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History of the Treasury
Secretaries of the Treasury
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John B. Connally
(1971 - 1972)
Democrat John B. Connally's (1917-1993) appointment as
Secretary of the Treasury was seen as a shrewd political move for President
Nixon, who had to reorganize his Republican cabinet in response to Democratic
gains in the 1970 congressional election. In response to deteriorating domestic
and international economic conditions, Nixon announced his "New Economic
Policy" in 1971. Internationally this meant, "closing the gold window,"
or an end to the United States's legal obligation to exchange dollars held
by foreign banks for gold. For the first time since the 1944 Bretton Woods
Conference, the dollar was no longer pegged to gold and world currencies
floated (this was formalized by Treasury Secretary George Shultz in 1973).
 Domestically Nixon and Connally initiated deficit
spending under the name of a "full employment budget," and imposed a wage
and price freeze. Connally was described by New York Times columnist James
Reston as "the spunkiest character in Washington these days.... He is
tossing away computerized Treasury speeches, and telling American business
and labor off the cuff to get off their duffs if they want more jobs,
more profits and a larger share of the competitive world market." Connally
resigned in 1972 to campaign for Nixon's reelection.
About the Artist
Everett Raymond Kinstler, the New York illustrator
turned portrait painter, is represented in more than five hundred collections
nationwide. He has painted leading members of corporations, society, and
government, including at least thirty cabinet members. His portrait of
John B. Connally, which had not been painted when Connally left Treasury,
was commissioned by later Secretary William Simon. Connally sat occasionally
for the portrait in Kinstler's New York studio over a period of two years,
during which time many sketches were made. The final painting, executed
during one weekend, was derived from a pose Connally struck when on break
from the official sittings; he would sit on the edge of a table and look
out the window with his hand on his hip. The portrait was completed in
1976.
Office of the Curator
All rights reserved. 2001
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