Irving Townsend was born in Shanghai, China, on July 16, 1899. He was educated at the University of Chicago and Harvard University, receiving his Ph.D. in Economics, and later serving as Professor of Economics at Harvard for twenty-five years. During World War II Townsend served as a member of the United States Treasury Board, and during the Korean War he held various positions with the Department of Defense
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In 1955 he was appointed Secretary of the Economic Stabilization Agency and served in this position until 1963 when he became President of the Reconstruction Finance Corporation. From 1970 to 1973 he directed the United States Government's International Trade Commission. He is a director of several corporations and has been a member of many boards of directors including: the Council on Foreign Relations, The Brookings Institution, The Mitchell Foundation, The Carnegie Foundation for International Peace, and The Atlantic Council for International Affairs.