Bernard Baruch 1870–1965

Name ______Class ______Date ______The Cold War Begins Biography Bernard Baruch 1870–1965

WHY HE MADE HISTORY Bernard Baruch was a wealthy financier and statesman who served as an adviser to several presidents. He was also one of the most influential members of the Democratic Party in the early twentieth century.

As you read the biography below, think about how Bernard Baruch influenced economic policies. How did he help the presidents of the Getty Images Images Getty early twentieth century?

Bernard Baruch was born in Camden, South Carolina, in 1870. His father had come to the United States from Germany to avoid military service in the Prussian Army. After moving the family to New York City in 1881, Baruch’s father became a prominent physician and leader in public health. Baruch graduated from the College of New York and took up work as an office boy. He then became a broker and invested heavily on the New York Stock Exchange between 1891 and 1912. Baruch gained fame as a “lone wolf operator,” working by himself rather than with a brokerage firm. Before he turned 30, Baruch was a rich man. In 1912 Baruch helped fund Woodrow Wilson’s presidential campaign. Wilson’s election launched Baruch’s career as a political adviser. Following the United States’ entry into World War I, Wilson appointed Baruch chairman of the War Industries Board, where Baruch used his financial experience to help the United States conserve resources and maintain steady prices during the war. In the 1920s Baruch became more involved in politics, using his wealth to promote his ideas, and wining and dining politicians at his 17,000-acre plantation in South Carolina. He funded William McAdoo’s unsuccessful bid for president, as well as other Democratic Party candidates’ campaigns for Senate and president. During World War II, Baruch earned the nickname “The Park Bench Statesman” because he often sat on a park bench near the White House offering financial advice to politicians. To help control costs and conserve resources during the war, Baruch recommended that the United States stockpile rubber and tin. President Roosevelt followed that advice, and in 1942 he appointed Baruch to the Rubber Survey Committee. Baruch helped create a plan to conserve rubber and develop alternatives for it.

After Roosevelt died in 1945, Baruch helped President Harry S Truman understand some of the financial issues facing the government. Truman came to rely on Baruch’s expertise and appointed him to the United Nations Atomic Energy Development Authority in 1946. Baruch proposed a plan for international control of atomic energy development, but the Soviet Union blocked adoption of the plan in the United Nations. By the 1950s, Baruch no longer had the political influence he was known for earlier in the century. Even so, he continued to advise politicians on international affairs until his death at age 94. Baruch is often remembered as one of the most powerful men of the twentieth century.

WHAT DID YOU LEARN? 1. Describe Why was Bernard Baruch called the Park Bench Statesman?

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______2. Analyze How could a president benefit from having an experienced financial adviser on his or her team? Explain.

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ACTIVITY Budget cuts are a regular part of government spending. Bernard Baruch advised several presidents on how they could save money before, during, and after the world wars. How do you think the government could save money today? Write a short proposal that includes one of your top money- saving ideas.