[1] Smith was born in Aberdeen, South Dakota.

[2] James E. Smith was Deputy Under-Secretary of the Treasury before being named Comptroller by President Nixon.

In response, Smith led a review of the agency's examination practices, which changed the way the agency did business: more emphasis was placed on assessment of a bank's own policies, procedures, decision making, and management information system, and the importance of training and career development for national bank examiners was recognized.

After his resignation, Smith became a financial consultant.

Smith died on September 23, 2020, at the age of 89.