US Treasury Secretary whose Brady Plan cut the principal of Third World debt
Born in New York City and educated at Yale and Harvard Business School, Brady was a banker who chaired the investment bank Dillon, Read & Co. A Republican, he served eight months as a US senator from New Jersey in 1982, and was Treasury Secretary under Reagan and George H. W. Bush from September 1988 to 1993. In 1989 he put forward the Brady Plan, which converted debtor countries' bank loans into bonds collateralised by US Treasury securities and forgave part of the principal, bringing the Latin American debt crisis to a close.
Also known as: Nicholas Frederick Brady
Activities and affiliations
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1982
United States state institutionsUS Senator
Legislature and state representation -
1988–1993
United States state institutionsSecretary of the TreasuryMain
Economy, finance and planning -
Republican Party (United States)
Economy, finance and planning
Career Timeline
- 1954Joined Dillon, Read & Co.
- 1970–1988Chairman of Dillon, Read & Co.
- 1982.04.12–12.27US Senator from New Jersey
- 1988.09.15–1993Secretary of the Treasury
- 1989Proposed the Brady Plan