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.
“ADDITIONAL STATEMENTS” mentioning the Federal Reserve System was published in the Senate section on pages S12050-S12051 on Sept. 25, 2007.
The publication is reproduced in full below:
ADDITIONAL STATEMENTS
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HONORING THE LIFE OF DR. EDWARD M. GRAMLICH
Mr. LEVIN. Mr. President, I would like to honor the life of Dr. Edward M. Gramlich, who recently passed away at the age of 68. Dr. Gramlich was an outstanding and dedicated public servant whose expertise, knowledge, and counsel were highly sought after among the leaders of Michigan's economic and academic communities.
Dr. Gramlich will be best remembered as a pragmatic economist who championed the cause of consumer protection and sought to tighten mortgage lending practices. Appointed to the Board of Governors of the Federal Reserve System in 1997 by President Clinton, Dr. Gramlich brought a balanced view to the Reserve Board that included a deep respect for consumer-protection issues. For years he warned of the looming crisis in the mortgage industry, citing excessive fees and high cost mortgages offered to those who could not afford them. In June of this year, while undergoing medical treatment, Dr. Gramlich published a timely critique of these practices entitled ``Sub-prime Mortgages: America's Latest Boom and Bust,'' which both assessed the issue and offered timely solutions to the problem.
In 2005, Dr. Gramlich resigned from the Fed to return as interim provost to the University of Michigan, where he enjoyed a decades-long affiliation. He held a number of distinguished positions there throughout his career, including as a professor of economics and public policy, chair of the Economics Department, and Dean of the Ford School of Public Policy. Other important positions included Dr. Gramlich's service as chair of the Air Transportation Stabilization Board after the attacks of September 11, 2001; deputy director and acting director of the Congressional Budget Office; senior fellow at the Brookings Institute; and director of the Policy Research Division at the Office of Economic Opportunity.
Prior to his work with the Reserve Board, Dr. Gramlich served as chairman of the Neighborhood Reinvestment Corporation. In that capacity Dr. Gramlich worked to urge legislators to clamp down on predatory lending practices and to toughen regulations on banks and mortgage lenders. During his tenure at the Fed, his strong calls for regulation were often met with resistance from a system that favors industry self-regulation. Given today's mortgage and credit crises, we cannot help but wonder ``what if'' with respect to many of those decisions. In any event, as Congress and the States seek ways to grapple with the current situation, Dr. Gramlich's work on consumer protection issues and his insightful analyses will undoubtedly have significant influence.
Dr. Gramlich is mourned by many in Michigan and across the country, including his wife Ruth; his children, Sarah Howard and Robert; his parents, J. Edward and Harriet; as well as many other family members, friends, and colleagues. Dr. Gramlich made an extraordinary impact throughout his life, and I hope that those mourning this loss find comfort in the significant legacy he leaves behind.
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