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Da t? L! ? m* c THE W H ITE HOUSE WASHIN GTON June 28, The Vice 1973 Pre s i d e n t The attached was returned in the President's outbox.' It is forwarded to you for appropriate handling. Rick Hutcheson cc: H a m i l t o n Jordan C h a r l i e S c h ultze A P P O I N T M E N T TO F E D E R A L RESERVE l S , r . 'r !, THE VICE PRESIDENT WAS H IN GTON J u n e 27, 1978 MEMORANDUM FOR THE PRESIDENT FROM T H E V I C E P R E S I D E N T S' H A M I L T O N J O R D A N //< 1 CHARLES SCHULTZE C ^ ^ SUBJECT APPOINTMENT TO THE FEDERAL RESERVE BOARD As you know, t h e r e has been w i d e s p r e a d a g r e e m e n t both w i t h i n t h e W h i t e H o u s e a n d t h r o u g h o u t t h e A d m i n i s t r a t i o n t h a t it is t i m e to p l a c e t h e f i r s t w o m a n o n t h e F e d . As a result, we have c o n d u c t e d an e x h a u s t i v e search, w o r k i n g v e r y c l o s e l y w i t h B i l l M i l l e r , t o f i n d the b e s t p o s s i b l e w o m a n c a n d i d a t e in t e r m s of e x p e r i e n c e , ju d g m e n t and c o m p a t a b i l i t y w i t h your p o l i c i e s to fill th e p o s i t i o n v a c a t e d by A r t h u r Burns. A f t e r s c r e e n i n g n e a r l y 100 p o s s i b i l i t i e s a n d c o n s u l t i n g w i d e l y t h r o u g h o u t the econo m i c and f inancial community, we have finally a l l a g r e e d t o r e c o m m e n d to y o u t h e a p p o i n t m e n t o f N a n c y T e e t e r s , the a s s i s t a n t d i r e c t o r and chief e c o n o m i s t of the House B u d g e t C o m m i t t e e s i n c e 1974. Of all the p o s s i b l e c an didates, we b e l i e v e t h a t s h e h a s the p r o f e s s i o n a l e x p e r i e n c e , the r e s p e c t o f t h e e c o n o m i c c o m m u n i t y a n d t h e j u d g m e n t n e c e s s a r y to m a k e a n o u t s t a n d i n g m e m b e r of t h e Fed . M o s t i m p o r t a n t , h e r v i e w s on m o n e t a r y p o l i c y c oincide closely w i t h Bill M iller's and the A d m i n i s t r a t i o n ' s , and she w i l l be a v a l u a b l e an d f o r c efu l a d v o c a t e of t h o s e views. H e r c l o s e s t c o m p e t i t i o n was C o u r t e n a y Slater, the chief e c o n o m i s t at the C o m m e r c e Department. W h i l e C h a r l i e fe l t that e i t h e r of the two w o u l d be a good choice, he b e l i e v e s t h at *we sh ou l d d e f e r to Bill M i l l e r ' s p r e f e r e n c e for Teeters. * * * * * * * * MEMORANDUM FOR THE Page 2 PRESIDENT June 27, 1978 Oth e r p o s i t i o n s T e e t e r s has held include: 1973-74 - Senior Specialist, Congressional Research Service of the L i b r a r y of C o n g r e s s 1970-73 - Senior Fellow, Brookings Institution 1 9 6 6 - 7 3 - S t a f f m e m b e r of the P l a n n i n g a n d A n a l y s i s Staff, Office of Management and Budget 1 9 5 7 - 6 6 - S t a f f e c o n o m i s t in t h e G o v e r n m e n t F i n a n c e S e c t i o n , Federal Reserve Board (Complete resume attached) Here are some c o m m e n t s on Teeters: Bills M i l l e r (who h a d t w o l e n g t h y i n t e r v i e w s w i t h h e r): " Sh e is m y f i r s t c h o i c e . Very bright and clearly compatible on policy. She w i l l be a team p l a y e r a n d has Hill c o n t a c t s t h a t w i l l b e v a l u a b l e to us. S h e is v e r y p l e a s a n t , o u t g o i n g , a n d w i l l be an e s p e c i a l l y good a d v o c a t e for our p o l i c i e s . " C h a r l i e S c h u l t z e (who h a s k n o w n a n d w o r k e d w i t h h e r f o r 20 y e a r s ) : " S h e is h a r d - w o r k i n g , a g g r e s s i v e , a n d w i l l n o t b e a f r a i d to s p e a k u p w i t h i n the B o a r d for r e a s o n a b l e p o l i c i e s . S h e s h o u l d b e a n a l l y f o r M i l l e r i n m o d e r a t i n g t h e v e r y 'hard' line of s o m e of t h e ve r y c o n s e r v a t i v e m e m b e r s of the Bo a r d . " Walter Heller: " S h e is f i r s t - r a t e i n e v e r y r e s p e c t . be my first choice." She w o u l d J o e P e c h m a n ( B t o o k i n g s ) : " She is s a w y , h a r d - w o r k i n g , a n d experienced. We n eed someone w ith her b a c k g r o u n d and views on the Board. T h e o n e q u e s t i o n I h a v e is w h e t h e r s h e c o u l d h o l d h e r o w n in t h a t l i o n ' s den. B u t N a n c y is a s g o o d a c h o i c e a s t h e r e is, a n d I t h i n k s h e w i l l d o a g o o d j o b . " W a l t e r K r a v i t z (who s e t u p t h e H o u s e B u d g e t C o m m i t t e e S t a f f a n d h i r e d T e e t e r s ; n o w w i t h L i b r a r y o f C o n g r e s s ) : "I t h i n k v e r y h i g h l y of h e r . She has enormous experience. I am not an e c o n o m i s t a n d c a n n o t judge her p r o f e s s i o n a l abilities, but she d id a fine job for me on the C o m m i t t e e . S h e is h e r o w n p e r s o n a n d h a s n o c o m p u n c t i o n a b o u t t e l l i n g y o u w h a t is o n h e r m i n d . " MEMORANDUM FOR THE PRESIDENT Page 3 June 27, 1978 J o h n H e n d e r s o n ( c h i e f of e c o n o m i c s b r a n c h , L i b r a r y of C o n g r e s s , w h e n T e e t e r s was there; now a senior spe c i a l i s t ) : " S h e is an outstanding, forceful, positive a n alyst . . . a very strong candidate. S h e w i l l s t a n d up f o r h e r v i e w s . Has considerable e x p e r i e n c e in b u d g e t a r y and m o n e t a r y p o l i c y . I would r e c o m m e n d her v e r y highly. S h e is a n e x t r a o r d i n a r y w o m a n w h o h a s m a n a g e d t o b e a s u c c e s s f u l p r o f e s s i o n a l a n d to r a i s e a v e r y g o o d f a mily at the same time." * * * * * * * We join M i k e Blumenthal, Juanita Kreps, Stu E i z e n s t a t and B i l l M i l l e r in b e l i e v i n g s h e w o u l d m a k e a n e x c e l l e n t B o a r d m e m b e r and we all r ecommend her appointment. I will appoint Nancy Teeters I w o u l d l i k e to i n t e r v i e w N a n c y T e e t e r s I w o u l d l i k e to c o n s i d e r o t h e r n a m e s RESUME*: Current Position: Nancy Hays Teeters From December 1974 to Present. I am the Assistant Staff Director and Chief Economists for the Committee on the Budget of the House of Representatives of the U. S. Congress. I supervise a staff of six. The economics section is responsible for making the economic forecast underlying the Committee's estimates of Federal receipts and expenditures. We develop the revenue estimates and assist the expenditure analysts to develop theirs. We are a V o responsible for keeping the Members informed on current economic developments. Vie plan and schedule the Committee's hearings and those of the Task Force on Economic Projections. We prepare the material for the Committee and Task Forced reports. Previous Positions: From September 1973 to December 1974, I was a Senior Specialist with Congressional Research Service of the Library of Congress. The job consisted of preparing reports for various Committees and Members of Congress on the economic outlook and Federal fiscal and monetary policy. The work involved using an interactive econometric model to evaluate alternate economic policies. From January 1970 to September 1973, I was a Senior Fellow at the Brookings Institution, where I was one of the joint authors of three of the books that undertake an annual review of the budget, entitled Setting National Priorities. I was also a member of the 8rookings Panel on Economic Activity for three years and published several articles in that journal. (A complete list of publications and dates of employ ment is attached.)' While at Brookings, I served on a panel of consultants for the 1970-1971 Advisory Council on Social Security. From January 1566 to January 1970, I served as a staff member of the Planning and Analysis Staff of what is now the Office of Manacement and Sudcet. My major responsibility was as the 0M3 staff representative tof tr.e inter-agency committee for economic forecasting, the Troika. It also involved drafting the economic and fiscal policy sections of the budget, supervising the translation of the unified budget into the Federal sector of the national income accounts, and doing staff liaison work with the Council of Economic Advisers, and the Treasury. From September 1957 to January 1966, I was a staff economist ifl the Government Finance Section of the Federal Reserve Board. My responsibilities included monitoring fiscal policy, including forecasting feoeral receipts and expenditures, and reocrting on the ownership of the Federal debt. I was loaned to the Council of Economic Advisers in 1962 for one year. Professional Activities: I am currently a member of the Board of Governors of the National Economists Club, having previously served as Vice President,President, and Chairman of the club. I am also a member of the Committee on the Status of Women of the American Economic Associa tion (CSWEP). I have also served on the Board of the American Finance Association.
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