Editing Charles G. Dawes (section)

==1920s: Financing Europe and the Nobel Peace Prize==
He supported [[Frank O. Lowden]] at the [[1920 Republican National Convention]], but the presidential nomination went to [[Warren G. Harding]].<ref name="dawesvp1"/> When the [[United States Office of Management and Budget|Bureau of the Budget]] was created, he was appointed in 1921 by President Harding as its first director. Secretary of Commerce Herbert Hoover appointed him to the Allied Reparations Commission in 1923. Dawes chaired the group that devised the solution to the European crisis: through the [[Dawes Plan]], American banks loaned large sums of money to Germany. The loans helped Germany's industrial production to recover and the government to make reparation payments to France and Belgium as required by the [[Versailles Treaty]]. France and Belgium in turn agreed to withdraw the troops that had been [[Occupation of the Ruhr|occupying the Ruhr]] since January 1923. In 1929 the Reparations Commission under [[Owen Young]] replaced the plan with the more permanent [[Young Plan]], which reduced the total amount of reparations and called for the removal of [[Occupation of the Rhineland|occupying forces from the Rhineland]].<ref>Dunlap, pp. 214–15.</ref><ref>Stephen A. Schuker, ''The End of French Predominance in Europe: The Financial Crisis of 1924 and the Adoption of the Dawes Plan'' (U of North Carolina Press, 1976).</ref> For his work on the Dawes Plan and the resulting reduction of tensions between France and Germany, Dawes shared the [[Nobel Peace Prize]] in 1925.<ref name="Davis"/><ref>{{Cite web |title=Charles G. Dawes |url=https://www.nobelprize.org/prizes/peace/1925/dawes/facts/ |access-date=20 October 2023 |website=The Nobel Prize}}</ref>