Expertise
Fiscal and monetary policy; social policy; urban issues
Background
Current Positions
Visiting Professor, Public Policy Institute, Georgetown University
Past Positions
Henry Cohen Professor, Milano Graduate School of Management and Urban Policy, New School University (2001-2003);Chair, District of Columbia Financial Management Assistance Authority (1998-2001);Vice Chair, Board of Governors, Federal Reserve System (1996-99);Director, White House Office of Management and Budget (1994-96);Deputy Director, White House Office of Management and Budget (1993-94);Recipient, MacArthur Foundation Prize Fellowship (1983);Hirst Professor of Public Policy, George Mason University;Director of Economic Studies, Brookings Institution;Founding Director, Congressional Budget Office (1975-83);Assistant Secretary for Planning and Evaluation, U.S. Department of Health, Education, and Welfare (1968-69);President, American Economic Association
Education
Ph.D. (1958), M.A. (1955), Radcliffe College, Harvard University;B.A., Bryn Mawr College, 1952
Protecting consumers from predatory lenders need not be complicated. Back when we did housing finance right, long-term fixed rate loans with moderate down payments financed high rates of home ownership. Secondary markets spread risk and brought capital into the housing market. Government agencies could give low-cost guarantees, because most Americans paid on time.