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During those latter Eisenhower-era years, Douglas Dillon laid down U.S. policy for negotiations under the 38-nation General Agreement on Tariffs and Trade (GATT). He teamed up with the Export-Import Bank and the International Monetary Fund to work out loan deals that eased temporary balance-of-payments problems for Brazil, Colombia, Britain, the Philippines, Chile and India. He took an immense interest in Latin American affairs, represented Ike at last September's Bogota conference, which programed the spending of $500 million in U.S. development grants. Dillon's monument was the Organization for Economic Cooperation and Development...

Author: /time Magazine | Title: The Economy: Man with the Purse | 8/18/1961 | See Source »

Trooper in Skirmishes. Thanks largely to his passion for unadorned fact, to his careful homework (he likes to field questions without having to whisper to aides for an answer), and to his polite and unruffled demeanor, Dillon proved to be one of Ike's most valuable troopers in skirmishes with Capitol Hill. He is not a man to make memorable quotes, but accomplishes more by not drawing attention to himself. One time he did not entirely escape the limelight was during the U-2 spy case last spring. Christian Herter was at a NATO foreign ministers' meeting...

Author: /time Magazine | Title: The Economy: Man with the Purse | 8/18/1961 | See Source »

During last fall's presidential campaign. Republican Dillon loyally contributed $11,000 to G.O.P. campaign funds. Actually, he was a safe bet to stay on in a top Government job no matter which candidate won. Dick Nixon thought of him for a top Cabinet post. So also-after New York Bankers Robert Lovett and John McCloy turned down the job of Treasury Secretary-did John Kennedy, who desperately wanted to forestall criticism of the New Frontier by placing a sound-money man in the sensitive Treasury...

Author: /time Magazine | Title: The Economy: Man with the Purse | 8/18/1961 | See Source »

...Needs You." Dillon, with his banking and diplomatic experience, was obviously an excellent choice for Kennedy's purpose. They had first met in 1956 at Harvard, when Dillon was grand marshal at the 25th reunion of his class and Senator Kennedy the winner of an honorary degree. After the ceremony, they dropped by the select Spec Club (both men were members) to chat, later became friends and occasional golfing companions. But when President-elect Kennedy asked to come to Dillon's house (Dillon thought it should be the other way around) and came through several days later with...

Author: /time Magazine | Title: The Economy: Man with the Purse | 8/18/1961 | See Source »

Before the inauguration, questions about Treasury's new chief were plentiful. Republicans-and conservatives generally -wondered how Dillon could live with the free-spending Democratic platform commitments. Easy-money liberals asked whether Republican Dillon would stand in the way of the new Administration's efforts to get the country out of a recession. But at his senatorial confirmation hearing, Dillon managed to seem both fiscally sound and fiscally imaginative, came out in favor of the balanced budgets that conservatives wanted and the recession deficits that liberals felt necessary. He was approved without dissent...

Author: /time Magazine | Title: The Economy: Man with the Purse | 8/18/1961 | See Source »

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