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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

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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.




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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."
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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 i l the Government
f
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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