Gramlich returns to Ford School of Public Policy

Contact: Linda Packo, (734) 764-8593, [email protected]

ANN ARBOR, Mich.--- Edward M. Gramlich, who announced today that he's leaving his post as Governor of the Federal Reserve Board effective Aug. 31, will return to the University of Michigan.

Contingent upon approval by the U-M Board of Regents, Gramlich will be named the Richard A. Musgrave Collegiate Professor in the Gerald R. Ford School of Public Policy. He will teach macroeconomics and housing markets at the school and in the new "Michigan in Washington" program.

"We are excited to welcome Ned Gramlich back to campus," said Provost Paul N. Courant. "His experience in one of the nation's most critical institutions adds an invaluable dimension to his research and teaching."

Gramlich will also hold a part-time appointment as the Richard B. Fisher Senior Fellow at the Urban Institute.

"I look forward to resuming my teaching and research career with great eagerness. I have a warm spot in my heart for the University of Michigan and, in particular, for the students at the Gerald R. Ford School of Public Policy," Gramlich said.

Gramlich will continue his research on evaluation of public policies. He also plans to focus on low-income housing and airlines, two issues he has been dealing with at the Federal Reserve.

President Clinton first appointed Gramlich, 65, to the board, for a term that expires Jan. 31, 2008. For most of this time, he served as chair of the board's Committee on Consumer and Community Affairs. During his tenure the committee proposed, and the board adopted, important changes in the Home Owner Equity Protection Act and the Home Mortgage Disclosure Act. It also proposed a revision to the Community Reinvestment Act.

He has also been the board's delegate to, and chair of, the Airline Transportation Stabilization Board, which administers the $10-billion loan guarantee program enacted in response to the Sept. 11, 2001 disaster. Finally, he has chaired the board of the Neighborhood Reinvestment Corporation, a partnership that now assists more than 50,000 homeowners and invests about $2 billion a year in public and private housing support.

Prior to his board appointment, he was dean of U-M's School of Public Policy, now renamed as the Gerald R. Ford School of Public Policy. He also chaired the 1994-96 Quadrennial Advisory Council on Social Security, and was staff director for the 1992 Economic Study Committee on Major League Baseball.

Gramlich joins the growing list of distinguished faculty who contribute to the Ford School's status as one of the top policy schools in the nation.

"I am absolutely delighted to welcome Ned Gramlich back to the school and to Ann Arbor," said Rebecca Blank, Ford School dean. "Ned paved the way for the former Institute of Public Policy Studies to become what is now the Ford School. His insights, motivation and great humor are indicative of everything the Ford School offers. The members of the Ford School community look forward to his return with great anticipation."