Senator Phil Gramm
Senator Gramm joined UBS Investment Bank as Vice Chairman in December of 2002 after serving 24 years in Congress, including the last 18 years as Senator from Texas. His role at UBS is focused on working with major corporate and institutional clients.
The Gramm legislative record includes landmark bills like the Gramm-Latta Budgets, which reduced federal spending, rebuilt national defense and mandated the Reagan tax cut. Two years later he passed his Gramm-Rudman Act, which placed the first binding constraints on federal spending. As Chairman of the National Republican Senatorial Committee, he led the successful effort to restore a Republican majority in the Senate in 1994. As Chairman of the Banking Committee, Senator Gramm steered through legislation modernizing the banking, insurance and securities laws, which had been languishing in Congress for 60 years. The Gramm-Leach-Bliley Act repealed the 70-year old Glass-Steagall Act, which prohibited banks, securities firms and insurance companies from affiliating. Phil Gramm authored key reforms of the U.S. welfare system and the Homeland Security Act.
U.S. Senator from Texas, elected 1984, 1990, and 1996. Chairman, Committee on Banking, Housing and Urban Affairs; Chairman, Subcommittee on Commerce, Justice, State and the Judiciary of the Senate Appropriations Committee; Chairman, Subcommittee on Health Care of the Senate Committee on Finance; Member, Senate Budget Committee; Member, Senate Committee on Agriculture; Member, Senate Committee on Armed Services.
U.S. Congressman, 6th Congressional District of Texas, elected 1978, 1980 and 1982. When he was removed from the Budget Committee in reprisal for authoring the Reagan budget he resigned from Congress on January 5, 1983 and was re-elected on February 12, 1983 as the first Republican in the history of the 6th Congressional District of Texas (only member of Congress in the 20th Century to resign from Congress and successfully seek re-election as a member of another party.) Member of the Energy and Commerce Committee, Budget Committee and Veterans Affairs Committee.
"Mr. Gramm's political career represents the arc of our times. From the policy confusion and economic turmoil of the 1970's, we have moved to an era of sounder policy and more durable prosperity. Free markets now occupy the moral and policy high ground in America and most of the rest of the world but none of this happened by accident. It required years of policy argument and intellectual conviction by people like Phil Gramm". The Wall Street Journal
"...the exemplar of the rule that in the end, ideas count. He sparkles in a Senate that sometimes resembles a hundred blinking yellow lights." The National Journal
Phil Gramm holds a Ph.D. from the University of Georgia in economics, the subject he taught at Texas A&M University for 12 years. He has published numerous articles and books on subjects ranging from monetary theory and policy to private property to the economics of mineral extraction.
He is married to Dr. Wendy Lee Gramm, former Chairman of the U.S. Commodity Futures Trading Commission under Presidents Reagan and Bush. They have two sons, Marshall and Jeff.