84R24258 RMA-D

By: Goldman H.R. No. 2158

R E S O L U T I O N

WHEREAS, The Honorable Phil Gramm rendered exceptional service to residents of the Lone Star State throughout a tenure that spanned nearly a quarter-century in the United States Congress; and

WHEREAS, A native of Fort Benning, Georgia, Phil Gramm began his education at a very young age, learning to listen as his father read him books on the Civil War, Eisenhower's Crusade in Europe, H. G. Wells's Outline of History, and more, all before he entered the first grade; and

WHEREAS, He graduated from the Georgia Military Academy in 1961 and went on to work his way through school, taking night and correspondence courses, saving up hard-earned money, and relying on the GI bill while earning a bachelor's degree in economics; continuing his studies, he attended graduate school and, remarkably, never took a single note while completing a doctorate in economics from the University of Georgia; and

WHEREAS, Beginning his career in academia in 1967, he was a professor of economics at Texas A&M University for more than a decade, and during that time, he also founded the economic consulting firm Gramm and Associates; in addition, his work was frequently included in economic journals, and he published two books, The Role of Government in a Free Society and The Economics of Mineral Extraction; and

WHEREAS, Concerned about the negative effects he perceived government and special interests were having on the economy, Senator Gramm first entered public service in 1978; he was elected as a Democrat to the U.S. House of Representatives by the voters of the state's Sixth Congressional District, which stretched from the Fort Worth suburbs to College Station, and he was returned to that office again as a Democrat in 1980; during his time in the house, he accumulated a very conservative voting record, even by Texas Democratic standards of the day, tallying an average rating of 89 from the American Conservative Union, and from 1980 to 1982, he received the highest rating from that organization of any Democrat in the Texas delegation; and

WHEREAS, In 1981, he cosponsored the Gramm-Latta Budget, which implemented President Ronald Reagan's economic program, increased military spending, cut other federal spending, and mandated the Economic Recovery Tax Act of 1981, and as a result, he was removed from the House Budget Committee; because he believed that philosophical change in representation should be approved by voters, he resigned, returned to his district, and ran as a Republican for his vacant seat in a special election, the only congressman ever to take such a step; with his win, he became the first Republican to represent the district since its creation in 1846; his election successes continued in 1984 when he ran for the U.S. Senate and won more votes than any other candidate for statewide office had ever received in Texas history; he then served in the senate for the next 18 years; and

WHEREAS, During his decades in Congress, Senator Gramm compiled an impressive legislative record that also included such landmark bills as the Gramm-Rudman Act, which reined in federal spending, and the Gramm-Leach-Bliley Act, which allowed banks, securities firms, and insurance companies to affiliate as part of a financial services holding company; he further distinguished himself as chair of the Senate Committee on Banking, Housing, and Urban Affairs; in 1991, he was honored for his outstanding achievements with the prestigious Horatio Alger Award; and

WHEREAS, After stepping down from his senate seat in 2002, Senator Gramm subsequently served for nine years as vice chair of UBS Investment Bank, where his leadership and financial expertise were vital in initial public offerings for Visa, the Bank of China, the China Merchants Bank, and LG Philips; he also played a crucial role in the follow-on equity offering for the Industrial and Commercial Bank of China, the privatization of Telstra in Australia, and the acquisition of 20 percent of Turkey-based Akbank by Citibank; today, he is vice chair of Lone Star Global Acquisitions and a senior partner of US Policy Metrics, and he additionally serves as a visiting scholar at the American Enterprise Institute; and

WHEREAS, In all of his endeavors, this esteemed statesman is blessed with the love and support of his wife, Dr. Wendy Lee Gramm, and their two sons, Marshall and Jeff, and he takes tremendous pride in his five grandchildren, Caroline, Will, Joshua, Gilbert, and Benjamin; and

WHEREAS, Over the course of his exceptional career in this nation's capital, Phil Gramm became an admired mentor to many young people who were inspired by his dedication, his intellect, and his belief in the boundless opportunities America has to offer, an opinion that he so eloquently expressed with the following words: "America is not a great and powerful country because the most brilliant and talented people came to live here. America is great and powerful because it was here that ordinary people like you and me have had more opportunity and more freedom than any other people who ever lived on the face of the earth"; and

WHEREAS, This state and nation have benefited immeasurably from the vision, initiative, and outstanding contributions of Phil Gramm, and the wide respect and admiration he enjoys from his fellow citizens testify to the profound impact of his legacy; now, therefore, be it

RESOLVED, That the House of Representatives of the 84th Texas Legislature hereby commend the Honorable Phil Gramm for his exemplary public service and extend to him warmest best wishes for continued success and much happiness; and, be it further

RESOLVED, That an official copy of this resolution be prepared for Senator Gramm as an expression of high regard by the Texas House of Representatives.