Bert Lance

Bert Lance was an American banker and political figure who served as the Director of the Office of Management and Budget under President Jimmy Carter. His tenure was cut short by a major scandal involving his banking practices prior to his federal appointment, leading to his resignation and subsequent congressional investigations. Lance remained a significant, albeit controversial, figure in the political and financial history of the American South during the late 20th century.

Early life and education

Thomas Bertram Lance was born in Gainesville, Georgia, to a prominent local family. He attended the University of Georgia, where he earned a degree in banking and finance and was a member of the Phi Kappa Literary Society. His early career was shaped by the banking environment of North Georgia, and he married LaBelle David, the daughter of a state senator, which further connected him to the political establishment of the Democratic Party in Georgia.

Banking career

Lance's professional life was centered on banking, where he became president of the Calhoun First National Bank and later served as chairman of the National Bank of Georgia. His aggressive expansion and lending strategies made him a powerful figure in Georgia's financial circles. During this period, he developed a close friendship with then-Governor Jimmy Carter, whom he advised on fiscal matters and later served as the head of the Georgia Department of Transportation.

Director of the Office of Management and Budget

Following Carter's victory in the 1976 presidential election, Lance was appointed Director of the Office of Management and Budget. He was confirmed by the United States Senate and assumed the role advocating for fiscal restraint and a balanced federal budget. However, his tenure was almost immediately overshadowed by media scrutiny, led by reports from The New York Times and investigations by the Comptroller of the Currency, into his past banking conduct.

Congressional investigations and resignation

In September 1977, the Senate Governmental Affairs Committee and the Senate Banking Committee opened hearings into allegations that Lance had engaged in unsound banking practices, including the extension of large personal loans. The proceedings, which featured testimony from officials of the Federal Deposit Insurance Corporation and the Securities and Exchange Commission, dominated national news. Facing mounting pressure, Lance resigned his position on September 21, 1977, though he was later acquitted of all criminal charges following a trial in Atlanta.

Later life and death

After his resignation, Lance returned to Georgia and resumed his career in business and banking, maintaining a role as a political consultant and commentator. He remained a loyal supporter of Jimmy Carter and was active in various civic organizations, including the Carter Center. Bert Lance died of heart and kidney failure in Calhoun, Georgia in 2013, and was buried in the Chandler Cemetery in Gainesville, Georgia.

Category:American bankers Category:Jimmy Carter administration personnel Category:1931 births Category:2013 deaths