George Shultz's economic policy contributions and his remarkable legacy are the focus of my remarks today. I will not discuss current economic conditions or monetary policy. I have been an admirer of George Shultz since my college years, and I consider him a great role model, as I mentioned in my Baccalaureate address to Princeton's class of 2025, 50 years after my graduation. I had no real plan after college, but I knew I wanted to combine a private-sector career with public service, inspired by figures like George Shultz, whose picture adorned the wall of the Princeton eating club we both frequented. My father's work as a labor lawyer, representing major steel companies in collective bargaining, further influenced my perspective, mirroring George's belief in the collective bargaining process and deep respect for workers. I followed George's career with interest, and it was an honor to meet him after joining the Fed in 2012. We engaged in lively economic discussions during group lunches at Hoover, and he hosted John Taylor, Michael, and me for a memorable round of golf on a rainy day. Today, I want to celebrate George's broad economic accomplishments and the remarkable man and policymaker he was. Several key aspects stand out to me. George combined strong principles, unshakeable integrity, common sense, and a practical, problem-solving approach to policy. He deeply believed in the wisdom of markets and aimed to let them operate without government intervention whenever possible. This philosophy is evident in various issues, including collective bargaining, wage and price controls, and exchange rates. However, George was not an absolutist and recognized the need for public policy to address market failures. As one of the most successful policymakers of his era, George brought the intellectual rigor of academia to the practical, constrained, and messy work of policymaking. He tackled significant issues throughout his four cabinet appointments and continued to contribute to important areas like health care reform, climate change, and nuclear disarmament long after leaving public office. George Shultz was also deeply concerned about racial discrimination in the workplace and society. He consistently used his positions of authority to increase opportunities for minorities, driven by both moral and economic considerations. He stuck to his principles while treating people with honesty and respect, even those with whom he had policy disagreements. Labor leaders welcomed his appointment as Secretary of Labor, and his contemporaries praised his ability to steer people toward agreement, emphasizing the importance of letting parties reach their own conclusions. His friendships and collaborations transcended partisan boundaries, and he often emphasized that trust is the foundation of success, with integrity providing the basis for that trust. Those aspiring to serve the public can learn valuable lessons from George Shultz's example.
