The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“IN RECOGNITION OF THE LIFE AND LEGACY OF DR. THOMAS LAUBACH” mentioning the Federal Reserve System was published in the Extensions of Remarks section on pages E953 on Oct. 13, 2020.
The Federal Reserve is the US's central bank, expanding many times during great financial uncertainty and panic. It has faced numerous criticisms since its creation in 1913, such as making the Great Depression worse and for lacking transparency and audits.
The publication is reproduced in full below:
IN RECOGNITION OF THE LIFE AND LEGACY OF DR. THOMAS LAUBACH
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HON. EMANUEL CLEAVER
of missouri
in the house of representatives
Tuesday, October 13, 2020
Mr. CLEAVER. Madam Speaker, it is with a heavy heart that I rise today, not only on behalf of Missouri's 5th Congressional District, but also on behalf of the Subcommittee on Monetary Policy. I rise today to honor the life and legacy of Dr. Thomas Laubach. Dr. Laubach dedicated his exceptional economic mind to serving his county and dedicated his life to serving the world at large. His was a powerful and touching life that was tragically cut short by cancer on September 2, 2020. He was just 55 years old. Dr. Laubach's legacy will live on in the work he did, the lives he touched, and the story he left behind.
Dr. Laubach began as an undergraduate in North Rhine-Westphalia, Germany at the University of Bonn, where he graduated with a degree in economics in 1993. He then went on to receive a Ph.D. in economics from Princeton University just four years later. At Princeton, Dr. Laubach's thesis advisor was none other than Ben Bernanke, who would go on to serve as the 14th Chair of the Federal Reserve from 2006 to 2014. With an illustrious education under his belt, Dr. Laubach began his even more illustrious career. First making a name for himself in my home district as an Economist at the Kansas City Federal Reserve Bank, Dr. Laubach started on a path to change the world of economics forever. After working at the Kansas City Fed for three years, Dr. Laubach became an Economist, and then Senior Economist, for the Board of Governors of the Federal Reserve System. He then took four years to teach and serve as Chair of Macroeconomics at Goethe University Frankfurt while taking research stints at Deutsche Bundesbank and the European Central Bank. He returned to the Board of Governors in 2012, this time as the Associate Director, before being appointed Director of the Division of Monetary Affairs in 2015. He served in that capacity until his death on September 2nd. At the time of his death, he was leading the central bank's new strategy to lower unemployment while responding to the changes brought on by the devastating pandemic that has so deeply affected our nation's economy.
Though his life in the economic world was impactful in countless ways, he is most well-known for two groundbreaking contributions. The first, of course, is Dr. Laubach's indelible mark on central bank interest-rate policy, which continues to affect both the U.S. Federal Reserve and central banks across the world. The second came in 2001, when Dr. Laubach co-authored a paper titled ``Measuring the Natural Rate of Interest'' alongside John Williams, who is currently serving as the president of the New York Federal Reserve. That paper set forth a transformational theory on the neutral rate of interest that will forever be known as the Laubach-Williams model.
Dr. Laubach wore many hats throughout his career: brilliant economist, dedicated researcher, bold thinker, curious student, and generous professor. A friend to many, he is also remembered as a kind, calm, and collegial presence. When critics attacked his ideas, Dr. Laubach responded with kindness and respect. When young economic minds sought his wisdom, he responded with patience and empathy. He was, above all, a beautiful soul who sought to employ his talents to alleviate suffering and serve others, and for that, we are eternally grateful.
When such a quietly influential figure passes on, I find myself wondering what I myself can do to help preserve their legacy. But in that respect, Dr. Laubach's own work will do much more than any tribute or eulogy could ever hope to do. His ideas, his writing, his influence is already a part of the fabric of the economic world. His legacy lives on in global monetary policy, in economics classrooms around the country, and in the thinkers he helped prepare to take on the crises of tomorrow. Madam Speaker, please join me, my district, and the Subcommittee on Monetary Policy for the House Financial Services Committee in honoring Dr. Laubach's memory and offering heartful condolences to his loved ones. We have lost a bright light, an irreplaceable mind, and a dedicated public servant, but we are blessed with the dark places his light illuminated, the theories his mind made crystal clear, and the lives his service helped touch. He was taken from us far too soon, so let us all carry his torch forward by committing our passions, skills, and talents to the service of others.
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