Phil Gramm

Date of Birth: July 8, 1942

Zodiac Sign: Cancer

Biography

William Philip Gramm, commonly known as Phil Gramm, is a retired American politician and economist who served as a Democratic Congressman and later as a Republican Senator from Texas. Born on July 8, 1942, Gramm’s career in politics spanned several decades, during which he became known for his strong advocacy of free-market economic policies and fiscal conservatism. Gramm was born in Columbus, Georgia, and grew up in a modest household. He earned a Bachelor’s degree and later a Ph.D. in economics from the University of Georgia. Before entering politics, he was a professor of economics at Texas A&M University. Phil Gramm began his political career as a member of the Democratic Party and was elected to the U.S. House of Representatives in 1978. However, in 1983, he switched to the Republican Party, a move that was controversial at the time but significantly bolstered his political career. He was elected to the U.S. Senate in 1984, where he served until 2002. Gramm was a key figure in several significant legislative efforts, including the Gramm-Rudman-Hollings Balanced Budget Act, which aimed to reduce the federal deficit. He also played a pivotal role in the passage of the Gramm-Leach-Bliley Act, which deregulated the banking industry. After retiring from the Senate, Gramm worked in the private sector, including a notable stint at UBS Investment Bank. His career has been marked by his commitment to conservative economic principles and his influence on American fiscal policy.

5 Interesting Facts about Phil Gramm

1. Phil Gramm switched parties from Democrat to Republican in 1983, a rare move for a sitting Congressman.

2. He co-authored the Gramm-Rudman-Hollings Balanced Budget Act, a landmark legislation aimed at controlling the federal deficit.

3. Gramm played a significant role in the passage of the Gramm-Leach-Bliley Act, which dismantled part of the Glass-Steagall Act and allowed for the consolidation of financial services.

4. After retiring from politics, he worked as a vice chairman at UBS Investment Bank.

5. Gramm once ran for the Republican presidential nomination in 1996 but eventually dropped out of the race.

5 Most Interesting Quotes from Phil Gramm

1. “The most important thing we want to do is to get the economy growing. Everything else will follow from that.”

2. “In economics, the majority is always wrong.”

3. “Government is not the generator of economic growth; working people are.”

4. “I have a very hard time separating my personal identity from Texas.”

5. “We must have a balanced budget before we can have a balanced society.”

Highest Net Worth Achieved

At his peak, Phil Gramm’s net worth was estimated to be around $12 million, largely accrued through his work in both the public and private sectors.

Children

Phil Gramm has two children: Marshall Gramm and Jeff Gramm. Marshall is an economics professor and horse racing enthusiast, while Jeff is a musician and author.