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George M. Humphrey

Also Known As George Magoffin Humphrey, Humphrey

Former United States Secretary of the Treasury

Education

  • Undergraduate - University of Michigan
  • Law degree - University of Michigan

Overview

George Magoffin Humphrey was an American lawyer, businessman and banker. He served as the United States Secretary of the Treasury for President Dwight D. Eisenhower.

Career :

After practicing law in Saginaw, Michigan for five years with his father's firm, he accepted a position as general counsel with steel manufacturer M. A. Hanna Company in 1917. That association lasted 35 years and included his ascension to company president in 1929. He served as Chairman of The Business Council, then known as the Business Advisory Council for the United States Department of Commerce in 1946. Following Dwight Eisenhower's election to the Presidency in 1952, Humphrey was recommended by close adviser General Lucius D. Clay, who had worked with the corporate magnate regarding post-war plans in Germany.

Secretary of the Treasury :

As Secretary of the Treasury in the first Republican Administration in 20 years, Humphrey was one of the most influential of President Eisenhower's Cabinet members. Eisenhower was once quoted as saying, "When George speaks, we all listen."

Humphrey had given up a $300,000 salary to accept the Cabinet position that paid just $22,500. He fought to have a balanced budget, tight money, limits on welfare and foreign aid, as well as "trickle down" tax cuts. He was even more adamant about government spending, saying in a 1957 press conference that if it wasn't curbed, "you will have a depression that will curl your hair." Humphrey left office on July 29, 1957. Following Humphrey's departure that same year, he returned to the Hanna Company, serving as honorary board chairman and director, then later became chairman of National Steel Corporation.

Early Life

Humphrey was born on March 8, 1890, and raised in Cheboygan, Michigan, the son of Caroline (née Magoffin) Humphrey (1861–1946) and Watts Sherman Humphrey (1844–1916).

Through his brother Watts S. Humphrey, he was the uncle of software engineer Watts Humphrey.

He received both his undergraduate and law degrees from the University of Michigan.

Career

  • United States - Former Secretary of the Treasury

Reference

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