Pete Peterson, the financier who funded several groups that advocated for lowering the federal debt, died Tuesday.
Peterson was 91 years old.
In addition to an illustrious Wall Street career in which he co-founded the private equity group Blackstone, Peterson helped finance several fiscally conservative groups that have proved highly influential in Washington.
Today, the Peter G. Peterson Foundation aims to lower deficits. Peterson also was a director for the Committee for a Responsible Federal Budget, a fixture in budget debates that opposes policies that add to deficits. Peterson also co-founded the Concord Coalition, another fiscally conservative group.
Peterson’s “desire to ensure that the American Dream would endure for future generations led to his passion for fiscal responsibility,” Concord Coalition Robert Bixby said in a statement.
Altogether, Peterson is reported to have spent hundreds of millions of dollars on advocacy related to lowering the debt.
For his efforts, Peterson often received criticism from liberals, on the basis of his calls for reforms to Social Security and other entitlement programs.
Peterson served as the Commerce Secretary under President Nixon. He’d go on to head the investment bank Lehman Bros. before entering private equity and amassing a personal fortune that made him a billionaire.
