Henry H. Fowler

Henry H. Fowler
Born	Henry Hammill Fowler 5 9, 1908
Birthplace	Roanoke, Virginia, U.S.
Died	Template:Death date and age Alexandria, Virginia, U.S.
Nationality	American
Occupation	Lawyer, government official, investment banker
Known for	58th United States Secretary of the Treasury
Education	Yale Law School (LL.B.)
Spouse(s)	Trudye Hathcote
Children	3

Henry Hammill Fowler (September 5, 1908 – January 3, 2000) was an American lawyer, government official, and investment banker who served as the 58th United States Secretary of the Treasury from 1965 to 1968 under President Lyndon B. Johnson. A product of the New Deal generation, Fowler's career in public service spanned nearly three decades, during which he held positions of increasing responsibility in the administrations of Franklin D. Roosevelt, Harry S. Truman, John F. Kennedy, and Johnson. Born in Roanoke, Virginia, and educated at Roanoke College and Yale Law School, Fowler first entered government in 1934 as a member of the legal staff of the Tennessee Valley Authority, where he helped establish the constitutionality of one of the New Deal's most ambitious programs. As Treasury Secretary, Fowler confronted the fiscal pressures generated by the Vietnam War and worked to stabilize international monetary arrangements during a period of significant economic turbulence. After leaving government, he went on to a distinguished career in the private sector as a partner at Goldman Sachs.

Early Life

Henry Hammill Fowler was born on September 5, 1908, in Roanoke, Virginia. Roanoke, located in the Blue Ridge region of southwestern Virginia, was a growing railroad city at the time of Fowler's birth. Details regarding his parents and family background during his childhood years are limited in available sources, but Fowler grew up in the Roanoke area and received his early education there.

Fowler attended Roanoke College, a private liberal arts institution in nearby Salem, Virginia, where he earned his undergraduate degree. His time at Roanoke College left a lasting impression, and Fowler maintained a lifelong connection to the institution, which would later honor him by establishing programs in his name dedicated to public policy education and civic discourse.

After completing his undergraduate studies, Fowler pursued legal education at Yale Law School, one of the most prominent law schools in the United States. He graduated from Yale in 1934, entering the legal profession at a time when the country was in the depths of the Great Depression and the Roosevelt administration was launching an unprecedented series of government programs aimed at economic recovery. The timing of his graduation proved consequential for his career trajectory, as the expansion of the federal government under the New Deal created numerous opportunities for young lawyers eager to serve in public roles.

Education

Fowler's formal education comprised two institutions that shaped his intellectual and professional development. He first attended Roanoke College in Salem, Virginia, where he completed his undergraduate degree. He then enrolled at Yale Law School, from which he graduated in 1934 with a law degree. Yale's law faculty during the 1930s included several scholars associated with legal realism, a movement that emphasized the practical social effects of legal decisions, and the school was known for producing graduates who entered government service during the New Deal era. Fowler's Yale education equipped him with the legal training that would prove essential in his early government career, particularly his work on constitutional questions surrounding the Tennessee Valley Authority.

Career

Early Government Service and the Tennessee Valley Authority

Following his graduation from Yale Law School in 1934, Fowler briefly worked at Covington & Burling, one of Washington, D.C.'s most prominent law firms. However, he soon left private practice to join the legal staff of the Tennessee Valley Authority (TVA), the New Deal agency created in 1933 to develop the Tennessee River system for flood control, navigation, electric power generation, and regional economic development. At the TVA, Fowler played a role in the legal efforts to establish the constitutionality of the program, which faced significant legal challenges from private utility companies and states' rights advocates who questioned the federal government's authority to operate in the electric power business. The constitutional validity of the TVA was ultimately upheld by the Supreme Court of the United States in a series of decisions, and the legal work performed by Fowler and his colleagues was instrumental in defending the program during its formative years.

World War II and Defense Mobilization

Fowler's career in government expanded significantly during World War II and the subsequent period of Cold War defense mobilization. He served as Assistant General Counsel of the Office of Production Management, an agency established in 1941 to coordinate defense production before the United States' formal entry into the war. In this capacity, Fowler dealt with the legal complexities of converting American industry from peacetime to wartime production, a massive undertaking that required the coordination of government agencies, private manufacturers, and labor organizations.

During the Truman administration, Fowler continued to hold positions of increasing responsibility in the defense establishment. He served in various capacities related to economic stabilization and defense production during the Korean War era. His government service during this period culminated in his appointment as Director of the Office of Defense Mobilization (ODM), a position he held from September 8, 1952, to January 20, 1953, under President Harry S. Truman. The ODM was responsible for coordinating the nation's defense mobilization efforts, including the allocation of materials, the stabilization of prices and wages, and the expansion of productive capacity for national defense. Fowler succeeded John R. Steelman in the position and was in turn succeeded by Arthur Flemming when the Eisenhower administration took office.

Return to Private Practice and Kennedy Administration

After the end of the Truman administration in January 1953, Fowler returned to the private practice of law in Washington, D.C. During the Eisenhower years, he maintained his connections in Democratic Party circles and continued to be recognized as an expert in economic policy and government administration.

When John F. Kennedy won the presidency in 1960, Fowler was brought back into government service. He served in the Treasury Department during the Kennedy administration, gaining additional experience in fiscal and monetary policy that would prove important for his later role as Secretary of the Treasury. His service under Kennedy established him as a trusted figure in the area of economic policy and positioned him for further advancement under Johnson.

Secretary of the Treasury

On April 1, 1965, Henry H. Fowler was sworn in as the 58th United States Secretary of the Treasury, succeeding C. Douglas Dillon, who had served under both Kennedy and Johnson. At the swearing-in ceremony, Johnson expressed his confidence in Fowler's abilities, noting the departing secretary's service while welcoming the new one.

Fowler's tenure as Treasury Secretary coincided with one of the most economically challenging periods of the postwar era. The Johnson administration was simultaneously pursuing its ambitious Great Society domestic programs and escalating American military involvement in the Vietnam War, creating enormous fiscal pressures on the federal budget. As Treasury Secretary, Fowler was responsible for managing the government's finances during this period of rapidly increasing expenditures.

One of Fowler's principal tasks was helping to raise the money necessary to finance the Vietnam War. The escalating costs of the conflict required the government to increase borrowing significantly, and Fowler oversaw the Treasury's debt management operations during a period when the national debt was growing at an accelerated pace. He advocated for a tax surcharge to help pay for the war and reduce the growing budget deficit, a measure that was politically contentious and took considerable time to move through Congress. The Revenue and Expenditure Control Act of 1968, which included a 10 percent income tax surcharge, was eventually enacted, though only after protracted negotiations between the administration and congressional leaders.

Fowler also played a central role in international monetary affairs during a period of significant instability in the global financial system. The Bretton Woods system, which had governed international monetary relations since the end of World War II, was coming under increasing strain during the 1960s. The system, which pegged major currencies to the U.S. dollar and the dollar to gold at $35 per ounce, was challenged by growing U.S. balance of payments deficits and the declining confidence of foreign governments in the convertibility of dollars to gold.

As Treasury Secretary, Fowler worked to maintain the stability of the international monetary system and defend the dollar's position as the world's reserve currency. He participated in international negotiations aimed at reforming the system and creating new mechanisms to provide international liquidity. Among the significant developments during his tenure was the creation of Special Drawing Rights (SDRs) at the International Monetary Fund, a new form of international reserve asset intended to supplement gold and the dollar in international transactions. Fowler was involved in the multilateral negotiations that led to the establishment of SDRs, which represented an important innovation in international monetary arrangements.

The period also saw significant pressure on the gold market, as speculators and foreign central banks sought to convert dollars into gold. In March 1968, the London gold pool, a cooperative arrangement among central banks to stabilize the price of gold, collapsed, leading to the establishment of a two-tier gold market that separated official transactions between central banks from private market transactions. These developments, which occurred during the final months of Fowler's tenure, foreshadowed the eventual breakdown of the Bretton Woods system under the Nixon administration in 1971.

Fowler served as Secretary of the Treasury until December 20, 1968, near the end of the Johnson administration. He was succeeded by Joseph W. Barr, who served as an interim secretary for the final weeks of the administration before the incoming Nixon team took office.

Goldman Sachs and Later Career

After leaving government service at the end of the Johnson administration, Fowler entered the private sector. He became a partner at Goldman Sachs, one of the leading investment banking firms on Wall Street. His transition from government to investment banking was part of a pattern common among senior government officials, particularly those with expertise in economic and financial policy. At Goldman Sachs, Fowler was able to apply his extensive knowledge of government finance, international monetary policy, and economic regulation to the world of private investment banking.

Fowler's career at Goldman Sachs represented the culmination of a professional life that had alternated between public service and private practice. His experience in government, spanning multiple administrations and covering areas from defense mobilization to fiscal policy, made him a valuable asset to the firm. He continued to be active in business and public affairs during his later years, maintaining connections to the policy community in Washington.

Personal Life

Henry H. Fowler married Trudye Hathcote, and together they had three children. The family resided in the Washington, D.C., metropolitan area, where Fowler had spent much of his professional life. Despite his long career in Washington, Fowler maintained ties to his native Virginia and to Roanoke College, his undergraduate alma mater.

Fowler was a member of the Democratic Party throughout his career, serving in the administrations of four Democratic presidents: Roosevelt, Truman, Kennedy, and Johnson. His political affiliation reflected the New Deal tradition in which he had begun his career and which shaped his approach to economic and fiscal policy.

Fowler died of pneumonia on January 3, 2000, in Alexandria, Virginia, at the age of 91. His death was reported in major newspapers, including The New York Times and The Washington Post, both of which published obituaries noting his long career in government and the private sector.

Recognition

Fowler's contributions to public service and his connection to his alma mater were recognized by Roanoke College through the establishment of programs bearing his name. The college created the Henry H. Fowler Program in Public Affairs, which has brought prominent speakers and scholars to campus to discuss issues of public policy and civic engagement. Over the years, the Fowler Program has hosted notable figures, including presidential historian and Pulitzer Prize winner Jon Meacham, who spoke at the college about American history and the need for both goodness and greatness in public life.

Additionally, the college reimagined the Fowler Student Policy Scholar Program, which provides students with opportunities to explore policy issues across academic disciplines. The program has been designed to carry forward Fowler's legacy of public service by encouraging a new generation of students to engage with policy questions and civic life.

Fowler's oral history is preserved at the Harry S. Truman Presidential Library and Museum, reflecting his service during the Truman administration and his role in Cold War-era defense mobilization. Records related to his government service are also maintained at the National Archives and Records Administration.

The Federal Reserve Bank of St. Louis's FRASER digital library maintains a collection of materials related to Fowler's career, further attesting to his significance in the history of American economic policymaking.

Legacy

Henry H. Fowler's career reflected the trajectory of a generation of American public servants who entered government during the New Deal and continued to serve through the transformative decades of the mid-twentieth century. His work at the TVA in the 1930s, his defense mobilization efforts during World War II and the Korean War, and his tenure as Treasury Secretary during the Vietnam era placed him at the center of some of the most consequential policy challenges of his time.

As Treasury Secretary, Fowler confronted the fundamental tension between the Johnson administration's domestic ambitions and its foreign military commitments — a tension that had profound economic consequences for the United States. His efforts to secure a tax surcharge to finance the Vietnam War, while ultimately successful, illustrated the political difficulties of wartime fiscal policy in a democratic society. The international monetary challenges he faced, including the strain on the Bretton Woods system and the creation of Special Drawing Rights, represented pivotal moments in the evolution of the global financial architecture.

Fowler's post-government career at Goldman Sachs exemplified the movement of senior government officials into the private financial sector, a practice that became increasingly common in the latter decades of the twentieth century. His ability to navigate both worlds — government and finance — reflected a breadth of experience that few of his contemporaries could match.

At Roanoke College, the programs established in Fowler's name continue to honor his commitment to public service and policy engagement, ensuring that his legacy extends to new generations of students and scholars.