William E. Simon

William Edward Simon (November 27, 1927 – June 3, 2000) was an American businessman and philanthropist who served as the 63rd United States Secretary of the Treasury from May 1974 until January 1977. Appointed by President Richard Nixon and later reappointed by President Gerald Ford, Simon’s tenure spanned the final months of the Nixon administration, the entirety of Ford’s presidency, and ended with the inauguration of President Jimmy Carter. After leaving public office he returned to private finance, founded a leveraged‑buyout firm, and established a philanthropic foundation that continues his legacy.

Early life and career

Simon was born in Paterson, New Jersey, on November 27, 1927, to Eleanor (née Kearns) and Charles Simon Jr., an insurance executive. He attended Blair Academy before graduating from Newark Academy, where he focused more on athletics than academic pursuits. Following high school, he served in the infantry of the United States Army, a period that provided him with early exposure to disciplined organization and leadership.

After his military service, Simon earned a Bachelor of Arts degree from Lafayette College in Easton, Pennsylvania, in 1952. While there he was a member of the Delta Kappa Epsilon fraternity (Rho Chapter). His time at Lafayette helped shape his analytical skills and introduced him to the world of finance through campus organizations and internships.

Simon’s professional career began with Union Securities in 1952, where he worked as an analyst before advancing to vice president at Weeden & Co. In that role he oversaw investment strategies for institutional clients. He later joined Salomon Brothers as a senior partner responsible for government and municipal bonds; there he served on the firm’s seven‑member executive committee, contributing to strategic decisions about bond markets and public finance.

In January 1973 Simon entered federal service as Deputy Secretary of the Treasury, a position he would hold until his appointment as secretary. As deputy, he supervised the Nixon administration’s program to restructure and improve U.S. financial institutions, ensuring that banks and other financial entities complied with emerging regulatory standards. He also managed the first administration of the Federal Energy Office beginning December 4, 1973, and simultaneously launched the Federal Energy Administration during the height of the oil embargo. These roles earned him the nickname “Energy Czar,” a title that underscored his responsibility for coordinating domestic and international energy policy.

Between 1972 and 1973 Simon served on the board of trustees of an unspecified organization, where he contributed to governance and oversight functions in a private sector context.

Cabinet tenure

Simon was nominated by President Nixon to serve as Secretary of the Treasury on May 9, 1974, and the United States Senate confirmed him for the role. He assumed office during a period of economic uncertainty marked by an oil embargo; in addition to his Treasury duties he served as the first administrator of the Federal Energy Office and launched the Federal Energy Administration. In this capacity he was widely referred to as the “Energy Czar,” a title that underscored his responsibility for coordinating domestic and international energy policy, chairing the President’s Oil Policy Committee, and revising the mandatory oil import program in April 1973.

When Nixon resigned in August 1974, President Ford asked Simon to continue as Treasury Secretary. Ford subsequently appointed him chairman of the Economic Policy Board and designated him chief spokesman for the administration on economic matters. On April 8, 1975, Ford named Simon chairman of the newly created East‑West Foreign Trade Board, established under the authority of the Trade Act of 1974. Throughout his service he maintained a consistent advocacy for free‑market principles, expressing skepticism toward government subsidies or penalties that could distort business competition.

In recognition of his contributions to Treasury operations, Simon received the department’s highest honor, the Alexander Hamilton Award, in 1977. The following year, while still serving as secretary, he was honored by President Anwar Sadat of Egypt with the Collar of the Republic/Order of the Nile. Simon’s term concluded on January 20, 1977, coinciding with the inauguration of President Jimmy Carter.

Legacy

After leaving public office, Simon returned to private finance and served as Vice Chairman at Blyth Eastman Dillon for three years. He then co‑founded Wesray Capital Corporation with tax accountant Ray Chambers; the firm specialized in leveraged buyouts, purchasing companies such as Gibson Greeting Card Company, Anchor Glass, and Simmons Mattress Company. In 1982, Wesray acquired Gibson Greetings for $80 million using a combination of equity and debt, later taking the company public at a significantly higher valuation.

Simon also pursued other business ventures, including an attempt in the late 1970s to purchase a controlling interest in the Baltimore Orioles baseball franchise for $12 million. Negotiations began in summer 1978 but were abandoned on February 5, 1979, after Simon withdrew his offer. The team was subsequently sold at the same price a few months later.

In 1984, he launched WSGP International, an investment firm focused on real estate and financial services in the western United States and the Pacific Rim. Throughout his career, Simon maintained a reputation as a proponent of laissez‑faire capitalism, often emphasizing the importance of individual sovereignty within the free‑market system.

Simon’s philanthropic impact is carried forward by the William E. Simon Foundation, which supports various charitable initiatives. He passed away on June 3, 2000, leaving behind a legacy that spans public service, private enterprise, and philanthropy.