicholas Brady did serve as chairman of The Jockey Club for a period. His horse racing operation is known as Mill House (Stable).
See also
In Spanish: Nicholas F. Brady para niños
