An economist by training, Senator Phil Gramm has had a long and distinguished career in public service, academia and the private sector. Before joining AEI, Sen. Gramm was the vice chairman of UBS Investment Bank, where he provided strategic economic, political and policy advice to important corporate and institutional clients. He served in the U.S. Congress representing Texas for more than two decades, first as the 6th congressional district representative to the U.S. House of Representatives, then later as senator. His legislative record includes landmark bills like the Gramm-Latta Budget - which reduced federal spending, rebuilt national defense and mandated the Reagan tax cut - and the Gramm-Rudman Act, which placed the first binding constraints on federal spending. As chairman of the Senate Banking Committee, Sen. Gramm steered legislation modernizing banking, insurance and securities laws. The Gramm-Leach-Bliley Act amended the 70-year-old Glass-Steagall Act, allowing banks, security companies and insurance companies to affiliate through a financial services holding company. Sen. Gramm taught economics at Texas A&M University for 12 years before becoming a member of Congress. He has published numerous articles and books on subjects ranging from private property, monetary theory and policy to the economics of mineral extraction. As a visiting scholar at AEI, he will be working on a comprehensive plan to fix the U.S. economy through reform of the tax code and entitlement programs such as Social Security and Medicare.
Senior Partner, US Policy Metrics, 2012 - present
Vice Chairman, UBS Investment Bank, 2002-2011
Senator, Texas, U.S. Senate, 1985-2002
Representative, Texas 6th Congressional District, U.S. House of Representatives, 1979-1985
Professor of Economics, Texas A&M University, 1967-1978
By politicizing the allocation of mortgage credit beyond the level that was possible with Freddie and Fannie, the bill proposed by Sen. Tim Johnson and Sen. Mike Crapo manages to make the affordable-housing provisions of current policy worse.
President Obama's message could not be clearer: Life as we know it in America will change dramatically on March 1, when automatic cuts are imposed to achieve $85 billion in government-spending reductions.
Federal subsidies for new wind-power generation will end on Dec. 31 unless they are renewed by Congress. For the sake of our economy and the smooth operation of the energy market, Congress should let the subsidies lapse.