American Enterprise Institute (AEI) President Arthur Brooks announced today that former senator Phil Gramm has joined AEI to work on economic policy.
Senator Gramm joins AEI as a visiting scholar after a long and distinguished career in public service, academia and the private sector. As a member of the House of Representatives and senator, Gramm authored the Gramm-Latta Budget Bill, which reduced federal spending, rebuilt national defense and mandated the Reagan tax cut. He authored the Gramm-Rudman Balanced Budget and Deficit Control Act, the first congressional effort to rein in the deficit. As chairman of the Senate Banking Committee, he authored the Gramm-Leach-Bliley Act, which modernized the nation’s financial system.
After leaving the Senate, Senator Gramm served for nine years as vice chairman of UBS Investment Bank and took part in such major transactions as the Visa and Bank of China initial public offerings, the Industrial and Commercial Bank of China rights offering and the Telstra follow-on offering that privatized the phone company in Australia.
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.
“Senator Gramm is one of the most innovative policymakers of our time,” said AEI President Arthur Brooks. “The Washington policy community has great need of his ideas and wisdom. We are thrilled to have him as part of the AEI Economic Policy Studies team.”
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