Wendy Lee Gramm
Encyclopedia
Wendy Lee Gramm is an American economist and a distinguished senior scholar at George Mason University
's Mercatus Center
, a free-market think tank based in Washington D.C. She is also the wife of former United States Senator Phil Gramm
. Gramm has gained notoriety for her role in the Enron scandal
.
and is of Korea
n and Hawaiian ancestry. She received a B.A. degree in economics
from Wellesley College in 1966 and a Ph. D. in economics from Northwestern University
in 1971. In her role at the Mercatus Center, Gramm generally calls for deregulation of the energy industry
. Previously, Gramm held several positions in the Reagan Administration
, including heading the Commodity Futures Trading Commission
from 1988 to 1993. After a lobbying campaign from Enron, the CFTC exempted it from regulation in trading of energy derivatives. Subsequently, Gramm resigned from the CFTC and took a seat on the Enron
Board of Directors and served on its Audit Committee. While on the board of directors she received donations from Enron to support the Mercatus Center
.
After the Enron scandal
, Gramm and the other directors of the energy company were named in several investor lawsuits, many of which have been settled. In particular, Gramm and other Enron directors agreed to a $168 million dollar settlement in a suit led by the University of California
. As part of that settlement, the directors agreed to collectively pay $13 million to settle claims of insider trading
. The remainder of the settlement was to be paid by insurance.
From 1985 to 1988, Gramm was head of the Office of Management and Budget's Office of Information and Regulatory Affairs
(OIRA). In 2002, OIRA solicited public recommendations for regulatory reform. Mercatus made 44 recommendations.
Gramm also serves as chair of the Texas Public Policy Foundation
and a director of the Independent Women's Forum
, a conservative women's group. She has sat on the boards of Enron Corporation, Iowa Beef Processors, Invesco Funds, Longitude, the Chicago Mercantile Exchange
, and State Farm Insurance Companies.
She has two sons: Jeff, who heads the indie-rock outfit Aden, and Marshall, a professor of economics at Rhodes College
.
Ronald Reagan
once said Gramm was "my favorite economist."
George Mason University
George Mason University is a public university based in unincorporated Fairfax County, Virginia, United States, south of and adjacent to the city of Fairfax. Additional campuses are located nearby in Arlington County, Prince William County, and Loudoun County...
's Mercatus Center
Mercatus Center
The Mercatus Center at George Mason University in the United States is a non-profit market-oriented research, education, and outreach think tank affiliated with the Koch family. It works with policy experts, lobbyists, and government officials to connect academic learning and real-world practice...
, a free-market think tank based in Washington D.C. She is also the wife of former United States Senator Phil Gramm
Phil Gramm
William Philip "Phil" Gramm is an American economist and politician, who has served as a Democratic Congressman , a Republican Congressman and a Republican Senator from Texas...
. Gramm has gained notoriety for her role in the Enron scandal
Enron scandal
The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world...
.
Biography
Wendy Lee Gramm was born in HawaiiHawaii
Hawaii is the newest of the 50 U.S. states , and is the only U.S. state made up entirely of islands. It is the northernmost island group in Polynesia, occupying most of an archipelago in the central Pacific Ocean, southwest of the continental United States, southeast of Japan, and northeast of...
and is of Korea
Korea
Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...
n and Hawaiian ancestry. She received a B.A. degree in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from Wellesley College in 1966 and a Ph. D. in economics from Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
in 1971. In her role at the Mercatus Center, Gramm generally calls for deregulation of the energy industry
Energy policy of the United States
The energy policy of the United States is determined by federal, state and local public entities in the United States, which address issues of energy production, distribution, and consumption, such as building codes and gas mileage standards...
. Previously, Gramm held several positions in the Reagan Administration
Reagan Administration
The United States presidency of Ronald Reagan, also known as the Reagan administration, was a Republican administration headed by Ronald Reagan from January 20, 1981, to January 20, 1989....
, including heading the Commodity Futures Trading Commission
Commodity Futures Trading Commission
The U.S. Commodity Futures Trading Commission is an independent agency of the United States government that regulates futures and option markets....
from 1988 to 1993. After a lobbying campaign from Enron, the CFTC exempted it from regulation in trading of energy derivatives. Subsequently, Gramm resigned from the CFTC and took a seat on the Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
Board of Directors and served on its Audit Committee. While on the board of directors she received donations from Enron to support the Mercatus Center
Mercatus Center
The Mercatus Center at George Mason University in the United States is a non-profit market-oriented research, education, and outreach think tank affiliated with the Koch family. It works with policy experts, lobbyists, and government officials to connect academic learning and real-world practice...
.
After the Enron scandal
Enron scandal
The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world...
, Gramm and the other directors of the energy company were named in several investor lawsuits, many of which have been settled. In particular, Gramm and other Enron directors agreed to a $168 million dollar settlement in a suit led by the University of California
University of California
The University of California is a public university system in the U.S. state of California. Under the California Master Plan for Higher Education, the University of California is a part of the state's three-tier public higher education system, which also includes the California State University...
. As part of that settlement, the directors agreed to collectively pay $13 million to settle claims of insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
. The remainder of the settlement was to be paid by insurance.
From 1985 to 1988, Gramm was head of the Office of Management and Budget's Office of Information and Regulatory Affairs
Office of Information and Regulatory Affairs
The Office of Information and Regulatory Affairs is an office of the United States Government that Congress established in the 1980 Paperwork Reduction Act. OIRA is located within the Office of Management and Budget, which is an agency within the Executive Office of the President...
(OIRA). In 2002, OIRA solicited public recommendations for regulatory reform. Mercatus made 44 recommendations.
Gramm also serves as chair of the Texas Public Policy Foundation
Texas Public Policy Foundation
The Texas Public Policy Foundation is an Independent think tank based in Austin, Texas. It is a member of the State Policy Network, a network of free-market leaning think tanks....
and a director of the Independent Women's Forum
Independent Women's Forum
The Independent Women's Forum is an American conservative, non-profit, non-partisan research and educational institution focused on domestic and foreign policy issues of concern to women...
, a conservative women's group. She has sat on the boards of Enron Corporation, Iowa Beef Processors, Invesco Funds, Longitude, the Chicago Mercantile Exchange
Chicago Mercantile Exchange
The Chicago Mercantile Exchange is an American financial and commodity derivative exchange based in Chicago. The CME was founded in 1898 as the Chicago Butter and Egg Board. Originally, the exchange was a non-profit organization...
, and State Farm Insurance Companies.
She has two sons: Jeff, who heads the indie-rock outfit Aden, and Marshall, a professor of economics at Rhodes College
Rhodes College
Rhodes College is a private, predominantly undergraduate, liberal arts college located in Memphis, Tennessee, USA. Originally founded by freemasons in 1848, Rhodes became affiliated with the Presbyterian Church in 1855. Rhodes enrolls approximately 1,700 students pursuing bachelor's and master's...
.
Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
once said Gramm was "my favorite economist."