David M. Kennedy (politician)
David M. Kennedy | |
|---|---|
| Born | Template:Birth date Randolph, Utah, U.S. |
| Died | May 1, 1996 (aged 90) Salt Lake City, Utah, U.S. |
| Occupation(s) | Businessman, politician |
| Known for | 60th U.S. Secretary of the Treasury; 8th U.S. Ambassador to NATO; Chairman and CEO of Continental Illinois |
David Matthew Kennedy (July 21, 1905 – May 1, 1996) was a prominent American businessman and political figure. He held the position of the 60th U.S. Secretary of the Treasury and subsequently served as the 8th U.S. Ambassador to NATO, both appointments occurring during President Richard Nixon’s administration. Throughout the 1950s and 1960s, he was the Chief Executive Officer and Chairman of Continental Illinois.
Early life
Kennedy was born in Randolph, Utah into a family deeply connected to banking and politics; his grandparents established the Bank of Randolph, while his father was involved in ranching and served as a Utah state official. As a devout member of the Church of Jesus Christ of Latter-day Saints, he married Lenora Margaret Bingham in 1925 and undertook a mission in Liverpool, England.
He completed his undergraduate studies at Weber State University in 1928 before beginning his professional journey at the Federal Reserve Board of Governors. There, he gained critical financial expertise working as an assistant to Fed Chairman Marriner Eccles. By 1937, he had obtained both master's and law degrees from George Washington University, followed by completion of the Stonier Graduate School of Banking program at Rutgers University–New Brunswick in 1939.
Chicago years
In 1946, Kennedy transitioned from the Federal Reserve to Continental of Illinois, initially joining their bond department. Within five years, by 1951, he advanced to bank President and later took on the roles of Chairman and CEO from 1959 through 1969. At the time he was appointed Treasury Secretary in 1969, Continental Illinois ranked as the world’s fifteenth-largest bank.
During his time in Chicago, Kennedy served as a counselor within the LDS Church’s Chicago Stake presidency and was an original board member of Nauvoo Restoration starting in 1962. He provided guidance to LDS Church leadership on banking matters, playing a key role in reorganizing Zions First National Bank’s management structure so that the church president no longer concurrently held the bank president position.
Kennedy also chaired Mayor Richard J. Daley’s Committee for Economic and Cultural Growth in Chicago. He joined the University of Chicago board of trustees in 1957 with a focus on fundraising initiatives. Additionally, from 1966 until his Treasury appointment, he led fundraising efforts for Brigham Young University (BYU).
Between 1961 and 1969, Kennedy was a trustee at the Brookings Institution. In 1963, he commissioned construction of a residence in Winnetka, Illinois.
Government service
Kennedy’s early government career included serving as a special assistant on debt management to Treasury Secretary George M. Humphrey and working on the Federal Reserve Board staff from 1930 to 1946, concluding as assistant to the Chairman.
In 1962, President John F. Kennedy appointed him to COMSAT’s board responsible for overseeing U.S. satellite communications; he became a permanent director two years later in 1964.
President Lyndon B. Johnson named him chairman of the Commission on Budgetary Concepts in 1967, whose recommendations were adopted as standard practice for government budgeting.
Nominated by President Nixon as Secretary of the Treasury, Kennedy held this office from 1969 until 1971. Despite expectations for strong economic leadership, Nixon found Kennedy lacking effectiveness in policy formulation and public economic communication, referring to him as a "cipher" and deciding to replace him by April 1970.
Following this role, Kennedy served as U.S. Ambassador to NATO from March 1972 through February 1973.
In 1976, he established the US-Taiwan Business Council and remained its chairman for fourteen years until retiring in 1990.
Church service and personal life
Kennedy acted as a special envoy for the LDS Church's First Presidency, representing the church on an international scale and interacting with both governmental authorities and religious leaders.
In recognition of his contributions, BYU founded the David M. Kennedy Center for International Studies in 1985, named in his honor.
His spouse, Lenora Bingham, died on August 24, 1995. Kennedy himself passed away at the age of 90 on May 1, 1996, in Salt Lake City, Utah, due to cardiovascular complications and congestive heart failure. He was laid to rest in Randolph City Cemetery, close to his hometown of Randolph, Utah.