Nixon White House Tapes › Tape 647 › Conversation 647-012

Nixon, Sheehan & Cooper on Federal Reserve System and Swearing-in Ceremony

Thursday, January 13, 1972 · 12:37 PM–1:02 PM ET · Oval Office · 22 min

ParticipantsNixon, Richard M. (President); Sheehan, James E. (Lt. Cmdr.); Sheehan, John; Sheehan, Kathleen; Sheehan, Kelly; Sheehan, Kevin; Sheehan, Eugene T.; Sheehan, Edward J.; Smith, Geneva; Griffin, C. D. (Adm.); Nunn, Louie B.; Cooper, John Sherman; Sparkman, John J.; Burns, Arthur F.; Robertson, J. L.; Mitchell, George W.; Daane, J. Dewey; Maisel, Sherman J.; Brimmer, Andrew F.; Holland, Robert; Shultz, George P.; Stein, Herbert; Flanigan, Peter M.; Malek, Frederic V.; Atkins, Oliver F. ("Ollie"); James, E. PendletonConversation647-012 on Tape 647 (tape position 02:20:07–02:41:43)StartThursday, January 13, 1972 at 12:37 PMEndThursday, January 13, 1972 at 1:02 PMRecording deviceOval OfficeSourceNixon Library record for 647-012 ↗

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.

Audio

Download MP3 · 29.7 MB

This clip was extracted from the full tape recording by Easy Nixon.

Listen to the full tape segment

Position in tape: 02:20:07 – 02:41:43

part B, 20:25

647a.mp3
647b.mp3
647c.mp3

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
Show the rest of the log (95 more lines)
     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.

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

Click a timestamp to play from that point; the page address then links to that moment (e.g. #t=125).

You've got to go over to this side, on this long side.
You've got to go over to this side.
You've got to go over to this side.
Okay.
All right.
Good luck.
Appreciate your hard work.
I'm trying to work it into my conclusion, my stage of vision.
But also, I've already had to set up three ways to address that.
And that's why I don't go around to each of the churches, but on purpose.
Because as you said, we touch on views.
I mean, it's what we need to do if you've got an idea of excellence.
Thank you.
Thank you.
Thank you.
All right, good evening, we're going to stand right here, sir.
Good evening.
Thank you very much.
Thank you.
Well, that's the job.
We're gathering the data.
I swear to the Federal Reserve.
It will be noted that he comes from Kentucky.
It will also be noted that he's a man who travels with young.
Of course, he should be because this is not my first time he's been here.
He doesn't understand it.
But the one thing that I've been talking to Dr. Arthur Burns and Dr. Tom is that a lot of the
a reserve with conscience.
It 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.
and successful and those were some of the considerations.
And he has, of course, Dr. Ernest Krugel, Dr. Krugel, Secretary of the Treasury, and he was a statewide commentator.
Now, you hold the Bible.
Judges.
Will support and defend the Constitution of the United States against all enemies foreign and domestic.
That I would bear true faith and allegiance to the same.
That I would bear true faith and allegiance to the same.
That I take this obligation freely.
That I take this obligation freely.
Without any natural reservation or purpose of evasion.
Without any natural reservation or purpose of evasion.
that I will well and faithfully discharge the duties of the office on which I am about to enter.
That I will well and faithfully discharge the duties of the office on which I am about to enter.
So help me God.
So help me God.
17 years.
Now here's the fact that we're only going to pick two of the facts.
You stand here.
I mean, you, you, you, you, you, you get over here by here.
All of us are dead.
Dr. Burns, if you would step up here, I'm shocked at you with this group.
The family will be out of this.
We want to record this.
Now, the two senators and the governor have come over to the right now.
How are you seeing this city?
We've got a spark in your eyes.
Yes, sir.
We've got work to do.
What, 17 years?
That's right.
Now, let's see.
We do stuff on the other side of there, so if you ever want to bounce.
So let's try to get that out of the way.
I 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.
I said, I'm going to be smart with my old friend, so I'll talk to him.
My tendency, Mr. Patton, the tendency to, uh,
Well, that's, uh, I mean, that indicates that you're probably a good man.
Nobody's ever said less.
Well, I've done more.
And 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.
I've had a short experience with the feds so far.
I can hardly imagine any much bigger than garbage stock burn in the suburbs.
I mean, in a situation like this, it's very, it's very hard to get a scope, or more scope than a draft.
Bigger than my spot.
All right, fine, fine.
Let's see here.
We have some of the guests already asked if they've been here for others.
The custom is that those who attend receive the presidential compliments, which is the seal of the company.
Now, ladies, if you're a little bold like that, of course, you're up to date, too.
And if any of you already have them, I think the senators are ready to give it to you.
But if I was going to say it in the face, I'm going to say that maybe you're going to support me.
Maybe you're not going to.
Oh, my God.
Oh, my God.
Louis, good to see you.
What do you think of that monitor right now?
Oh, I don't know.
Is it your camera?
Yeah.
I'm going to stay out here.
We've got to.
Yeah, I haven't said, we've got to.
That's it.
Thanks for coming.
Yeah, you're welcome.
But you owe us that, don't you?
You don't owe us to say, uh, yeah.
You don't owe us to say, uh, yeah.
You owe us to say, uh, yeah.
You owe us to say, uh, yeah.
You owe us to say, uh, yeah.
You owe us to say, uh, yeah.
You owe us to say, uh, yeah.
You owe us to say, uh, yeah.
You owe us to say, uh, yeah.
You owe us to say, uh, yeah.
Yeah.
Yeah.
Thank you.
This is important.
Arthur, you and I should be in the middle, and then the rest of the governors.
Thank you.
Well, there's two more of them.
Two of them sent to the governor's office.
Two more.
They've got nothing.
But their eyes are closed, and their ears don't have a copy.
I can't understand what is that.
That's right.
I can't see anything.
It's great.
Very good.
Well, this is good.
They're all here to help you.
Thank you.
Thank you.
Thank you.
Yes, very nice.
Also, he wants the members of the board to be independent, too.
But literally, he wanted to listen to you today.
Every time we're...
I'll good
So, 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.
Now, 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,
I agree with you that you would be very important.
So I just want you to know that I don't have to argue with you about that.
I'm not that.
I'm not that.
I saw what you mean by it.
I don't think you thought that.
But also, I think you said it.
And that's not where it's at.
Well, I think I have a question for you.
I hear a lot of things.
I hear a lot of things.
I hear a lot of things.
I hear a lot of things.
I hear a lot of things.
I hear a lot of things.
Even the last one, I put her shirt in, and I said, well, good.
And that day, we're not coming down to the end of it.
I helped $70,000 in order to get my name first, and that brings it down to $69,000.
And that's what I'm doing.
But I'm going to go to the end of that.
Yeah, it must be terrible.
It 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.
I don't know, it's a war, but it's not been very good.
It's been a good couple of years, but it's not been very good.
You were way off the, uh, uh, I ain't gonna have that.
Sure.
I guess you get it, or you live beyond it.
You know what I mean?
Well, you know, I hate to give up, and I, I know this is the last before I get beat.
I always said, well, I'll come back, you know, from where the hell I did.
And I know this time, if you give up, you'll never be back on that planet.
Doesn't say it.

— 1 min 39 s with no transcribed speech —

I know how you fought.
You're an honorable man.
God damn, you're a very honorable man in this world.
Well, another time.
Good.
I'd like to say it's an impossible situation.
He is ready for as long as it's about.
I mean, how kind of policy do you like?
Thank you very much.
He's very good.
He sounded reasonable.
I think there's still a chance for maybe another reception.

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 · 38 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 · 1 hr 22 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.

All 48 conversations from January 13, 1972 →

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 November 2, 2026).