Gramm, Phil (1942– )

US senator. Phil Gramm was first elected to the House of Representatives as a Democrat, but had his House Budget Committee seat removed because he chose to co-author the Reagan economic program. He set a precedent by resigning from Congress and winning re-election as a Republican. Gramm's legislative record reflects his right-wing beliefs and anti-welfare state stance. It includes the Gramm–Latta Budgets, which cut federal spending, and the Gramm–Rudman Act, which placed the first binding constraints on Federal spending. Phil Gramm also fought the Clinton Health Care Bill, and pursued reforms to the welfare system, which included assessing the potential for investment-based social security.

Born in College Station, Texas, Gramm taught economics at Texas A&M University. He published numerous articles and books on monetary theory and policy, private property, and the economics of mineral extraction.