Nixon White House Tapes ›Tape 131 › Conversation 131-032

Nixon, Shultz & Camp David Operator on Treasury Department

Thursday, May 18, 1972 · 11:34 AM–11:37 AM ET · Camp David Study Table ·3 min

ParticipantsNixon, Richard M. (President);  Camp David Operator;  Shultz, George P.Conversation131-032 onTape 131 (tape position 02:14:54–02:17:59)StartThursday, May 18, 1972 at 11:34 AMEndThursday, May 18, 1972 at 11:37 AMRecording deviceCamp David Study TableSourceNixon Library record for 131-032 ↗

AI Summary

President Nixon and Treasury Secretary George P. Shultz discussed the management and staffing of the Treasury Department during the transition period. Shultz recommended retaining the existing, well-regarded staff for the remainder of the year while supplementing them with external advisors like Milton Friedman to foster more creative policy thinking on issues like tax reform. The President approved this approach and authorized Shultz to move forward with specific personnel nominations for Deputy and Undersecretary positions.

Audio

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Transcript (AI-generated)

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Names and numbers are often wrong; speakers are not identified. Do not cite it as authoritative — verify against the audio and the finding aid.

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Yes, please.
Woods, please.
Sir, Mr. President, we have Mr. Schultz calling for you on the line.
I haven't gone to the aid yet to clear it.
I'll take it.
All right, fine.
Go ahead, sir.
Hello.
Mr. President.
Yeah, George.
I have been...
talking with John Connolly and Charlie Walker and others in the Treasury, and also trying to get a feeling from various senators that I've visited on the committee as to their instincts about the Treasury staff.
And it's my judgment that our best bet right now is basically to keep the staff that's there on the understanding that
This is sort of for the balance of the year.
In other words, not to try to change it around drastically right now, but to essentially ride through with what we have there.
They're very well thought of, respected on the Hill, and the various bills that they're managing.
Yeah, you ought to bring in at least a couple of your own people.
You mean you've got to have an aide that is your own.
Right.
Right.
Now, the one that impressed me that I thought was a Toll Connolly is a particularly good, I like this Donnelly.
He's bright as a tack.
He's a good salesman, and he's new.
Of course, naturally, Walker and Volcker you've got to keep.
Yes.
But it's your judgment.
If that's what you want to do, you go ahead and do it.
Well, I think this is a thing to do for now.
Right.
The point is it's awfully hard to get somebody to come for eight months.
Right.
That's all you can commit to at the moment.
That's right.
So I think that the thing to do is to plan for...
But if you could get...
I'd only suggest that if you could get, in order to get additional stroke into the thinking there and some new thinking, you know, get some of your...
friends like Milton Friedman and three or four others that will, you know, come in and counsel with you.
Right.
I just think you shouldn't go in there and sort of continue as it is.
I think that's right.
You see my point?
It's a good, solid group, but it is not a creative group.
Yeah, you see, and they take on tax reform.
If we wait until January to come up with something in tax reform, then that means we're waiting two years, you know, two sessions.
So you've got to start thinking about it now.
So I would have something done on the outside on that, maybe.
That's what I mean, things of that sort.
All right.
Now, there is a bill that John Connolly has gotten through that's ready for your signature tomorrow.
Yeah, to provide to-do jobs.
Right.
And they have more or less committed...
And I can understand here Charlie Walker's point that he would be the deputy secretary.
Right.
And that Eddie Cohen would be the undersecretary that's vacated.
All right, fine.
That's what you want, we'll do it.
If we could send those nominations up when you sign the bill tomorrow, that would be fine.
You just tell Butterfield, Harlem, and somebody to prepare them and I'll sign them.
Okay, sir.
It's done.
Thank you.
You've got to just run the show the way you think is right.
Thank you.
All right, George.
Okay.

NARA Description

On May 18, 1972, President Richard M. Nixon, Camp David operator, and George P. Shultz talked on the telephone at Camp David from 11:34 am to 11:37 am. The Camp David Study Table taping system captured this recording, which is known as Conversation 131-032 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 131-32

Date: May 18, 1972
Time: 11:34 am - 11:37 am
Location: Camp David Study Table

The President talked with the Camp David operator.

[See also Conversation No. 191-11]

     Request for a call to Rose Mary Woods

     Call from George P. Shultz

Shultz talked with the President between 11:34 and 11:37 am.

     Treasury Department
          -Talks with John B. Connally, Charls E. Walker
               -Senators
          -Possible new appointments
               -Staff
                     -Shultz’s view
               -Connally
               -James W. Donley
               -Walker
               -Paul A. Volcker
               -Timing
                -Milton Friedman
                -Need
                -Shultz’s view
                -Need
                      -Tax reform
                            -Possible actions
                -Connally
                -Walker
                      -Position
                -Edwin S. Cohen
                -Nominations
                      -Alexander P. Butterfield, H. R. (“Bob”) Haldeman, John D. Ehrlichman
                            discussions
          -Shultz's authority

Also recorded on May 18, 1972

  • 131-031 11:24 AM · 1 min — President Richard M. Nixon and H. R. ("Bob") Haldeman talked on the telephone at Camp David from 11:24 am to 11:26 am.
  • 191-011 11:34 AM · 2 min — President Richard M. Nixon and George P. Shultz met in the Aspen Lodge study at Camp David from 11:34 am to 11:37 am.
  • 131-033 11:37 AM · 7 sec — President Richard M. Nixon and Camp David operator talked on the telephone at Camp David at an unknown time between 11:37 am and 11:38 am.
  • 191-012 11:37 AM · 3 sec — President Richard M. Nixon and Camp David operator met in the Aspen Lodge study at Camp David at an unknown time between 11:37 am and 11:38 am.
  • 131-034 11:38 AM · 4 min — President Richard M. Nixon and Rose Mary Woods talked on the telephone at Camp David from 11:38 am to 11:42 am.
  • 191-013 11:38 AM · 3 min — President Richard M. Nixon and Rose Mary Woods met in the Aspen Lodge study at Camp David from 11:38 am to 11:42 am.
  • 131-035 11:42 AM · 6 sec — President Richard M. Nixon and Camp David operator talked on the telephone at Camp David at 11:42 am.
  • 191-014 11:42 AM · 3 sec — President Richard M. Nixon and Camp David operator met in the Aspen Lodge study at Camp David at an unknown time between 11:42 am and 11:44 am.

All 90 conversations from May 18, 1972 →

Cite this conversation

Conversation 131-032, May 18, 1972. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/131-032 (accessed September 18, 2026).