![A statue of the first United States Secretary of the Treasury Alexander Hamilton stands in front of the U.S. Treasury September 19, 2008 in Washington, DC. Treasury Secretary Henry Paulson announced that the Treasury will insure money market mutual funds as one part of a massive government bailout that is attempting to stabilize the current financial crisis. (Chip Somodevilla via Getty Images)](/sites/default/files/styles/16_9_sm/public/2024-08/GettyImages-82917554.jpg?h=e5831c8d&itok=14Kvho1Z)
Phil Gramm taught economics at Texas A&M for 12 years, served in the United States House for 6 years, and in the US Senate for 12 years. He is author of the budget-cutting Gramm-Latta Act (1981), which set the path of Reagan administration budget policy, and the Gramm- Rudman-Hollings Act (1985), which placed binding restrictions on Federal spendng. Since retiring from Congress, Gramm has written widely on budget, tax, growth, and related income distribution issues.