Phil Gramm

William Philip "Phil" Gramm (born July 8, 1942 in Fort Benning, Georgia) served as a Democratic Congressman (1978-1983), a Republican Congressman (1983-1984), and a Republican Senator from Texas (1985-2002).

Related Topics:
July 8 - 1942 - Fort Benning - Georgia - Democratic - Congressman - 1978 - 1983 - Republican - 1984 - Senator - Texas - 1985 - 2002

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In 1967, he received a Ph.D. in economics from the University of Georgia. After earning his Ph.D., Gramm taught economics for twelve years at Texas A&M University (1967-1978). In addition to his teaching, Gramm served as a partner in the economic consulting firm Gramm & Associates (1971-1978).

Related Topics:
1967 - Ph.D. - Economics - University of Georgia - Texas A&M University - 1978 - Partner - 1971

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In 1978, Gramm successfully ran as a Democrat for Texas's Sixth District in the United States House of Representatives. He continued his service in the House, being reelected every two years,

Related Topics:
1978 - Texas's Sixth District - United States House of Representatives

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In 1981, Gramm worked with his Republican colleagues on the House Budget Committee to pass newly inaugurated President Ronald Reagan's budget. In response, the House Democratic leadership stripped him of his seat on the committee. Following this action, Gramm resigned his House seat and successfully ran to fill the vacancy as a Republican, becoming the first Republican to represent the district since its creation.

Related Topics:
1981 - House Budget Committee - Inaugurated - President - Ronald Reagan - Budget - As a Republican

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In 1984, Gramm was elected to represent Texas in the U.S. Senate. He served on the Senate Budget Committee from 1989 until leaving office in 2003. Gramm and Senators Fritz Hollings and Warren Rudman devised a means of cutting the budget through indiscriminate, across-the-board spending cuts if deficit-reduction targets were not met. They were successful in making the Gramm-Rudman-Hollings Act law, but portions were ruled unconstitutional, and other sections have largely been superseded by other budget-controlling mechanisms. Later in his Senate career, Gramm spearheaded efforts to pass banking reform laws, including the landmark Gramm-Leach-Bliley Act, which tore down Depression-era laws separating banking, insurance and brokerage activities.

Related Topics:
1984 - U.S. Senate - Senate Budget Committee - 1989 - 2003 - Fritz Hollings - Warren Rudman - Deficit - Gramm-Rudman-Hollings Act - Unconstitutional - Banking - Gramm-Leach-Bliley Act

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Gramm ran unsuccessfully for the Republican Party nomination in the 1996 presidential election. Although rumors were rampant that he was being considered to be the next U.S. Secretary of the Treasury in George W. Bush's second term, he has not been publicly offered the position. Gramm is now a vice-chairman of UBS Investment Bank.

Related Topics:
1996 presidential election - U.S. Secretary of the Treasury - UBS

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Phil Gramm is married to Dr. Wendy Lee Gramm, who is associated with George Mason University's Mercatus Center.

Related Topics:
Wendy Lee Gramm - George Mason University - Mercatus Center

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