Title: Nancy Hays Teeters Papers, 1950-1990

ID: RG 30/169

Extent: 10.05 Linear Feet

Predominant Dates: 1960-90

Fiscal economist Nancy Hays Teeters (1930-) was born in Marion, Indiana to Mabel Drake and S. Edgar Hays. She received the B.A. in economics from Oberlin College in 1952 and the M.A. in economics from the University of Michigan in 1954. While working towards the doctorate, she taught economics for the University of Maryland's overseas division in Stuttgart, West Germany (1955-56) and for the University of Michigan (1956-57).

In 1957, Nancy Teeters and her husband, Robert D. Teeters (A.B. Oberlin 1950; M.S. Yale 1952) took jobs with the federal government in Washington. From 1957 to 1966, Nancy Teeters served as a staff economist for the Federal Reserve Board's Government Finance Section where she estimated federal receipts, expenditures, and ownership of the national debt. During this period, Teeters raised her three children, Ann (b. 1958), James (b. 1961), and John (b. 1964). In 1962, the Board of Governors loaned her for a year to the President's Council of Economic Advisors. She returned to the Board's staff in 1963 as the in-house expert on the Kennedy-Johnson tax cut proposal. Three years later, she became a Fiscal Economist with the Planning and Analysis staff of the Bureau of the Budget (now the Office of Management and Budget), where she was the Bureau's representative on the interagency committee in charge of economic forecasting.

Teeters joined the Brookings Institution as a research associate in 1970; a year later, she was named a senior fellow. In each of her three years at Brookings, she co-authored with Charles L. Schultze, Edward R. Fried, and Alice M. Rivlin the Brookings studies, Setting National Priorities, highly regarded analyses of the Federal budget. She left Brookings in 1973 to become Senior Specialist in the Federal Budget, a new position in the Economics Division of the Library of Congress Congressional Research Service.

In December 1974, Teeters joined the staff of the U.S. House of Representatives Committee on the Budget as its chief economist. She provided the economic forecast for the Budget Resolutions, for evaluating the economic impact of various Congressional proposals, for calculating receipts, and for estimating the effect of the Budget Resolution on the national debt.

President Jimmy Carter nominated Nancy Hays Teeters in August 1978 to the Board of Governors of the Federal Reserve System; sworn in on 18 September 1978, she became the first woman to sit on the Board in the history of the Federal Reserve. As a Member of the Board, she was, by law, a voting member of the Federal Open Market Committee and therefore directly involved in the formulation and execution of American monetary policy.

In July 1984, Teeters joined IBM as Director of Economics; in March 1986, she became the second woman to be named a Vice President at IBM. She supervised the preparation of macroeconomics forecasting of U.S. and foreign economies as well as microeconomics forecasting for the entire computer industry. She developed her knowledge of computers, maintaining a special interest in their applications to banking. Nancy Hays Teeters retired from IBM on August 1, 1990 at the age of sixty.

Author: Valerie S. Komor

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Scope and Contents:

The papers of Nancy Hays Teeters (1930-), spanning four decades, document the development of Teeters' career as a fiscal economist from professional staffer and research scholar (1957-78) to member of the Board of Governors of the Federal Reserve System (1978-84), a Presidential appointment. She concluded her career as IBM's Director of Economics (1984-90) and Vice President (1986-90). Although the papers are largely professional in nature, providing little information about Teeters' personal life, they reveal their subject to be a woman of mental agility and toughness who derived great satisfaction from her work. Her correspondence, writings, and speeches display the rare ability to marshall technical expertise to promote the common good. They also document the nation's changing economic priorities over a thirty year period.

The personal papers, arranged in five subgroups, follow for the most part the chronology of Teeters' career. The exception is Subgroup I, Personal Files, 1950-85, which brings together diverse biographical materials. The other subgroups are: Federal Government Service (1960-74); U.S. House of Representatives Budget Committee, Chief Economist (1974-78); Board of Governors, Federal Reserve System (1978-84); and Director of Economics and Vice President, IBM (1984-90). Within the subgroups, records are arranged in series alphabetically by type of document. Within the series, the records are typically arranged in either alphabetical or chronological order.

Teeters' early career (1960-74) began with her appointment as a research scholar for the Government Finance Section of the Board of Governors, Federal Reserve System (1960-66), with subsequent employment at the Brookings Institution (1970-73) and the Congressional Research Service (1973-74). Files evenly document her early and continuing interest in social security reform. Teeters' acknowledged expertise on the federal budget is manifested by her collaboration with Charles L. Schultze, Edward R. Fried, and Alice M. Rivlin at Brookings on Setting National Priorities (Brookings, 1972-74); this three volume series is housed in Series 4, Publications, Subgroup II, together with nine volumes of the series Brookings Papers on Economic Activity (1970-72) to which Teeters contributed. A complete listing of Teeters' publications can be found in Appendix I of this finding guide. Several volumes of U.S. Government Printing Office publications, including Budget Committee Resolutions, and hearings (1971-78) document Teeters' work as Chief Economist for the U.S. House Committee on the Budget, the position she held when nominated to the Board of Governors of the Federal Reserve by President Jimmy Carter in 1978.

The bulk of the collection relates to Teeters' service as a Member of the Board of Governors of the Federal Reserve System (1978-84). As a Governor, Teeters was a voting member of the Federal Open Market Committee (FOMC), which alone made decisions affecting the open market. The nine volumes of annual reports (1978-83) of the Board of Governors provide a thorough account of FOMC monetary policies and reflect contemporary debate at the Federal Reserve over such issues as monetarism, bank deregulation, and the international debt crisis. Teeters' chronological and correspondence files for this period (1978-84), housed in 34 folders, supplement the official publications, providing evidence of her wide-ranging contacts with leading economists, senators, and government officials. Proof of her independence as a thinker is to be found in her "Statements of Dissent" from the majority of the Board of Governors as well as in her speeches and Congressional testimony.

A small but growing body of material relates to Teeters' post-government employment at IBM as Director of Economics (1984-90) and Vice President (1986-90) in which Teeters supervised both national and international economic forecasting.

SERIES DESCRIPTIONS

Subgroup I. Personal Files, 1950-85 (1.05 l.f.)

The Personal Files are divided into three series alphabetically-arranged: 1. Awards and Honors, 2. Biographical Data, and 3. Memorabilia.

Series 1. Awards and Honors, 1979-82 (0.4 l.f.)

Contains the honorary degrees conferred on Nancy Hays Teeters by various academic institutions, including Oberlin College and the University of Michigan.

Series 2. Biographical Data, 1970-84 (0.4 1.f.)

Included are proof sheets from Who's Who in America and Who's Who Among American Women amended and signed by Teeters (1970-84); several newspaper and magazine articles (1950-74); Teeters family financial documents; and nine publicity photographs taken of Nancy Teeters.

Series 3. Memorabilia, 1980-82 (0.25 l.f.)

Includes various gifts presented to Teeters by such groups as the Aspen Institute (paperweight), the New York Stock Exchange (medallion), and the Bank of China (coin).

Subgroup II. Early Federal Government Service, 1960-74 (1.8 l.f.)

The records in Subgroup II document Teeters' employment with the Federal government prior to 1974 and are arranged alphabetically into six series: 1. Correspondence, 2. Occasional Papers, 3. Proposals on Social Security Tax Reform, 3. Publications, 4. Seminar Talks, and 5. Studies by Others.

Series 1. Correspondence, 1960-74 (0.2 l.f.)

The incoming and outgoing correspondence, chronologically arranged, was created during Teeters' public service on the research staffs of the Federal Reserve System (1960- 66), Bureau of the Budget (1966-70), Brookings Institution (1970-73), and Congressional Research Service (1973-74).

Series 2. Occasional Papers, 1962-74, n.d. (0 .6 l.f.)

The Occasional Papers series includes both typescript and published studies and reports, chronologically arranged, drafted by Teeters and in collaboration with others during Teeters' employment with the Federal Reserve and Brookings Institution. Many of these reports are accompanied by statistical tables, worksheets, and memos. Consult Appendix 1 for a full listing of published articles.

Series 3. Proposals on Social Security, 1969-73 (0.2 l.f.)

The materials include reports, memoranda, data tables, and correspondence relating to Teeters' studies on social security tax reform.

Series 4. Publications, 1962-74 (0.6 l.f.)

Includes the important three volume monographic series produced annually by the Brookings Institution which Teeters co-authored with Charles Schultze, Edward R. Fried, and Alice Rivlin, Setting National Priorities (1971-73). Also included are nine volumes of the 1970-72 series, Brookings Papers on Economic Activity.

Series 5. Seminar Talks, 1972-73 (0.1 l.f.)

Includes manuscript outlines of talks given by Teeters at various seminars and conferences, as well as transcripts of statements (1971-73) made by Teeters before the Congressional Joint Economic Committee.

Series 6. Studies by Others, 1962-73 (0.1 l.f.)

Includes several typescript reports sent to Teeters by other government economists.

Subgroup III. U.S. House of Representatives Budget Committee, Chief Economist, 1974-78 (1.0 l.f.)

The records in this subgroup are divided into five series alphabetically arranged: 1. Correspondence, 2. Invitations, 3. Papers and Publications, 4. Reports of/ Hearings before the House Committee on the Budget, and 5. Studies by others for the C.O.B.

Series 1. Correspondence, 1974-78 (0.13 l.f.)

The correspondence series is arranged into General Correspondence and Letters of Appreciation received from groups addressed by Teeters. The general correspondence includes mainly incoming correspondence from scholars and government colleagues relating to federal monetary policy.

Series 2. Invitations (Rec'd.), 1975-78 (0.13 l.f.)

Contains incoming letters inviting Teeters to attend social functions or to speak to various business or government organizations.

Series 3. Papers and Publications, 1976-77 (0.13 l.f.)

Includes four papers on budgetary issues written by Teeters while serving as a member of Jimmy Carter's transition team.

Series 4. Reports of, Hearings before the House C.O.B., 1974-78 (0.4 l.f.)

Includes the C.O.B. Resolutions to the Federal Budget (1971-78), prepared for Congress, hearings held before the C.O.B. (with some testimony given by Teeters), and several Committee prints relating to budgetary matters.

Series 5. Studies by Others for the House C.O.B., 1962-78 (0.2 l.f.)

Includes economic studies by C.O.B. staff and outside experts submitted to the Committee. These studies are alphabetically arranged.

Subgroup IV. Board of Governors, Federal Reserve System, 1978-84 (5.4 l.f.)

The twelve record series in Subgroup IV are alphabetically arranged and contain materials documenting Teeters' tenure (1978-84) as a Member of the Board of Governors of the Federal Reserve System. They include: 1. Annual Reports of the Board of Governors, 2. Appointment Papers, 3. Calendars and Appointment Schedules, 4. Chronological Files, 5. Correspondence, 6. Dissent Statements of Gov. Teeters, 7. Invitations, 8. Memberships, 9. Memoranda, 10. Press Coverage, 11. Speeches of Gov. Teeters, 12. Statement of Gov. Teeters to the House Committee on Banking, and 13. Tape Recording.

Series 1. Annual Reports of the Board of Governors, Federal Reserve System, 1978-83 (0.4 l.f.)

Six volumes of annual reports of the Board of Governors (1978-83) provide the intellectual context for Teeters' work as a policy maker at the Federal Reserve.

Series 2. Appointment Papers, 1978 (0.2 l.f.)

The Appointment Papers include press releases(1978) announcing the Teeters' nomination, the transcript of her Senate confirmation hearings and swearing-in ceremonies, and numerous letters of congratulation.

Series 3. Calendars and Appointment Schedules, 1978-84 (0.1 l.f.)

Includes several monthly calendars recording professional activities.

Series 4. Chronological Files, 1978-84 (0.2 l.f.)

The chronological files consist of carbon copies of Teeters' outgoing correspondence to leaders in the business, government, and academic communities, as well as memos to FRS Chairmen G. William Miller and Paul Volcker, and other FRS staff.

Series 5. Correspondence, A-Z, 1978-84 (1.0 l.f.)

Consists of incoming and outgoing correspondence on a wide range of topics, including the money supply, bank regulation, consumer affairs, and housing. Includes letters of reference for prospective interns at the Federal Reserve as well as letters of thanks from various groups.

Series 6. Dissent Statements of Gov. Teeters, 1982-84 (0.13 l.f.)

Includes the Dissenting Statements of Governor Teeters attached to Federal Reserve press releases announcing the Governors' actions. Teeters often dissented from the Board's approval of bank holding company mergers and bank acquisitions of other banks, mainly on the basis that these transactions eliminate competitiveness without offering offsetting benefits.

Series 7. Invitations (Rec'd.), 1978-84 (0.13 l.f.)

Consists of incoming invitations to Teeters for both social occasions and speaking engagements.

Series 8. Memberships, Private/Government Groups, 1979-84 (0.13 l.f.)

Includes invitations to join various organizations, such as the Council on Foreign Relations and other government and business groups.

Series 9. Memoranda by FRS staff, (rec'd.), 1978-84 (0.4 l.f.)

Memoranda include policy papers and studies prepared for Nancy Teeters to be used in policy-making decisions. These papers include GNP projections developed for the Federal Open Market Committee (FOMC), 1980-84; a report on the outlook for economic development in New England, 1983, and several staff memoranda on China prepared for the Governors prior to their 1978 visit to that country.

Series 10. Press Coverage, 1978-84 (0.4 l.f.)

Press coverage consists mainly of newspaper and magazine articles relating to Teeters' activities and policies as a Member of the Board of Governors of the Federal Reserve System.

Series 11. Speeches and Testimony of Governor Teeters, 1978-84 (2.4 l.f.)

This series includes typescript outlines and notes for speeches given throughout Teeters' career as a central banker with the Federal Reserve System. She spoke often to business organizations, CRS seminars, and schools. Interfiled with the speeches in date order are transcripts of Teeters' testimony given to House committees investigating matters of banking and fiscal policy. A listing of speeches by year is contained in each box.

Series 12. Tape Recording, 1984 (1 cassette tape)

The cassette tape recording preserves tributes to Nancy Teeters offered on the occasion of a farewell lunch in her honor hosted by the Federal Reserve staff.

Subgroup V. Director of Economics, Vice President, IBM, 1984-90 (0.8 l.f.)

The records in this subgroup document Teeters' employment in the financial services industry as IBM's Director of Economics (1984-86) and Vice President and Director of Economics (1986-90). The materials are divided into the following series: 1. Appointment calendars, 2. Correspondence, 3. Memoranda from N. Teeters, 4. Press Coverage, and 5. Statements on the Economic Environment (IBM Research Department).

Series 1. Appointment Calendars, 1984-90 (0.4 l.f.)

This series consists of several calendars and appointment schedules drawn up on a weekly basis for Teeters by her staff at IBM.

Series 2. Correspondence, 1985 Jan-Dec (0.1 l.f.)

Consists of photocopies of outgoing correspondence chronologically arranged. Recipients include Senator Pete Domenici and Secretary of Defense Caspar Weinberger.

Series 2. Memoranda from N. Teeters, 1985-90 (0.1 l.f.)

The memoranda are arranged chronologically and treat various subjects including domestic and international monetary policy, the federal budget deficit, interest rates, and the fluctuating value of the dollar.

Series 3. Press Coverage, 1985-90 (0.1 1.f.)

Consists of newspaper articles relating to Teeters' activities at IBM.

Series 4. Statements on the Economic Environment, IBM Research Department, 1975, 1990 (0.1 l.f.) (5 items)

Several official publications of the IBM Economic Research Department, which Teeters directed.

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