David M. Kennedy

David Matthew Kennedy (July 21 1905 – May 1 1996) was an American businessman and public servant who served as the 60th United States Secretary of the Treasury from 1969 to 1971 under President Richard Nixon. Prior to his cabinet appointment, he had a long career in banking, most notably as chief executive officer and chairman of Continental Illinois National Bank and Trust Company. After leaving the Treasury, Kennedy was appointed U.S. Ambassador to NATO, serving from March 1972 until February 1973. Throughout his life he also held numerous positions on corporate boards, academic institutions, and church organizations.

Early life and career

David M. Kennedy was born in Randolph, Utah, on July 21 1905 to George and Katherine (Johnson) Kennedy. His father worked as a rancher and served in the state government of Utah, while his mother spent much of her childhood ill; the family lived in Kaysville and later Ogden during his upbringing. Kennedy’s grandparents, John Kennedy and Peter Johnson, had founded the Bank of Randolph, indicating an early family connection to finance.

Kennedy was a member of The Church of Jesus Christ of Latter‑Day Saints and married Lenora Margaret Bingham at the Salt Lake Temple in November 1925. Shortly after their wedding he served as a missionary for the church in Liverpool, England, under the supervision of mission presidents James E. Talmage and John A. Widtsoe.

He received his early education in public schools before attending Weber State University, from which he earned a bachelor’s degree in 1928. Kennedy entered federal service as a staff member for the Federal Reserve Board of Governors, where he gained experience in monetary policy and banking regulation. He later became an assistant to then‑Fed Chairman Marriner Eccles. While working at the Fed, Kennedy pursued graduate studies at George Washington University, earning a master’s degree in 1935 and a law degree in 1937. In 1939 he completed the Stonier Graduate School of Banking program, which was then housed at Rutgers University.

In 1946 Kennedy left the Federal Reserve to join Continental Illinois National Bank and Trust Company, starting in its bond department. By 1951 he had risen to the position of bank president; in 1959 he became chairman of the board and chief executive officer, a role he held until his appointment as Treasury Secretary in 1969. At that time Continental Illinois was ranked as the fifteenth largest bank worldwide.

Kennedy’s civic involvement extended beyond banking. He served on the board of trustees for the University of Chicago beginning in 1957, contributing to fundraising efforts. In 1966 he led a fundraising drive for Brigham Young University (BYU). From 1961 until January 1969 he was also a member of the Brookings Institution’s board of trustees. Kennedy held positions within his church community, including counselor to John K. Edmunds in the presidency of the LDS Church's Chicago Stake and membership on the board of Nauvoo Restoration from its founding in 1962. He advised several LDS Church leaders on banking matters; for example, he influenced the restructuring of Zions First National Bank’s management.

Kennedy also served as chairman of Mayor Richard J. Daley’s Committee for Economic and Cultural Growth in Chicago. In October 1962 President John F. Kennedy appointed him to a private corporation (COMSAT) that owned and operated the United States’ share of a global satellite communications system; he joined the permanent board of directors in 1964. In 1967 President Lyndon B. Johnson named Kennedy chairman of the Commission on Budgetary Concepts, whose recommendations were adopted as standard government budgetary practice.

Cabinet tenure

President Richard Nixon nominated David M. Kennedy to serve as United States Secretary of the Treasury in 1969. The Senate confirmed his appointment; he assumed office that year and served until 1971. During his tenure Kennedy was responsible for overseeing federal fiscal policy, revenue collection, and financial regulation. Nixon’s administration had expected its top economic advisers to manage the Treasury portfolio, and by April 1970 Nixon expressed concerns about Kennedy’s performance in this role. In March 1972, after leaving the Treasury, Kennedy was appointed U.S. Ambassador to NATO, a position he held until February 1973.

Legacy

After his government service, Kennedy continued to influence international business relations. He founded the U.S.–Taiwan Business Council in 1976 and served as its chairman for fourteen years, until 1990. His contributions to education were honored by Brigham Young University with the opening of the David M. Kennedy Center for International Studies in 1985; the center bears his name.

Kennedy’s personal life included a long marriage to Lenora Bingham, with whom he had four daughters: Marilyn Taylor, Barbara Law, Carol Davis, and Patricia. His wife passed away in 1995. David M. Kennedy died of cardiovascular disease and congestive heart failure on May 1 1996 in Salt Lake City, Utah, at the age of 90. He was interred in Randolph City Cemetery near his birthplace.

Kennedy’s career bridged banking, public service, academia, and religious community leadership. His roles in federal finance, corporate governance, and international diplomacy left a lasting imprint on U.S. economic policy and cross‑border business relations.