William E. Simon (1927-2000) served as Deputy Secretary of the Treasury the under Secretary George P. Shultz and, beginning in 1973, served concurrently as the director of the Federal Energy Office during the oil shortage. He was named Secretary of the Treasury by President Nixon in 1974 and continued under President Gerald Ford. Domestically, he faced a growing economic slump as he entered office. In response to the oil crisis, he convinced the oil-producing nations to place their petrodollar surpluses in U.S. bank deposits but discouraged them from direct investment in U.S. corporations.
Before and during the 1974-1975 recession, the most severe contraction of industrial production since the Great Depression, Simon was the administration's spokesman for austerity, fiscal constraint, and maintenance of stable capital markets. In foreign affairs, Simon continued the policies begun under Shultz of pressuring Europe and the Eastern Bloc with U.S. economic weapons and thereby keeping international policy initiative in the hands of the United States. Simon resigned at the end of Ford's term. - Text Courtesy of the Office
of the Curator
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