He taught at MIT from 1948 to 1957, with a leave of absence in 1955 to serve on President Dwight Eisenhower's Council of Economic Advisers as a senior staff economist.
In 1957, Shultz joined the University of Chicago Graduate School of Business as professor of industrial relations. Later, he was named dean in 1962.
Shultz served as President Richard Nixon's secretary of labor from 1969 to 1970, after which he was director of the Office of Management and Budget. He then became secretary of the Treasury from May 1972 to May 1974.
In 1974, he left government service to become president and director of Bechtel Group. On July 16, 1982, he was appointed by President Ronald Reagan to serve as the sixtieth U.S. secretary of state. A dove on foreign policy, he frequently clashed with the more hawkish members of the Reagan administration. In paticular, he was well known for outspoken opposition to the "arms for hostages" scandal that would eventually become the Iran Contra situation. He left office on January 20, 1989.
Having served as Secretary of Labor in 1968 and head of the Office of Management and Budget in 1970, George P. Shultz (b.1920) was appointed Secretary of the Treasury by President Nixon in 1973.
During his tenure, Shultz was concerned with two major issues: the continuing domestic administration of Nixon's "New Economic Policy," begun under Secretary John B. Conally, and a renewed dollar crisis that broke out in February 1973.
The portrait of Shultz, with his pipe and official Treasury necktie, was executed in Kinstler's New York studio in 1975.
George Pratt Shultz (born December 13, 1920) served as the United States Secretary of Labor from 1969 to 1970, as the U.S. Secretary of the Treasury from 1972 to 1974, and as the U.S. Secretary of State from 1982 to 1989.
It was during this period that Schultz, along with Paul Volcker and Arthur Burns, supported the decision of the Nixon administration to end the gold standard and the Bretton Woods system.
George Shultz left office on January 20, 1989 but continues to be a strategist for the Republican Party.
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