Brady's career in the
banking industry spanned 34 years. He joined the now-defunct
Dillon, Read & Co. in
New York City in 1954, rising to chairman of the board in 1970. He has been the Chairman of Darby Overseas Investments, Ltd. and Darby Technology Ventures Group, LLC, investment firms, since 1994. Mr. Brady is Chairman of Franklin Templeton Investment Funds (an international investment management company), a director of
Hess Corporation (an exploration and production company) and Holowesko Partners Ltd. (investment management companies). He is also a director of the oilfield services company
Weatherford International since 2004. He has been a director of the
NCR Voyix, the
Mitre Corporation, and
Heinz, among others. Brady is a former chairman of the boards of the now-defunct investment bank
Dillon, Read & Co. (1970–1988) and
Purolator Filters (1971–1987).
New Jersey politics and United States Senate appointment Brady served as the Republican committeeman of
Somerset County, New Jersey. In 1981, he served as head of the transition team for
Thomas Kean following Kean's election as
Governor of New Jersey. In 1982, Kean faced the duty of filling the vacant U.S. Senate Seat caused by the resignation of Senator
Harrison A. Williams, following a planned expulsion vote in the wake of the
Abscam. Williams delayed his resignation for ten months following his conviction for bribery, preventing Democratic governor
Brendan Byrne from appointing a successor, until junior senator
Bill Bradley announced he would vote for expulsion on March 10, 1982.
Advisor to Ronald Reagan In 1984, Reagan appointed Brady to be Chairman of the President's Commission on Executive, Legislative and Judicial Salaries. He also served on the President's Commission on Strategic Forces (1983), the National Bipartisan Commission on Central America (1983), the Commission on Security and Economic Assistance (1983), and the Blue Ribbon Commission on Defense Management (1985). He also chaired the Presidential Task Force on Market Mechanisms in 1987.
Secretary of the Treasury Ronald Reagan in 1988
George H. W. Bush in 1992Brady became the 68th
United States Secretary of the Treasury on September 15, 1988, and served during the last four months of Reagan's presidency and throughout the
George H. W. Bush administration. In 1989, after a period of years in which a number of
developing countries, including
Mexico, defaulted on their
external debt, he developed the Brady Plan to help them sell
United States dollar-denominated bonds. These became known as
Brady Bonds. Early in his tenure as Treasury Secretary,
The New York Times wrote that Brady had a rocky start and was "bland on television and awkward as a public speaker." But as a close friend and advisor to President Bush he had considerable influence.
Chuck Schumer of
New York, who was a
Democratic member of the
United States House of Representatives at the time, expressed the prevailing view: "Is he the smartest guy in the world? No. Did he make some major screwups? Yes. But Brady is one of the few people in the Government trying to do real substance. On savings and loan, he stepped up to the plate and swung at balls. The same with the third world debt. I'm not sure I agree with his plan, but at least he tried to do something. So, in an Administration where so much seems aimed at image and hype, Brady does deserve a lot of credit." He has also served as a trustee of
Rockefeller University and a member of the Board of the
Economic Club of New York. He is a member of the
Council on Foreign Relations and a former member of the Steering Committee of the
Bilderberg Meeting. He is a former trustee of the
Boys & Girls Clubs of America of
Newark, New Jersey. Brady received the Golden Plate Award of the
American Academy of Achievement in 1977. ==Personal life==