Nixon White House Tapes ›Tape 647 › Conversation 647-012
Nixon, Sheehan & Smith on Federal Reserve System and Swearing-in Ceremony
Thursday, January 13, 1972 · 12:37 PM–1:02 PM ET · Oval Office
AI Summary
President Nixon hosted a swearing-in ceremony in the Oval Office for John E. Sheehan as a member of the Board of Governors of the Federal Reserve System. The event was attended by Sheehan’s family, Federal Reserve Chairman Arthur F. Burns, various governors, and several U.S. Senators, including John Sherman Cooper. Following the formal oath and a photographic session, the President engaged in a private discussion with Senator Cooper regarding the political landscape, including U.S. foreign policy toward the Vietnam War, upcoming trips to China and the Soviet Union, and international conflicts.
- John E. Sheehan
- Federal Reserve System
- Swearing-in Ceremony
- John Sherman Cooper
- Foreign Policy
- Vietnam War
- Diplomacy
Audio
Download MP3 (part 1) · 168.4 MB ·Download MP3 (part 2) · 168.5 MB ·Download MP3 (part 3) · 33.4 MB
This conversation has not yet been cut into its own clip, so the player above contains the full tape segment shared with neighbouring conversations. It begins about 02:20:07 into the tape and ends around 02:41:43.
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 Do not cite it as authoritative — verify against the audio and the finding aid.
Download transcript (.txt) ·JSON data · Timestamps are positions within the full tape recording.
2:20:09You've got to go over to this side, on this long side.
2:20:15You've got to go over to this side.
2:20:17You've got to go over to this side.
2:20:31Okay.
2:20:32All right.
2:20:33Good luck.
2:20:34Appreciate your hard work.
2:21:01I'm trying to work it into my conclusion, my stage of vision.
2:21:08But also, I've already had to set up three ways to address that.
2:21:15And that's why I don't go around to each of the churches, but on purpose.
2:21:22Because as you said, we touch on views.
2:21:25I mean, it's what we need to do if you've got an idea of excellence.
2:21:47Thank you.
2:21:48Thank you.
2:22:09Thank you.
2:22:47All right, good evening, we're going to stand right here, sir.
2:23:06Good evening.
2:23:12Thank you very much.
2:23:41Thank you.
2:24:14Well, that's the job.
2:24:24We're gathering the data.
2:24:40I swear to the Federal Reserve.
2:24:42It will be noted that he comes from Kentucky.
2:24:49It will also be noted that he's a man who travels with young.
2:24:56Of course, he should be because this is not my first time he's been here.
2:25:00He doesn't understand it.
2:25:03But the one thing that I've been talking to Dr. Arthur Burns and Dr. Tom is that a lot of the
2:25:10a reserve with conscience.
2:25:13It was thought that while we have the greatest respect for your conscience, we recognize in particular on the Federal Reserve that you need a very powerful voice, a representative of business, young, vigorous.
2:25:30and successful and those were some of the considerations.
2:25:35And he has, of course, Dr. Ernest Krugel, Dr. Krugel, Secretary of the Treasury, and he was a statewide commentator.
2:25:49Now, you hold the Bible.
2:25:52Judges.
2:25:56Will support and defend the Constitution of the United States against all enemies foreign and domestic.
2:26:17That I would bear true faith and allegiance to the same.
2:26:21That I would bear true faith and allegiance to the same.
2:26:24That I take this obligation freely.
2:26:26That I take this obligation freely.
2:26:28Without any natural reservation or purpose of evasion.
2:26:32Without any natural reservation or purpose of evasion.
2:26:35that I will well and faithfully discharge the duties of the office on which I am about to enter.
2:26:42That I will well and faithfully discharge the duties of the office on which I am about to enter.
2:26:46So help me God.
2:26:47So help me God.
2:27:0317 years.
2:27:04Now here's the fact that we're only going to pick two of the facts.
2:27:14You stand here.
2:27:15I mean, you, you, you, you, you, you get over here by here.
2:27:20All of us are dead.
2:27:30Dr. Burns, if you would step up here, I'm shocked at you with this group.
2:27:34The family will be out of this.
2:27:38We want to record this.
2:27:45Now, the two senators and the governor have come over to the right now.
2:27:52How are you seeing this city?
2:27:55We've got a spark in your eyes.
2:27:56Yes, sir.
2:27:57We've got work to do.
2:27:58What, 17 years?
2:27:59That's right.
2:28:02Now, let's see.
2:28:03We do stuff on the other side of there, so if you ever want to bounce.
2:28:10So let's try to get that out of the way.
2:28:20I used to take him to life, Jim, because once you do that for her, he's not going to let you say anything unless you're ready.
2:28:30I said, I'm going to be smart with my old friend, so I'll talk to him.
2:28:37My tendency, Mr. Patton, the tendency to, uh,
2:28:48Well, that's, uh, I mean, that indicates that you're probably a good man.
2:28:51Nobody's ever said less.
2:28:53Well, I've done more.
2:28:56And that is, the Greeks had a legend for happiness, which goes, that is to exercise vital powers along the lines of excellence in life according to the scope.
2:29:16I've had a short experience with the feds so far.
2:29:19I can hardly imagine any much bigger than garbage stock burn in the suburbs.
2:29:28I mean, in a situation like this, it's very, it's very hard to get a scope, or more scope than a draft.
2:29:38Bigger than my spot.
2:29:41All right, fine, fine.
2:29:44Let's see here.
2:29:45We have some of the guests already asked if they've been here for others.
2:30:07The custom is that those who attend receive the presidential compliments, which is the seal of the company.
2:30:13Now, ladies, if you're a little bold like that, of course, you're up to date, too.
2:30:18And if any of you already have them, I think the senators are ready to give it to you.
2:30:22But if I was going to say it in the face, I'm going to say that maybe you're going to support me.
2:30:31Maybe you're not going to.
2:30:32Oh, my God.
2:30:33Oh, my God.
2:31:05Louis, good to see you.
2:31:07What do you think of that monitor right now?
2:31:10Oh, I don't know.
2:31:12Is it your camera?
2:31:14Yeah.
2:31:18I'm going to stay out here.
2:31:21We've got to.
2:31:24Yeah, I haven't said, we've got to.
2:31:28That's it.
2:31:29Thanks for coming.
2:31:30Yeah, you're welcome.
2:31:35But you owe us that, don't you?
2:31:37You don't owe us to say, uh, yeah.
2:31:38You don't owe us to say, uh, yeah.
2:31:41You owe us to say, uh, yeah.
2:31:42You owe us to say, uh, yeah.
2:31:47You owe us to say, uh, yeah.
2:31:50You owe us to say, uh, yeah.
2:31:53You owe us to say, uh, yeah.
2:31:58You owe us to say, uh, yeah.
2:31:59You owe us to say, uh, yeah.
2:32:01You owe us to say, uh, yeah.
2:32:46Yeah.
2:32:47Yeah.
2:33:13Thank you.
2:33:34This is important.
2:33:35Arthur, you and I should be in the middle, and then the rest of the governors.
2:34:17Thank you.
2:34:38Well, there's two more of them.
2:34:42Two of them sent to the governor's office.
2:34:46Two more.
2:34:48They've got nothing.
2:34:49But their eyes are closed, and their ears don't have a copy.
2:34:54I can't understand what is that.
2:34:55That's right.
2:34:56I can't see anything.
2:34:57It's great.
2:34:57Very good.
2:34:58Well, this is good.
2:34:58They're all here to help you.
2:35:00Thank you.
2:35:01Thank you.
2:35:05Thank you.
2:35:34Yes, very nice.
2:36:21Also, he wants the members of the board to be independent, too.
2:36:30But literally, he wanted to listen to you today.
2:36:36Every time we're...
2:36:51I'll good
2:37:27So, in the sense of the present time, you know, basically, you're a middle-of-the-road, decent, tall, that you're the kind of tall that you have to have.
2:37:40Now, I know that you can only get up there and beat around, but at this particular time, we've got the goddamn war orgies, we're moving to China, we've got the Soviet, we're going to have a nuclear reform policy,
2:37:56I agree with you that you would be very important.
2:37:57So I just want you to know that I don't have to argue with you about that.
2:38:01I'm not that.
2:38:02I'm not that.
2:38:03I saw what you mean by it.
2:38:05I don't think you thought that.
2:38:06But also, I think you said it.
2:38:09And that's not where it's at.
2:38:10Well, I think I have a question for you.
2:38:13I hear a lot of things.
2:38:14I hear a lot of things.
2:38:15I hear a lot of things.
2:38:18I hear a lot of things.
2:38:20I hear a lot of things.
2:38:21I hear a lot of things.
2:38:24Even the last one, I put her shirt in, and I said, well, good.
2:38:28And that day, we're not coming down to the end of it.
2:38:31I helped $70,000 in order to get my name first, and that brings it down to $69,000.
2:38:34And that's what I'm doing.
2:38:36But I'm going to go to the end of that.
2:38:44Yeah, it must be terrible.
2:38:46It might be, but it makes you go, each time, basically, it makes you go down, the time goes on, and even you change, and you begin to change.
2:38:54I don't know, it's a war, but it's not been very good.
2:38:58It's been a good couple of years, but it's not been very good.
2:39:01You were way off the, uh, uh, I ain't gonna have that.
2:39:08Sure.
2:39:09I guess you get it, or you live beyond it.
2:39:11You know what I mean?
2:39:13Well, you know, I hate to give up, and I, I know this is the last before I get beat.
2:39:20I always said, well, I'll come back, you know, from where the hell I did.
2:39:23And I know this time, if you give up, you'll never be back on that planet.
2:39:28Doesn't say it.
2:41:08I know how you fought.
2:41:09You're an honorable man.
2:41:11God damn, you're a very honorable man in this world.
2:41:14Well, another time.
2:41:20Good.
2:41:21I'd like to say it's an impossible situation.
2:41:29He is ready for as long as it's about.
2:41:47I mean, how kind of policy do you like?
2:41:52Thank you very much.
2:41:54He's very good.
2:41:55He sounded reasonable.
2:41:57I think there's still a chance for maybe another reception.
NARA Description
On January 13, 1972, President Richard M. Nixon, Lt. Cmdr. James E. Sheehan, John Sheehan, Kathleen Sheehan, Kelly Sheehan, Kevin Sheehan, Eugene T. Sheehan, Edward J. Sheehan, Geneva Smith, Adm. Adm. C. D. Griffin, Louie B. Nunn, John Sherman Cooper, John J. Sparkman, Arthur F. Burns, J. L. Robertson, George W. Mitchell, J. Dewey Daane, Sherman J. Maisel, Andrew F. Brimmer, Robert Holland, George P. Shultz, Herbert Stein, Peter M. Flanigan, Frederic V. Malek, Oliver F. ("Ollie") Atkins, and E. Pendleton James met in the Oval Office of the White House at an unknown time between 12:37 pm and 1:02 pm. The Oval Office taping system captured this recording, which is known as Conversation 647-012 of the White House Tapes.
Nixon Library Finding Aid
Conversation No. 647-12
Date: January 13, 1972
Time: Unknown after 12:38 pm until 1:02 pm
Location: Oval Office
Stephen B. Bull met with unknown people; John E. Sheehan, Jean Sheehan, Kathleen Sheehan,
Kevin Sheehan, Kelly Sheehan, Eugene T. Sheehan, Edward J. Sheehan, Lt. Cdr. James E.
Sheehan, Geneva Smith, Admiral C. D. Griffin, Louie B. Nunn, John Sherman Cooper, John J.
Sparkman, Arthur F. Burns, J. L. Robertson, George W. Mitchell, J. Dewey Daane, Sherman J.
Maisel, Andrew F. Brimmer, Robert Holland, George P. Shultz, Herbert Stein, Peter M.
Flanigan, Frederic V. Malek, Oliver F. (“Ollie”) Atkins, and E. Pendleton
James were present at an unknown time after 12:38 pm.
Arrangements for swearing-in ceremony
The President entered at 12:40 pm.
John Sheehan
-Swearing in as member of the Board of Governors of the Federal Reserve System
[FRB]
-Background
-Kentucky
-Age
-Length of appointment
FRB
-Background of members
-The President’s talk with Arthur F. Burns
-Economists
-Representation of business by Sheehan
-Burns, Shultz
Oath of office
Photographs of family
Photographs of family and Burns
-Senators and governors
Photographic session
Burns
Sheehan’s comments
Presentation of gifts
-Cufflinks
-Bow pins
Nunn
-Finances
-1972 campaign
[General conversation]
[Photographic session]
-Arrangements
[General conversation]
Sheehan's age
FRB
-Independence
Sheehan, et al., except Cooper, left at 12:54 pm.
**********************************************************************
BEGIN WITHDRAWN ITEM NO. 1
[Personal Returnable]
[Duration: 27s ]
END WITHDRAWN ITEM NO. 1
**********************************************************************
U. S. Senate
-Middle-of-the-roaders
-Support for the President
-Vietnam
-Forthcoming trips to the People’s Republic of China [PRC] and Soviet
Union
-Strategic Arms Limitation Talks [SALT]
-Foreign aid
-Cooper-Franck F. Church amendment
-Vietnam
-US troop withdrawals
-Announcement
-Rate
-Edmund S. Muskie
-Vietnam
Cooper's health
Cooper's forthcoming retirement
**********************************************************************
BEGIN WITHDRAWN ITEM NO. 3
[Personal Returnable]
[Duration: 1m 38s ]
END WITHDRAWN ITEM NO. 3
**********************************************************************
Cooper's work in the Senate
The Middle East
-Cooper's recent trip to Israel and Egypt
-Anwar El Sadat
-Meeting
-Israel
-Sadat
-Cooper’s view
Thelma C. (“Pat”) Nixon's trip to Africa
India-Pakistan War
-US policy
-Purposes
-Speech
-Indira Gandhi
-Visit to US
-Lorraine Cooper
**********************************************************************
BEGIN WITHDRAWN ITEM NO. 5
[Personal Returnable]
[Duration: 27s ]
END WITHDRAWN ITEM NO. 5
**********************************************************************
Cooper left at 1:02 pm.Also recorded on January 13, 1972
- 647-009 11:11 AM · 30 min — President Richard M. Nixon, H. R. ("Bob") Haldeman, Ronald L. Ziegler, and Stephen B. Bull met in the Oval Office of the White House from 11:11 am to 11:41 am.
- 647-010 11:41 AM · 58 min — President Richard M. Nixon, Vice President Spiro T. Agnew, Neil H. McElroy, Dr. Sidney P. Marland, Jr., Elliot L. Richardson, John D. Ehrlichman, Lewis A. Engman, Roy D. Morey, Robert E. Merriam, and unknown person(s) met in the Oval Office of the White House at an unknown time between 11:41 am and 12:38 pm.
- 647-011 12:36 PM · 38 sec — President Richard M. Nixon and Stephen B. Bull met in the Oval Office of the White House at an unknown time between 12:36 pm and 12:38 pm.
- 647-013 1:02 PM · 1 min — President Richard M. Nixon and Stephen B. Bull met in the Oval Office of the White House at an unknown time between 1:02 pm and 1:03 pm.
- 647-014 1:03 PM · 16 min — President Richard M. Nixon, Arthene Cevey, Andrey Pontier, Karl Wunderlich, Peter Yu, Michael Slattery, Billy McNight, Richard Buck, Stephen Bazo, James Toomey, Russell Burke, Brian Clark, Phillip Beauregard, Pete Wyrough, Brooks Ross, Robert Jones, Brian Bunce, John Sharood, Peter McMahon, Francois VanDerMenbrugge, Christopher Cook, White House photographer, Ronald L. Ziegler, and Stephen B. Bull met in the Oval Office of the White House from 1:03 pm to 1:19 pm.
- 647-015 1:19 PM · 3 min — President Richard M. Nixon, Stephen B. Bull, Edwin M. Fauver, Mrs. Edwin M. Fauver, Ray M. Zook, Ronald L. Ziegler, and White House photographer met in the Oval Office of the White House from 1:19 pm to 1:23 pm.
- 647-016 1:23 PM · 1 min — President Richard M. Nixon and Stephen B. Bull met in the Oval Office of the White House from 1:23 pm to 1:24 pm.
- 647-017 1:24 PM · 51 min — President Richard M. Nixon, Robert O. Anderson, J. Erik Jonsson, Kenneth R. Cole, Jr., Leonard Garment, and Alexander P. Butterfield met in the Oval Office of the White House from 1:24 pm to 2:14 pm.
Cite this conversation
Conversation 647-012, January 13, 1972. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/647-012 (accessed September 18, 2026).