C. Douglas Dillon

Clarence Douglas Dillon (born Clarence Douglass Dillon; August 21, 1909January 10, 2003) was an American diplomat and politician, who served as U.S. Ambassador to France (1953–1957) and as the 57th Secretary of the Treasury (1961–1965). He was also a member of the Executive Committee of the National Security Council ( ExComm) during the Cuban Missile Crisis.

Early life

Dillon was born on August 21, 1909, in Geneva, Switzerland, the son of American parents, Anne McEldin (née Douglass) and financier Clarence Dillon. Although Dillon grew up as a patrician, his paternal grandfather, Samuel Lapowski, was a poor Jewish emigrant from Poland. After leaving Poland, his grandfather settled in Texas after the American Civil War and married Dillon's Swedish-American grandmother. Dillon's father later changed his family name to Dillon, an Anglicization of "Dylion", his grandmother's maiden name. Dillon's mother was descended from the Graham family, Lairds of Tamrawer Castle at Kilsyth, Stirling, Scotland.

Dillon began his education at Pine Lodge School in Lakehurst, New Jersey, which he attended at the same time as three of the Rockefeller brothers, Nelson, Laurance, and John. He continued at Groton School in Massachusetts, then at Harvard University, A.B. magna cum laude 1931 in American history and literature. Dillon earned a varsity letter for football his senior year.

Career

In 1938, he became Vice-President and Director of Dillon, Read & Co., a firm that bore his father's name (Clarence Dillon). After his World War II service on Guam, on Saipan, and in the Philippines, he left the United States Navy as Lieutenant Commander decorated with the Legion of Merit and Air Medal. In 1946 he became chairman of Dillon, Read; by 1952 he had doubled the firm's investments.

Political career

Dillon had been active in Republican politics since 1934. He worked for John Foster Dulles in Thomas E. Dewey's 1948 presidential campaign. In 1951 he organized the New Jersey effort to secure the 1952 Republican nomination for Dwight D. Eisenhower. He was also a major contributor to Eisenhower's general election campaign in 1952.

President Eisenhower appointed him United States Ambassador to France in 1953. Following that appointment he became Under Secretary of State for Economic Affairs in 1958 before becoming Under Secretary of State the following year.

In 1961, John F. Kennedy, appointed Republican Dillon Treasury Secretary. Dillon remained Treasury Secretary under President Lyndon B. Johnson until 1965.

Dillon proposed the fifth round of tariff negotiations under the General Agreement on Tariffs and Trade (GATT), conducted in Geneva 1960–1962; it came to be called the "Dillon Round" and led to substantial tariff reduction. Dillon was important in securing presidential power for reciprocal tariff reductions under the Trade Expansion Act of 1962. He also played a role in crafting the Revenue Act of 1962, which established a 7 percent investment credit to spur industrial growth. He supervised revision of depreciation rules to benefit corporate investment.

Philanthropy

A close friend of John D. Rockefeller III, he was chairman of the Rockefeller Foundation from 1972 to 1975. He also served alongside John Rockefeller on the 1973 Commission on Private Philanthropy and Public Needs, and under Nelson Rockefeller in the Rockefeller Commission
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