Economic Cooperation Administration
After the war, Tenenbaum served as special assistant to the Lucius D. Clay, finance adviser of the U.S. military-established government from 1945-1948 and as an economist with the Economic Cooperation Administration from 1948–1950. He is credited with rescuing the German deutschemark while in this position. Former German chancellor Helmut Schmidt said about Tenenbaum, "He was the intellectual link between the American military government and the German experts."