Economic Joint Committee Category:Economy of the United States
de:United States Congress Joint Economic Committee es:United States Congress Joint Economic Committee
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Birthname | Paul Adolph Volcker, Jr. |
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Office | Chairperson of the President's Economic Recovery Advisory Board |
President | Barack Obama |
Term start | February 6, 2009 |
Term end | February 23, 2011 |
Predecessor | Position established |
Successor | Jeffrey Immelt (Council on Jobs and Competitiveness) |
Office2 | 12th Chairman of the Board of Governors of the Federal Reserve |
President2 | Jimmy CarterRonald Reagan |
Term start2 | August 6, 1979 |
Term end2 | August 11, 1987 |
Predecessor2 | William Miller |
Successor2 | Alan Greenspan |
Office3 | President of the Federal Reserve Bank of New York |
Term start3 | May 2, 1975 |
Term end3 | August 5, 1979 |
Predecessor3 | Alfred Hayes |
Successor3 | Anthony Solomon |
Birth date | September 05, 1927 |
Birth place | Cape May, New Jersey, United States |
Party | Democratic Party |
Alma mater | Princeton UniversityHarvard UniversityLondon School of Economics |
Profession | Economist }} |
Volcker's undergraduate education was at Princeton University; he graduated in 1949. He earned his M.A. in political economy from Harvard University's Graduate School of Arts and Sciences and Graduate School of Public Administration in 1951 and then attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow, under the Rotary's Ambassadorial Scholarships program.
Volcker has received honorary degrees from several educational institutions including: Hamilton College (1980), University of Notre Dame, Princeton University, Dartmouth College, New York University, University of Delaware, Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates College (1989), Fairfield University (1994), Northwestern University (2004), Rensselaer Polytechnic Institute (2005), Brown University (2006), Georgetown University (2007), Queen's University at Kingston in Canada (2009), and Amherst College (2011).
From 1969 to 1974, Mr. Volcker served as under-secretary of the Treasury for international monetary affairs. He played an important role in the decisions leading to the U.S. suspension of gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the U.S. Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979, leaving to become the chairman of the Federal Reserve in August 1979.
In 1975, Mr. Volcker also became a senior fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University.
Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983.
Volcker raised the federal funds rate, which had averaged 11.2% in 1979, to a peak of 20% in June 1981. The prime rate rose to 21.5% in 1981 as well.
Volcker's Fed elicited the strongest political attacks and most widespread protests in the history of the Federal Reserve (unlike any protests experienced since 1922), due to the effects of the high interest rates on the construction and farming sectors, culminating in indebted farmers driving their tractors onto C Street NW and blockading the Eccles Building.
Nobel laureate Joseph Stiglitz said about him in an interview: : Paul Volcker, the previous Fed Chairman known for keeping inflation under control, was fired because the Reagan administration didn't believe he was an adequate de-regulator.
Congressman Ron Paul, well-known as a harsh critic of the Federal Reserve, has offered qualified praise of Volcker:
:Being in Congress in the late 1970s and early 1980s and serving on the House Banking Committee, I met and got to question several Federal Reserve chairmen: Arthur Burns, G. William Miller and Paul Volcker. Of the three, I had the most interaction with Volcker. He was more personable and smarter than the others, including the more recent board chairmen Alan Greenspan and Ben Bernanke.
In 1996, he took up the chair of the Independent Committee of Eminent Persons (Volcker Commission) to look into the dormant accounts of Jewish victims of the Holocaust lying in Swiss banks. This included a “massive accounting of Swiss bank records.” In the midst of a contentious process (the committee was formed by three Jewish representatives and three representatives of Swiss banks) he was able to bring about an agreement among the parties for a settlement of $1.25 billion.
In April 2004, the United Nations assigned Volcker to research possible corruption in the Iraqi Oil for Food program. In the report summarising its research, Volcker criticized Kojo Annan, son of then-UN Secretary-General Kofi Annan, and the Swiss company Cotecna Inspection SA, Kojo's employer, for trying to conceal their relationship. He concluded in his March 2005 report that "there is no evidence that the selection of Cotecna in 1998 was subject to improper influence of the Secretary General in the bidding or selection process". However, while Volcker did not implicate the Secretary General in the selection process, he did cast serious doubt on Kofi Annan, whose "management performance...fell short of the standards that the United Nations Organization should strive to maintain." Volcker was a director of the United Nations Association of the United States of America between 2000 and 2004, prior to his being appointed to the Independent Inquiry by Kofi Annan.
As of October 2006, he is the current Chairman of the Board of Trustees of the influential Washington-based financial advisory body, the Group of Thirty, and is a member of the Trilateral Commission. He has had a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the Trust Committee of Rockefeller Group, Inc. (RGI), which he joined in 1987. That entity managed, at one time, the Rockefeller Center on behalf of the numerous members of the Rockefeller clan. He currently serves as Chairman of the Board of Trustees of the International House in Manhattan, NY. He was a founding member of the Trilateral Commission and is a long time member of the Bilderberg Group.
In January 2008, he endorsed Democratic Presidential Candidate Barack Obama for President.
On April 8, 2008, he was the featured speaker at "The Economic Club of New York" and spoke about the issues and causes of the 2008 US recession, and critiqued the 2008 US financial system and the 2008 Federal Reserve policies.
Volcker is currently an economic advisor to President Barack Obama, heading the President's Economic Recovery Advisory Board. During the financial crisis, Volcker has been extremely critical of banks, saying that their response to the financial crisis has been inadequate, and that more regulation of banks is called for. Specifically Volcker has called for a breakup of the nation's largest banks, prohibiting deposit-taking institutions from engaging in riskier activities such as proprietary trading, private equity, and hedge fund investments. Volcker is said to be leaving the board as its charter expires, on February 6, 2011, without being included in discussions on how the board will be reconstituted.
On January 21, 2010, President Barack Obama proposed bank regulations which he dubbed "The Volcker Rule", in reference to Volcker's aggressive pursuit of these regulations. Volcker appeared with the president at the announcement. The proposed rules would prevent commercial banks from owning and investing in hedge funds and private equity, and limit the trading they do for their own accounts.
Volcker has been known to defy the stereotype of a Wall Street insider. A profile in The Week magazine for February 5, 2010, claimed that Volcker :doesn't even buy the conventional wisdom that "financial innovation" is necessary for a healthy economy. In fact, he likes to say, "the only useful banking innovation was the invention of the ATM."
On April 6, 2010 at the New-York Historical Society's Global Economic Panel, Volcker commented that the United States should consider adding a national sales tax similar to the Value Added Tax (VAT) imposed in European Countries, stating "If, at the end of the day, we need to raise taxes, we should raise taxes".
Volcker is an avid fly-fisherman, having recounted, "The greatest strategic error of my adult life was to take my wife to Maine on our honeymoon on a fly-fishing trip." Volcker is also known as "Tall Paul" for his height of , standing exactly a foot (30 cm) taller than his wife when they first met.
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Category:1927 births Category:American people of German descent Category:Adelphi University alumni Category:Alumni of the London School of Economics Category:American economists Category:American Lutherans Category:Bates College alumni Category:Brown University alumni Category:Chairmen of the Federal Reserve Category:Federal Reserve Bank presidents Category:Georgetown University alumni Category:Group of Thirty Category:Harvard University alumni Category:Living people Category:New York University alumni Category:People from Teaneck, New Jersey Category:Princeton University alumni Category:Rotary Foundation fellows Category:United Nations Oil-for-Food scandal Category:Lamar University people
ar:بول فولكر ca:Paul Volcker de:Paul Volcker es:Paul Volcker fr:Paul Volcker it:Paul Volcker he:פול וולקר nl:Paul Volcker ja:ポール・ボルカー no:Paul Volcker pl:Paul Volcker pt:Paul Volcker ru:Волкер, Пол fi:Paul Volcker uk:Пол Волкер zh:保罗·沃尔克This text is licensed under the Creative Commons CC-BY-SA License. This text was originally published on Wikipedia and was developed by the Wikipedia community.
name | William Beach |
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birth name | William Beach |
birth date | 1850-09-06 |
birth place | Chertsey, Surrey, England |
death date | 1935-01-28 |
death place | Brownsville, New South Wales, Australia |
resting place | St Luke's Church of England cemetery |
nationality | Australian |
title | World champion sculler |
term | 1884 - 1887 |
predecessor | Edward Hanlan |
successor | Peter Kemp (rower) }} |
William Beach (1850 – 1935) was a professional Australian sculler. He was unbeaten as World Sculling Champion from 1884 to 1887.
Born on 6 September 1850 at Chertsey, Surrey, England, to Alexander Beach, blacksmith, and his wife Mary, née Gibbons. Beach's family migrated to New South Wales while he was a small child and he lived at Dapto for most of his life, learning to row on Lake Illawarra. He began his sporting career in a wooden tub on the Macquarie Rivulet and ended it as champion sculler of the world.
Beach trained as a blacksmith like his father and for some time appears to have been a fisherman. According to local legend, Beach won his first race as a teenager against a local publican, either for a bottle of brandy or 5s.
Among the donors of his £25 prize was J. Deeble, a publican who became his sponsor. In other races he was said to have won £150 with which he built his home at Dapto. On Boxing Day at Pyrmont he was beaten in the allcomers' handicap skiff race by A. Pearce. On 25 February 1882 he won £50 in a match with Solomons, and in October in his first outrigger race he was second for the Punch trophy on the Parramatta River, finishing ahead of Trickett.
In December 1883 he defeated Trickett for the James Henry trophy of £150. On 26 January 1884 he finished ahead of Trickett but, after a protest, lost when the race was rowed again; on 12 April he beat Trickett for £200 a side, the Australian Sculling Championship and the right to race against Ned Hanlan.
The second defence took place just a month later on 28 March 1885 against Ned Hanlan, again for a stake of £500 a side. A large crowd came to the by now usual course on the Parramatta River. This race was one of the better ones as for most of the distance there was little between them. The racing was close and exciting and approaching the finishing post both boats were almost bow to bow. Beach put in a final terrific effort and increased his advantage and won amidst wild excitement by the spectators.
The next defence was against Australian Neil Matterson which took place on the 18 December 1885 on the Parramatta. This time the stake was only £200 a side. Beach took the lead at the start and won easily and without a great effort. In March 1886 Beach left for London and in August won the final of the International Sweepstakes, against John Teemer, on the Thames for a prize of £1200. On 18 September he successfully defended his title against Jake Gaudaur Snr. on the Championship Course on the Thames. That course was a little longer than the Parramatta course, being about four and a quarter miles long. This was also an interesting race in that race each rower in turn stopped from exhaustion and slumped in his boat. Beach managed to recover sufficiently to continue rowing a won the race in 22m.29s. Just a week later Beach was again out on the Thames rowing against Wallace Ross for £1000 and the World Championship. It was most unusual to have title matches this close together as often many months would go by between races. The result was never in doubt and Beach won easily.
He returned to Sydney in December. He was met by the president of the Rowing Association who congratulated him 'on his great achievements … [and] his steady, careful, upright and manly character'. Welcomed as a hero by band and banners, he was presented to Governor Lord Carrington and his lady on the way to Sydney Town Hall where he was met by the mayor and the premier and given an illuminated address.
Beach’s final Title race was against his old foe Ned Hanlan which took place on the 26 November 1887. This race was held on the Nepean River, near Sydney. Special trains ran from Sydney, Bathurst and Goulburn to take thousands of spectators to the course. The race was again close although Beach was always in the lead even though he was closely pressed by Hanlan. For the third time Beach defeated Hanlan for the World Championship.
After the race Beach announced that he would forfeit the title to his young training partner, Peter Kemp (rower), instead of accepting his challenge. This action was controversial but Beach thus was the only World Champion sculler of his era to retire undefeated – the next was in 1938. His seven wins out of seven races in the event was unique. Hanlan also gained seven wins but that was from twelve races. The next closest was Richard Arnst who had six wins in eight races.
On the Parramatta River on 27 November 1888 in a race with Hanlan for £500 a side, Beach won by three lengths in the presence of 5000 spectators. This was not a Championship match - just a normal money match between professional scullers. Beach was then 5ft 9½ ins (177 cm) tall with a 42 ins (107 cm) chest, 15½ ins (39 cm) biceps, 16 ins (41 cm) calf and a weight of 170 lbs (77 kg).
In 1873 at Brownsville he married Sarah Duley; they had six sons and six daughters. He died at Brownsville on 28 January 1935 and was buried at St Luke's Church of England cemetery. He was predeceased by his wife and survived by ten children.
Monuments in his memory are in Cabarita Park, Sydney, and in Bill Beach Park, Mullet Creek, Dapto.
A Sydney street at Tennyson Point – Beach Street – is named after Bill Beach. Nearby streets are named after some of the other Australian World Sculling Champions, vis, Kemp, Searle, Stanbury, and (George) Towns. They are not far from the Championship course on the Parramatta River. Additionally, another nearby street is named after John Teemer, an American rower and one time opponent of Beach. Also at Surfers Paradise, Queensland, a street is named after Beach. Beach Road is nearby those named after other rowers, vis; Trickett Street, Hanlan Street, Clifford Street, and Laycock Street.
Category:1850 births Category:1935 deaths Category:Australian rowers Category:Rowing Category:History of rowing
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name | Kevin Brady |
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image name | Kevinbrady.jpeg |
birth date | April 11, 1955 |
birth place | Vermillion, South Dakota |
state | Texas |
district | 8th |
term start | January 3, 1997 |
preceded | Jack Fields |
succeeded | Incumbent |
party | Republican |
spouse | Cathy Brady |
religion | Roman Catholic |
residence | The Woodlands, Texas |
alma mater | University of South Dakota |
occupation | public affairs director }} |
Kevin Patrick Brady (born April 11, 1955) is the U.S. Representative for , serving since 1997. He is a member of the Republican Party. The district includes a large swath of suburban and rural territory around Houston and Beaumont.
A chamber of commerce executive who also served on the Rapid City Common Council, Brady moved to Texas to work for the Beaumont Chamber of Commerce and later the South Montgomery County Woodlands Chamber of Commerce.
Brady has been a reliable conservative. He has advocated victims' rights and free trade, and called for replacing the income tax with a federal sales tax. As a member of the Ways and Means Committee, in 2004 he restored the sales tax deduction, which had been eliminated in 1986. Recently, Brady acted as the point man for President George W. Bush to steer the Central America Free Trade Agreement through the House. However, he is best known for supporting a federal "sunset" law that would require every federal program not specifically written into the Constitution to justify its existence to taxpayers within 12 years or face elimination. He has introduced this bill at the beginning of every Congress. It was approved overwhelmingly by the House as an amendment in 2004 but did not progress further. In 2006 it passed the Government Reform Committee but did not reach a floor vote.
As the ranking member of the Joint Economic Committee, Brady and his staff developed the "Organizational Chart of the House Democrats Health Plan", the complex chart that showed the creation of at least 31 new federal agencies, commissions and mandates included in the America's Affordable Health Choices Act of 2009. He has also called on Treasury Secretary Timothy Geithner to step down, citing rising unemployment, exaggerated stimulus job claims, unsustainable debt and "failed economic policies" of the Obama administration.
Brady's district was hit hard by Hurricane Rita and again by Hurricane Ike, and he has helped lead the Texas recovery effort in the House for both disasters.
On October 7, 2005 Brady was arrested and charged with driving under the influence of alcohol while in South Dakota. He faced a fine of up to $1,000 and a year in jail. He pleaded no contest. Upon his misdemeanor conviction on November 8, he was fined $350, and his right to drive in South Dakota was suspended for 30 days. Before his sentencing, Brady had stated that "no one is above the law" and he would accept "every consequence" of his actions, even if that meant a jail sentence. "To me, regardless of how this turns out, what it says is that you don't get behind the wheel." Conroe (Texas) Courier.
Category:Living people Category:1955 births Category:American people of Irish descent Category:Members of the Texas House of Representatives Category:Members of the United States House of Representatives from Texas Category:Texas Republicans Category:University of South Dakota alumni
de:Kevin Brady la:Coemgenus Brady sv:Kevin BradyThis text is licensed under the Creative Commons CC-BY-SA License. This text was originally published on Wikipedia and was developed by the Wikipedia community.
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