Phil Gramm
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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).
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).
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, 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.
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the Gramm-Rudman-Hollings Act law, but portions were ruled unconstitutional, and other sections have largely been superseded by other budget-controlling mechanisms.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.
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 publically offered the position. Gramm is now a vice-chairman of UBS Investment Bank.
Phil Gramm is married to Dr. Wendy Lee Gramm, who is associated with George Mason University's Mercatus Center.
Quotes
- "We're going to keep on building the party (the Texas GOP) until we're hunting Democrats with dogs." - As quoted in Mother Jones, August 1995
- "If you are willing to tackle the tough issues, you don’t need to worry about stepping on anyone’s toes; they will stand aside and shove you to the front.” - As quoted by former Gramm staffer Wayne A. Abernathy[[1]] September 12, 2002, before the Senate Committee on Banking, Housing, and Urban Affairs.[2]
- "I did not come to Washington to be loved, and I have not been disappointed." As quoted in Roll Call, 2003. [3]
| Preceded by: John G. Tower | U.S. Senator (Class 2) from Texas 1985—2002 | Succeeded by: John Cornyn |