Nicholas F. Brady | |
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 Official portrait | |
| 68thUnited States Secretary of the Treasury | |
| In office September 15, 1988 – January 17, 1993 | |
| President | Ronald Reagan George H. W. Bush |
| Preceded by | James Baker |
| Succeeded by | Lloyd Bentsen |
| United States Senator fromNew Jersey | |
| In office April 12, 1982 – December 27, 1982 | |
| Appointed by | Thomas Kean |
| Preceded by | Harrison A. Williams |
| Succeeded by | Frank Lautenberg |
| Personal details | |
| Born | Nicholas Frederick Brady (1930-04-11)April 11, 1930 (age 95) New York City,New York, U.S. |
| Political party | Republican |
| Spouse | |
| Children | 4 |
| Education | Yale University (BA) Harvard University (MBA) |
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Nicholas Frederick Brady (born April 11, 1930) is an American banker and politician fromNew Jersey who briefly served in theUnited States Senate for eight months in 1982 and served as the 68thUnited States Secretary of the Treasury under U.S. PresidentsRonald Reagan andGeorge H. W. Bush from 1988 to 1993. He is a member of theRepublican Party.
In April 1982, he was appointed U.S. senator to finish the unexpired term ofHarrison A. Williams, and did not seek election. As of 2025, Brady is the last Republican to serve inNew Jersey'sClass 1 U.S. Senate seat and is the oldest living former U.S. senator since the death ofDaniel J. Evans.
As U.S. Secretary of the Treasury, Brady proposed and enacted a novel debt-reduction agreement fordeveloping countries which became known asBrady Bonds.
Brady was born on April 11, 1930 inManhattan,New York City, the son ofJames Cox Brady Jr., and his wife, Eliot Chace. He was named for his paternal great-uncle, businessman and philanthropistNicholas Frederic Brady.[1] His great-grandfather was industrialistAnthony N. Brady.[2] His father was a major figure in thoroughbred horse racing in the United States and Europe.[3]
He grew up on an estate inFar Hills, New Jersey.[4] After graduating fromSt. Mark's School inSouthborough, Massachusetts, Brady attendedYale University (Bachelor of Arts, 1952), where he was a member ofChi Psi fraternity. He received hisMaster of Business Administration fromHarvard University in 1954.[5]
Brady's career in thebanking industry spanned 34 years. He joined the now-defunctDillon, Read & Co. inNew York City in 1954, rising to chairman of the board in 1970.
He has been the Chairman of Darby Overseas Investments, Ltd. and Darby Technology Ventures Group, LLC, investment firms, since 1994. Mr. Brady is Chairman of Franklin Templeton Investment Funds (an international investment management company), a director ofHess Corporation (an exploration and production company) and Holowesko Partners Ltd. (investment management companies). He is also a director of the oilfield services companyWeatherford International since 2004. He has been a director of theNCR Voyix, theMitre Corporation, andHeinz, among others.
Brady is a former chairman of the boards of the now-defunct investment bankDillon, Read & Co. (1970–1988) andPurolator Filters (1971–1987).
Brady served as the Republican committeeman ofSomerset County, New Jersey. In 1981, he served as head of the transition team forThomas Kean following Kean's election asGovernor of New Jersey.[6]
In 1982, Kean faced the duty of filling a vacancy caused by the resignation of U.S. Senate memberHarrison A. Williams, following a planned expulsion vote in the wake of theAbscam. Williams delayed his resignation for ten months following his conviction for bribery, preventing Democratic governorBrendan Byrne from appointing a successor, until junior senatorBill Bradley announced he would vote for expulsion on March 10, 1982.[6]
At the time of Williams' resignation, two Republican candidates, U.S. House of Representatives memberMillicent Fenwick and conservative activistJeff Bell, were already in the race for the next full term for the U.S. Senate. United States House of Representatives memberJim Courter also planned a campaign for Senate but ultimately chose not to run. After a month of deliberation and consulting with over one hundred state and local Republicans, Kean chose to remain neutral in the primary and appointed Brady as a caretaker.[6]
Brady served from April 12, 1982 to December 27, 1982. During his time in the Senate, he was a member of theUnited States Senate Committee on Armed Services and theUnited States Senate Committee on Banking, Housing, and Urban Affairs. He resigned from office before the expiration of the term, so thatFrank Lautenberg, the winner of the 1982 election, could enter the Senate early for purposes ofseniority.[6] In September 2024, he became the oldest living former U.S. senator following the death ofDaniel J. Evans.[7]
In 1984, Reagan appointed Brady to be Chairman of the President's Commission on Executive, Legislative and Judicial Salaries. He also served on the President's Commission on Strategic Forces (1983), the National Bipartisan Commission on Central America (1983), the Commission on Security and Economic Assistance (1983), and the Blue Ribbon Commission on Defense Management (1985). He also chaired the Presidential Task Force on Market Mechanisms in 1987.
Brady became the 68thUnited States Secretary of the Treasury on September 15, 1988, and served during the last four months of Reagan's presidency and throughout theGeorge H. W. Bush administration. In 1989, after a period of years in which a number ofdeveloping countries, includingMexico, defaulted on theirexternal debt, he developed the Brady Plan to help them sellUnited States dollar-denominated bonds. These became known asBrady Bonds.
Early in his tenure as Treasury Secretary,The New York Times wrote that Brady had a rocky start and was "bland on television and awkward as a public speaker." But as a close friend and advisor to President Bush he had considerable influence.Chuck Schumer ofNew York, who was aDemocratic member of theUnited States House of Representatives at the time, expressed the prevailing view: "Is he the smartest guy in the world? No. Did he make some major screwups? Yes. But Brady is one of the few people in the Government trying to do real substance. On savings and loan, he stepped up to the plate and swung at balls. The same with the third world debt. I'm not sure I agree with his plan, but at least he tried to do something. So, in an Administration where so much seems aimed at image and hype, Brady does deserve a lot of credit."[8]
He has also served as a trustee ofRockefeller University and a member of the Board of theEconomic Club of New York. He is a member of theCouncil on Foreign Relations and a former member of the Steering Committee of theBilderberg Meeting.[9] He is a former trustee of theBoys & Girls Clubs of America ofNewark, New Jersey. Brady received the Golden Plate Award of theAmerican Academy of Achievement in 1977.[10]
Brady married Katherine Douglas (known as Kitty, daughter of Percy Livingston Douglas, president of theOtis Elevator Company) in 1952, and they had four children and 13 grandchildren. Katherine Brady died on January 6, 2021 at age 89.[11]
Although never involved with horse racing at the same level as his father, he served for a time as chairman of TheJockey Club. Mill House (Stable) is thenom de course for Brady's racing operation.[3]
The great grandson of Anthony N. Brady, an Irish emigrant who was a friend and business associate ofThomas A. Edison, Nicholas Brady grew up on a large estate in Far Hills, N.J., that borders on the Dillon family estate.
| U.S. Senate | ||
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| Preceded by | U.S. Senator (Class 1) from New Jersey 1982 Served alongside:Bill Bradley | Succeeded by |
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| Preceded by | United States Secretary of the Treasury 1988–1993 | Succeeded by |
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| Preceded by | Oldest Living United States Senator (Sitting or former) 2024–present | Current holder |
| U.S. order of precedence (ceremonial) | ||
| Preceded byas Former U.S. Cabinet Member | Order of precedence of the United States as Former U.S. Cabinet Member | Succeeded byas Former U.S. Cabinet Member |
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