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History of the Treasury
Secretaries of the Treasury
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Henry H. Fowler
(1965 - 1968)
As Undersecretary (1961-1964) to Treasury Secretary C.
Douglas Dillon, Henry H. Fowler (1908-2000) had spent much of his time with
Congress, promoting the passage of the Kennedy administration's tax reform
program. Appointed Secretary of the Treasury by President Johnson,
he had to face the problems of inflation and a trade deficit, both of which
had been exacerbated by massive spending in Vietnam. To spur economic growth,
Fowler's immediate predecessors had administered "Keynesian" policies combining
tax incentives and tax cuts.
Fowler had to employ the next and less popular step
in the Keynesian approach: tax increases to slow the economy and curb
inflation. In order to pay the increasing expenses of the Vietnam War,
Fowler lobbied and won congressional approval for a ten- percent tax surcharge
in June 1967. Another Fowler concern was the trade deficit, which had
continued to grow throughout the Johnson years. He implemented a tax on
foreign securities and urged corporations to place voluntary restraints
on overseas investments. Fowler resigned one month before the end of Johnson's
term to become a private banker.
About the Artist
Portraying himself as the son of a well-known Austrian
artist, Leo Fox, under the pseudonym Charles J. Fox, obtained portrait
commissions from many eminent members of society and the government. In
reality, Irving Resnikoff, a Russian immigrant artist living in New York,
painted the portraits from photographs. In addition to the "Fox" portraits
of secretaries Dillon and Fowler in the Treasury Department collection,
Fox is represented in official Washington in the collections of the Army,
the Supreme Court, and the U.S. Capitol.
Office of the Curator
All rights reserved. 2001
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