Lloyd Bentsen

Lloyd Bentsen, former U.S. Senator and Secretary of the U.S. Department of the Treasury, "who ran unsuccessfully for vice president in 1988," died on Tuesday, May 23, 2006, at the age of 85. 

Bentsen was "appointed the 69th Secretary of the Treasury by President William Jefferson Clinton in January 1993 and served to December 1994, playing a pivotal role in the Administration's successful efforts to reduce the federal deficit and increase trade and economic opportunity through NAFTA and GATT.

"As Secretary, he was a major policy adviser to the President and had primary responsibility for formulating domestic and international financial, economic and tax policy, managing public debt and overseeing Treasury's substantial law enforcement role.

"Prior to joining the President's Cabinet, the Texas native was one of the most powerful members of the U.S. Senate, where he served since 1971. He was Chairman of the Senate Finance Committee, which has responsibility for tax and trade issues. He also served as Chairman of the Joint Committee on Taxation and the Joint Economic Committee. In 1988, he was the Democratic Party nominee for Vice President of the United States.

"Mr. Bentsen began his public service career as a Texas county judge, then served three terms in the U.S. House. In 1955 he began a 16-year career as a Houston businessman, he was president of Lincoln Consolidated, a financial holding institution.

"Volunteering for the Army after graduation from the University of Texas School of Law in 1942, Mr. Bentsen served in an intelligence post and later volunteered as a pilot. He flew 35 combat missions in Europe, winning promotion to Major and Squadron Commander by age 24, and leaving the service with the rank of Colonel in the Air Force Reserves. He was awarded the Distinguished Flying Cross for aviation valor."

Lloyd Bentsen was a member of the Honorary Council of Advisors for the US-Azerbaijan Chamber of Commerce.