David M. Kennedy, born on July 21, 1905, in Randolph, Utah, has a B.A. from Weber College (1928), and an M.A. (1935) and LL.D. (1937) from George Washington University. He worked for the Board of Governors of the Federal Reserve (1930-1946), attaining the position of assistant to the chairman of the board.

He moved on to the bank Continental Illinois, where he became president and director (1956) as well as the chairman of its board of directors and chief executive officer (1959). In 1962, President John F. Kennedy selected him to take part in a private corporation to own and manage the nation's global satellite communication system; David Kennedy became part of its board of directors in 1964. President Lyndon B. Johnson chose Kennedy as chairman of the Commission on Budgetary Concepts (1969), following which Kennedy served as Nixon's secretary of the treasury (1969-1970).