Young Plan
Young's participation in President Woodrow Wilson's Second Industrial Conference following World War I marked the beginning of his counseling of five U.S. presidents. In 1924, he coauthored the Dawes Plan, which provided for a reduction in the annual amount of German reparations. In the late 1920s investments fell, and Germany again defaulted on its payments. In 1929 a new international body met to consider a program for the final release of German obligations; Young acted as chairman. Germany's total reparations were reduced and spread over 59 annual payments. After establishing this "Young Plan", Young was named Time Magazine's Man of the Year in 1929. The Young Plan collapsed with the coming of the Great Depression.