Ned Gramlich ’61 died last week.

Edward M. Gramlich, a former governor of the Federal Reserve who warned of a looming crisis in home mortgages and who ran a federal board created to aid the airlines after the September 2001 attacks, died yesterday in Washington. He was 68.

Mr. Gramlich’s death, from acute myeloid leukemia, was announced by the Urban Institute, a Washington research organization where Mr. Gramlich was a senior fellow.

He was named to the Federal Reserve by President Bill Clinton in 1997 and served until 2005.

“His contributions to the Federal Reserve were broad and significant,” Ben S. Bernanke, the chairman of the Federal Reserve, said in a statement yesterday.

As chairman of the federal Neighborhood Reinvestment Corporation, he urged legislators to better protect consumers against predatory lenders and to toughen regulation of mortgage lenders and banks.

His efforts met resistance within the Fed and on Capitol Hill, and he said later that he could have pushed for reform sooner.

In June, the Urban Institute published his book, “Subprime Mortgages: America’s Latest Boom and Bust,” which offered solutions for the mortgage crisis.

Read the whole obituary, along with ones from the Washington Post and the LA Times.

After resigning from the Fed in 2005, Dr. Gramlich became interim provost at the University of Michigan and then a senior fellow at the Urban Institute in Washington, where he focused his work on community development, affordable housing and entitlement issues. The institute’s president, Robert D. Reischauer, once said of him: “Ned is to the policy community what an Olympic gold medal decathlete is to the world of sports.”

The College has, I believe, awarded Bicentennial Medals posthumously. We should award one to Gramlich. He was the most powerful Eph policymaker of his generation.

Condolences to all.

Facebooktwitter
Print  •  Email