DOCSLIB.ORG

Interview with Andrew F. Brimmer Former Member, Board of Governors of the Federal Reserve System

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Federal Reserve Board Oral History Project Interview with Andrew F. Brimmer Former Member, Board of Governors of the Federal Reserve System Date: July 13, 2007; July 27, 2007; and August 1, 2007 Location: Washington, D.C. Interviewers: David H. Small, Adrienne Hurt, Ben Hardaway, John C. Driscoll, and David Skidmore Federal Reserve Board Oral History Project In connection with the centennial anniversary of the Federal Reserve in 2013, the Board undertook an oral history project to collect personal recollections of a range of former Governors and senior staff members, including their background and education before working at the Board; important economic, monetary policy, and regulatory developments during their careers; and impressions of the institution’s culture. Following the interview, each participant was given the opportunity to edit and revise the transcript. In some cases, the Board staff also removed confidential FOMC and Board material in accordance with records retention and disposition schedules covering FOMC and Board records that were approved by the National Archives and Records Administration. Note that the views of the participants and interviewers are their own and are not in any way approved or endorsed by the Board of Governors of the Federal Reserve System. Because the conversations are based on personal recollections, they may include misstatements and errors. ii Contents July 13, 2007 (First Day of Interview) ......................................................................................... 1 Family History ................................................................................................................................ 1 Moving to the State of Washington (1944)................................................................................... 19 Working in Bremerton Navy Yard and Attending Evening School ........................................... 22 Army Years (1945–46) ................................................................................................................. 23 Attending the University of Washington ...................................................................................... 28 Pursuing Undergraduate Degree (1947–50) ............................................................................ 28 Internship in Washington, D.C., in the Summer of 1950 .......................................................... 32 Pursuing Master’s Degree at the University of Washington .................................................... 39 Studying in India on a Fulbright Fellowship (1951–52) ............................................................... 45 Working on the Staff of the Wage Stabilization Board in Seattle ................................................ 57 Ph.D. in Economics from Harvard (1952–55) .............................................................................. 59 The Fed–Treasury Accord of 1951, Followed by Chairman Eccles Leaving the Board .............. 74 July 27, 2007 (Second Day of Interview) ................................................................................... 82 Some Experiences with Discrimination ........................................................................................ 83 Working as an Economist at the Federal Reserve Bank of New York (1955–58) ....................... 86 Mission to Sudan ....................................................................................................................... 88 Teaching at Michigan State University (1958–61) and the Wharton School of Business (1961– 63) ................................................................................................................................................. 88 Working at the U.S. Department of Commerce (1963–65) .......................................................... 90 The Civil Rights Act of 1964 ..................................................................................................... 92 Airline Deregulation ................................................................................................................. 97 Assessing the Economic Effect of the Alaska Earthquake of 1964 ........................................... 99 The Study of a Power Plant at Passamaquoddy Bay, Maine .................................................. 103 Supersonic Transport .............................................................................................................. 104 The Kennedy and Johnson Administrations: Macroeconomic Policy ....................................... 107 iii The December 1965 Increase in the Discount Rate .................................................................... 114 A Vacancy at the Board of Governors ........................................................................................ 119 Nomination to the Board of Governors ...................................................................................... 121 Discussion with the Staff in the Johnson Administration ....................................................... 123 Discussion with President Johnson ........................................................................................ 125 Making the Rounds on The Hill .............................................................................................. 132 Story of Brimmer Nomination from President Johnson’s Triumph and Tragedy Book ......... 137 August 1, 2007 (Third Day of Interview) ................................................................................ 141 The Fed, the Administration, and the Congress .......................................................................... 141 Working on Federal Reserve Infrastructure ................................................................................ 143 Nonpar Banking ...................................................................................................................... 143 Check Clearing and American Express .................................................................................. 144 Puerto Rico and Currency Circulation ................................................................................... 145 Establishing the Federal Reserve Branch in Miami—Coining Operations............................ 145 Minority Representative at the Board ..................................................................................... 146 The Board and the Congress ....................................................................................................... 151 Federal Open Market Committee Meetings ................................................................................ 153 Keynesian Economics at the Board and the Full Employment Target ....................................... 154 President Johnson’s Expectations of Brimmer’s Position on Monetary Policy ......................... 156 The Board’s Involvement in Consumer Financial Services Laws .............................................. 158 Interest Rate Ceilings and Monetary Policy ............................................................................... 163 Chairmanship of Arthur Burns.................................................................................................... 165 Nixon Offers Position of Secretary of the Treasury to Fed Chairman Martin ....................... 166 Nixon’s Announcement of Burns as Chairman, and Burns’s Meetings with Board Members at the White House ...................................................................................................................... 167 Burns’s First Federal Open Market Committee Meeting as Chairman: Brimmer Dissents . 168 Burns’s Interaction with the Staff and Board Members ......................................................... 171 Burns and the Nixon Administration....................................................................................... 172 iv Volcker as President of the Federal Reserve Bank of New York ............................................... 180 Inflation and Recession in the 1970s .......................................................................................... 183 Ranking Federal Reserve Chairmen ........................................................................................... 187 President Carter and the Federal Reserve—Credit Controls ...................................................... 188 Chairman G. William Miller ....................................................................................................... 191 Lessons Learned.......................................................................................................................... 192 More Reflections about the Federal Reserve .............................................................................. 194 Financial Crises ........................................................................................................................... 198 Bank Mergers and Acquisitions .................................................................................................. 206 The Hunt Brothers....................................................................................................................... 209 Inflation Targeting ...................................................................................................................... 213 Bretton Woods ............................................................................................................................ 215 Conclusion .................................................................................................................................
Recommended publications
  • A Study of Paul A. Samuelson's Economics

    A Study of Paul A. Samuelson's Economics

    Copyright is owned by the Author of the thesis. Permission is given for a copy to be downloaded by an individual for the purpose of research and private study only. The thesis may not be reproduced elsewhere without the permission of the Author. A Study of Paul A. Samuelson's Econol11ics: Making Economics Accessible to Students A thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Economics at Massey University Palmerston North, New Zealand. Leanne Marie Smith July 2000 Abstract Paul A. Samuelson is the founder of the modem introductory economics textbook. His textbook Economics has become a classic, and the yardstick of introductory economics textbooks. What is said to distinguish economics from the other social sciences is the development of a textbook tradition. The textbook presents the fundamental paradigms of the discipline, these gradually evolve over time as puzzles emerge, and solutions are found or suggested. The textbook is central to the dissemination of the principles of a discipline. Economics has, and does contribute to the education of students, and advances economic literacy and understanding in society. It provided a common economic language for students. Systematic analysis and research into introductory textbooks is relatively recent. The contribution that textbooks play in portraying a discipline and its evolution has been undervalued and under-researched. Specifically, applying bibliographical and textual analysis to textbook writing in economics, examining a single introductory economics textbook and its successive editions through time is new. When it is considered that an economics textbook is more than a disseminator of information, but a physical object with specific content, presented in a particular way, it changes the way a researcher looks at that textbook.
  • WHCA): Videotapes of Public Affairs, News, and Other Television Broadcasts, 1973-77

    WHCA): Videotapes of Public Affairs, News, and Other Television Broadcasts, 1973-77

    Gerald R. Ford Presidential Library White House Communications Agency (WHCA): Videotapes of Public Affairs, News, and Other Television Broadcasts, 1973-77 WHCA selectively created, or acquired, videorecordings of news and public affairs broadcasts from the national networks CBS, NBC, and ABC; the public broadcast station WETA in Washington, DC; and various local station affiliates. Program examples include: news special reports, national presidential addresses and press conferences, local presidential events, guest interviews of administration officials, appearances of Ford family members, and the 1976 Republican Convention and Ford-Carter debates. In addition, WHCA created weekly compilation tapes of selected stories from network evening news programs. Click here for more details about the contents of the "Weekly News Summary" tapes All WHCA videorecordings are listed in the table below according to approximate original broadcast date. The last entries, however, are for compilation tapes of selected television appearances by Mrs. Ford, 1974-76. The tables are based on WHCA’s daily logs. “Tape Length” refers to the total recording time available, not actual broadcast duration. Copyright Notice: Although presidential addresses and very comparable public events are in the public domain, the broadcaster holds the rights to all of its own original content. This would include, for example, reporter commentaries and any supplemental information or images. Researchers may acquire copies of the videorecordings, but use of the copyrighted portions is restricted to private study and “fair use” in scholarship and research under copyright law (Title 17 U.S. Code). Use the search capabilities of your PDF reader to locate specific names or keywords in the table below.
  • Economic Development Internationalist of the Week

    Economic Development Internationalist of the Week

    PAD6836 Lecture 8 University of North Florida Master of Public Administration program PAD 6836 Comparative public administration Economic development Internationalist of the week photo credit Manmohan Singh * Among other things, in our discussions of corruption we’ve noted that there is a difficult cycle to break out of in terms of governance: poor countries cannot afford to pay salaries that attract competent people into public service, and as a result of the corruption and inefficiency that results, citizens have little inclination to pay the taxes needed to attract and keep good people in public administration. George’s more or less random thoughts on development Progress! The general idea of economic development is to increase the productivity of society so that it produces more goods and services. Everyone wants it. Especially among left-wing critics, development (even ‘progress’) is often criticized as being materialistic, and/or a Western pathology acting as a siren’s song to lure traditional societies out of their Ruritanian idyls (I’m not sure if ‘idyl’ works with Ruritanian, but it sounds good – click for a discussion of Ruritania). This is probably not the case, for at least two reasons: 1. There isn’t much evidence to support this, among actually existing human societies (an exception). 2. Critics seem unable to understand that at lower levels of development, ‘more stuff’ means housing that protects one from the elements and vermin, health care, more efficient tools, etc. Preconditions. Causes of economic growth (drawing from Parkin 2005, with many modifications) Free markets – understood as relatively free, given what is possible in an imperfect world.
  • Why Should We Worry About the National Debt: MITCH DANIELS Questions and Answers LEON PANETTA TIM PENNY April 16, 2019

    Why Should We Worry About the National Debt: MITCH DANIELS Questions and Answers LEON PANETTA TIM PENNY April 16, 2019

    CHAIRMEN Why Should We Worry About the National Debt: MITCH DANIELS Questions and Answers LEON PANETTA TIM PENNY April 16, 2019 “Why Should We Worry About the National Debt?” describes six important ways PRESIDENT MAYA MACGUINEAS that the growing national debt will affect the budget and the economy. Below, we answer specific questions frequently raised about the topic. DIRECTORS Isn’t debt sustainable when the economy grows faster than interest rates? BARRY ANDERSON Despite the fact economic growth rate is higher than government interest rates (r<g), ERSKINE BOWLES CHARLES BOWSHER debt remains on an unsustainable trajectory in the United States. Economist Olivier KENT CONRAD Blanchard and others have pointed out that governments can shrink their debt-to- DAN CRIPPEN GDP ratio while still borrowing to finance their interest payments when r<g. VIC FAZIO However, this only leads to a sustainable outcome if a government is running a WILLIS GRADISON primary balance (revenue equals non-interest spending) or a sufficiently modest JANE HARMAN WILLIAM HOAGLAND primary deficit. The United States today is running a large and growing primary JIM JONES deficit. As a result, both debt and interest payments will continue to rise faster than LOU KERR the economy despite low interest rates. There is also no guarantee that the economic JIM KOLBE growth rate will remain higher than interest rates, particularly as rising debt puts CYNTHIA LUMMIS MARJORIE MARGOLIES downward pressure on growth and upward pressure on rates. DAVE MCCURDY JAMES MCINTYRE, JR. Do low interest rates mean deficits don’t “crowd out” investment? DAVID MINGE Evidence suggests that today’s low interest rates are in spite of, not because of, high JUNE O’NEILL deficits and debt – and that deficits continue to “crowd out” investment.
  • The Defense Program and the Economy Hearings

    The Defense Program and the Economy Hearings

    THE DEFENSE PROGRAM AND THE ECONOMY HEARINGS BEFORE THE SUBCOMMITTEE ON ECONOMIC GOALS AND INTERGOVERNMENTAL POLICY OF THE JOINT ECONOMIC COMMITTEE CONGRESS OF THE UNITED STATES NINETY-SEVENTH CONGRESS FIRST AND SECOND SESSIONS PART 1 OCTOBER 7, 13, 22, AND 29, 1981, AND DECEMBER 15, 1982 Printed for the use of the Joint Economic Committee U.S. GOVERNMENT PRINTING OFFICE 9-760 WASHINGTON:.1983 JOINT ECONOMIC COMMITTEE (Created pursuant to see. 5(a) of Public law 304, 79th Cong.) HOUSE OF REPRESENTATIVES SENATE HENRY S. REUSS, Wisconsin, Chairman ROGER W. JEPSEN, Iowa, Vice Chairman RICHARD BOLLING, Missouri WILLIAM V. ROTH, Ja., Delaware LEE H. HAMILTON, Indiana JAMES ABDNOR, South Dakota. GILLIS W. LONG, Louisiana STEVEN D. SYMMS, Idaho PARREN J. MITCHELL, Maryland PAULA HAWKINS, Florida FREDERICK W. RICHMOND, New York' MACK MATTINGLY, Georgia CLARENCE J. BROWN, Ohio LLOYD BENTSEN, Texas MARGARET M. HECKLER, Massachusetts WILLIAM PROXMIRE, Wisconsin JOHN H. ROUSSELOT, California EDWARD M. KENNEDY, Massachusetts CHALMERS P. WYLIE, Ohio PAUL S. SARBANES, Maryland JAMES K. GALBRAITH, Executive Director BRucE R. BARTLETT, Deputy Director SUBCOMMITTEE ON ECONOMIC GOALS AND INTERGOVEBNMENTAL PoLIor HOUSE OF REPRESENTATIVES SENATE LEE H. HAMILTON, Indiana, Chairman LLOYD BENTSEN, Texas, Vice Chairman RICHARD BOLLING, Missouri PAULA HAWKINS, Florida STEVEN D. SYMMS, Idaho MACK MATTINGLY, Georgia 1 Representative Richmond resigned from the U.S. House of Representatives on Aug. 25, 1982, and Representative Augustus F. Hawkins, of California, was subsequently appointed to the committee on Sept. 23, 1982. CONTENTS WITNESSES AND STATEMENTS WEDNESDAY, OCTOBEB 7, 1981 Reuss, Hon. Henry S., chairman of the Joint Economic Committee: Open- Page ing statement ------------------------------------------------- 1 Weidenbaum, Hon.
  • The Equity Market Faces a Growth Risk in the Second Half of 2021

    The Equity Market Faces a Growth Risk in the Second Half of 2021

    Mott Capital Management | Tactical Update May 30, 2021 Mott Capital Management, LLC Reading The Markets | The Week Ahead Michael J. Kramer MARKET STRATEGIST The Equity Market Faces A Growth Risk In The Second Half of 2021 As we enter June, we will quickly be approaching the end of the first half of 2021, and with that, investors are likely to begin turning their attention to 2022. As that happens, investors may quickly learn that equities face more than just interest rate and inflation risk. Growth risk is likely to become an overwhelming issue for equities and as the high earnings growth rate of 2021 moves to a much slower pace in 2022. Consensus analysts' estimates using a bottom-up approach suggest that earnings growth rates in 2022 will sink to 11.9% from 36.5% in 2021 and 10.6% in 2023 (Figure 1). I believe this is likely to result in the PE multiple of the S&P 500 compressing in the second half of 2021. This process may have already started. The PE multiple of the S&P 500 has not expanded since the beginning of 2021. More recently, it began to decline in April. Looking back to the late 1990s and early 2000s, another period of high PE multiples, we saw that the cycle only lasted for as long as the growth rate held up. Once growth rates in 2001 began to roll over the PE multiple, and the broader S&P 500 began to roll over with it. Based on that cycle, it would appear that the current cycle has now peaked, and from here, the PE should continue to compress (Figure 2, 3 & 4).
  • Movies and Cultural Contradictions

    Movies and Cultural Contradictions

    < I 1976 Movies and Cultural Contradictions FRANK P. TOMASULO In its bicentennial year, the United States was wracked by dis- illusionment and mistrust of the government. The Watergate scandal and the evacuation of Vietnam were still fresh in everyone's mind. Forced to deal with these traumatic events, combined with a lethargic economy (8.5 per- cent unemployment, energy shortages and OPEC price hikes of 5 to 10 per- cent, high inflation (8.7 percent and rising), and the decline of the U.S. dollar on international currency exchanges, the American national psyche suffered from a climate of despair and, in the phrase made famous by new California governor Jerry Brown the previous year, “lowered expectations.” President Gerald R. Ford's WIN (Whip Inflation Now) buttons--did nothing bolster consumer/investor confidence and were widely perceived to be a public rela- tions gimmick to paper over structural difficulties in the financial system. Intractable problems were apparent: stagflation, political paranoia, collective anxiety, widespread alienation, economic privation, inner-city decay, racism, and violence. The federal government's “misery index,” a combination of the unemployment rate and the rate of inflation, peaked at 17 percent. In short, there was a widespread perception that the foundations of the American Dream bad been shattered by years of decline and frustration. Despite these negative economic and social indicators in the material world, the nation went ahead with a major feel-good diversion, the bicen- tennial celebration that featured the greatest maritime spectacle in Ameri- can history: “Operation Sail,” a parade of sixteen “Tall Ships,” fifty-three warships, and more than two hundred smaller sailing vessels in New York harbor.
  • Janet Yellen's Legacy at the Federal Reserve

    Janet Yellen's Legacy at the Federal Reserve

    Journal of Finance and Bank Management December 2019, Vol. 7, No. 2, pp. 82-87 ISSN: 2333-6064 (Print), 2333-6072 (Online) Copyright © The Author(s). All Rights Reserved. Published by American Research Institute for Policy Development DOI: 10.15640/jfbm.v7n2a6 URL: https://doi.org/10.15640/jfbm.v7n2a6 Janet Yellen’s Legacy at the Federal Reserve Alexander G. Kondeas1 Abstract This paper examines the empirical results of the monetary policies followed by the Federal Reserve during the period of 2010-2018, when Janet Yellen served first as vice chair (2010-2014) and subsequently as chair (2014-2018) of the Federal Reserve Board of Governors. As the Central Bank of the United States, the Federal Reserve System (FED) is entrusted with conducting the monetary policy in a way that fulfills the Congressional dual mandate of price stability and full employment. Janet Yellen generally adhered to a dovish view of monetary policy, one that favors looser monetary control and lower interest rates in order to stimulate economic growth. At first glance, the dual mandate was satisfied during her eight years of progressively higher leadership roles at the FED. The economic recovery from the Great Recession (2007- 2008) continued, inflation remained tamed, and the rate of unemployment fell to its lowest level since 1970. Yet a closer look at consumer spending and private fixed investment indicate a sharp decline in the years following the Great Recession and until the end of Yellen’s term at the FED. It is difficult therefore, to argue that the loose monetary policies of her years in office had much of a stimulating effect on the household sector or the business sector.
  • Is the Fed Too Active?

    Is the Fed Too Active?

    OPINION BY KARTIK ATHREYA Is the Fed Too Active? ome observers have recently voiced concern that Fed So the goal of redressing at least some aspects of activities in the areas of climate change and inequal- economic inequality has long been a Fed concern. Indeed, Sity may put the institution at risk. In a forthcoming the Richmond Fed strives to understand the full range of Duke Law Journal article, for instance, Christina Parajon economic outcomes of Fifth District residents, including Skinner of the University of Pennsylvania’s Wharton School inequities, and among them, those that occur along racial argues that the Fed must avoid the temptation to engage in lines. To fail here would hinder our ability to fulfill our “central bank activism” by pushing its powers beyond the mandate under the CRA and to provide better informa- text and purpose of its legal mandate to address “imme- tion via the Beige Book and other means to guide mone - diate public policy problems” such as climate change tary policy. As Richmond Fed President Tom Barkin and economic inequality. She cautions, “Activism under- has pointed out, “The regional Fed banks are charged mines the legitimacy of central bank authority, with understanding the dynamics within our erodes its political independence, and ultimately “We should districts. In pursuit of that goal, we have been renders a weaker central bank.” In a recent Wall investing in research that addresses these Street Journal op-ed, Michael Belongia of the always strive to issues and the racial inequities that result.” University of Mississippi and Peter Ireland of understand forces Lately, the connection between mone- Boston College voiced similar concerns about Fed that plausibly tary policy and economic inclusion has drawn activities in the area of income inequality.
  • 28001 Hon. Doug Ose Hon. Jeff Miller Hon. Eleanor Holmes

    28001 Hon. Doug Ose Hon. Jeff Miller Hon. Eleanor Holmes

    December 20, 2001 EXTENSIONS OF REMARKS 28001 his business was inspiring. His family’s con- HONORING COPELAND AND WI- This year, the Authority completed six years tributions to the religious community in time NONA GRISWOLD ON THEIR 50TH that have brought the District of Columbia out and money are in the record books. WEDDING ANNIVERSARY of the worst financial crisis in a century. To Members of the community called on him cope with this crisis, Congress passed the when something was needed for those who HON. JEFF MILLER District of Columbia Financial Responsibility and Management Assistance Authority Act in were less fortunate. He was always there. He OF FLORIDA 1995. The city had followed several others— was generous to a fault and has set a stand- IN THE HOUSE OF REPRESENTATIVES Philadelphia, New York, and Cleveland among ard for all of us to follow. Thursday, December 20, 2001 them—to junk bond status indicating an inabil- In a Yom Kippur Sermon several years ago, Mr. MILLER of Florida. Mr. Speaker, it is ity to borrow, or insolvency. As with the cities Rabbi Joseph Weinberg, said: my distinct pleasure to announce to you and that preceded them, the District required a ‘‘Always we are commanded to seize the the other members of this distinguished body, ‘‘control board’’ or Authority in order to con- day, to create a life which will be remembered that on December 21, 2001, my in-laws, tinue to borrow the necessary money to func- as a blessing. Not how long, but how well did Copeland and Winona Griswold of Chumuckla, tion.
  • Accidental Prime Minister

    Accidental Prime Minister

    THE ACCIDENTAL PRIME MINISTER THE ACCIDENTAL PRIME MINISTER THE MAKING AND UNMAKING OF MANMOHAN SINGH SANJAYA BARU VIKING Published by the Penguin Group Penguin Books India Pvt. Ltd, 11 Community Centre, Panchsheel Park, New Delhi 110 017, India Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014, USA Penguin Group (Canada), 90 Eglinton Avenue East, Suite 700, Toronto, Ontario, M4P 2Y3, Canada (a division of Pearson Penguin Canada Inc.) Penguin Books Ltd, 80 Strand, London WC2R 0RL, England Penguin Ireland, 25 St Stephen’s Green, Dublin 2, Ireland (a division of Penguin Books Ltd) Penguin Group (Australia), 707 Collins Street, Melbourne, Victoria 3008, Australia (a division of Pearson Australia Group Pty Ltd) Penguin Group (NZ), 67 Apollo Drive, Rosedale, Auckland 0632, New Zealand (a division of Pearson New Zealand Ltd) Penguin Group (South Africa) (Pty) Ltd, Block D, Rosebank Offi ce Park, 181 Jan Smuts Avenue, Parktown North, Johannesburg 2193, South Africa Penguin Books Ltd, Registered Offi ces: 80 Strand, London WC2R 0RL, England First published in Viking by Penguin Books India 2014 Copyright © Sanjaya Baru 2014 All rights reserved 10 9 8 7 6 5 4 3 2 1 The views and opinions expressed in this book are the author’s own and the facts are as reported by him which have been verifi ed to the extent possible, and the publishers are not in any way liable for the same. ISBN 9780670086740 Typeset in Bembo by R. Ajith Kumar, New Delhi Printed at Thomson Press India Ltd, New Delhi This book is sold subject to the condition that
  • A Dinner Tribute to Joseph A. Pechman

    A Dinner Tribute to Joseph A. Pechman

    This document is from the collections at the Dole Archives, University of Kansas http://dolearchives.ku.edu A Dinner Tribute to Joseph A. Pechman "In his generation of Washington intellectuals - the people who make a difference not because of their offices or their connections, but because of the force of their writing and their argument- none had more influence than Mr. Pechman. None used it with greater generosity or a surer sense of the public interest" I The Washington Post Wednesday, August 23, 1989 The Brookings Institution 1775 Massachusetts Avenue, N.W. Washington, D.C. 20036-2188 202/797-6220 Page 1 of 29 This document is from the collections at the Dole Archives, University of Kansas http://dolearchives.ku.edu A Dinner Tribute to Joseph A. Pechman hosted by The Brookings Institution Tuesday, April 24, 1990 6:30 p.rn. The Hyatt Regency Hotel Capitol Hill 400 New Jersey Avenue, N.W. Washington District of Columbia Page 2 of 29 This document is from the collections at the Dole Archives, University of Kansas http://dolearchives.ku.edu Joseph A. Pechman, one of America's most influential economists and leading theoretician on tax policy, was Director of the Economic Studies Program at The Brookings lnstitution for more than 20 years. At his death, he was Senior Fellow Emeritus in Economic Studies. Joe Pechman came to Brookings in 1960 after serving on the staff of the Council of Economic Advisers, the Committee for Economic Development, and the Office of Price Administration. As Director of Economic Studies from 1962 to 1983, he managed programs in the study of government finance and supervised research in social economics and regulatory policy.