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[Extensions of Remarks]
[Page E953]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
IN RECOGNITION OF THE LIFE AND LEGACY OF DR. THOMAS LAUBACH
______
HON. EMANUEL CLEAVER
of missouri
in the house of representatives
Tuesday, October 13, 2020
Mr. CLEAVER. Madam Speaker, it is with a heavy heart that I rise
today, not only on behalf of Missouri's 5th Congressional District, but
also on behalf of the Subcommittee on Monetary Policy. I rise today to
honor the life and legacy of Dr. Thomas Laubach. Dr. Laubach dedicated
his exceptional economic mind to serving his county and dedicated his
life to serving the world at large. His was a powerful and touching
life that was tragically cut short by cancer on September 2, 2020. He
was just 55 years old. Dr. Laubach's legacy will live on in the work he
did, the lives he touched, and the story he left behind.
Dr. Laubach began as an undergraduate in North Rhine-Westphalia,
Germany at the University of Bonn, where he graduated with a degree in
economics in 1993. He then went on to receive a Ph.D. in economics from
Princeton University just four years later. At Princeton, Dr. Laubach's
thesis advisor was none other than Ben Bernanke, who would go on to
serve as the 14th Chair of the Federal Reserve from 2006 to 2014. With
an illustrious education under his belt, Dr. Laubach began his even
more illustrious career. First making a name for himself in my home
district as an Economist at the Kansas City Federal Reserve Bank, Dr.
Laubach started on a path to change the world of economics forever.
After working at the Kansas City Fed for three years, Dr. Laubach
became an Economist, and then Senior Economist, for the Board of
Governors of the Federal Reserve System. He then took four years to
teach and serve as Chair of Macroeconomics at Goethe University
Frankfurt while taking research stints at Deutsche Bundesbank and the
European Central Bank. He returned to the Board of Governors in 2012,
this time as the Associate Director, before being appointed Director of
the Division of Monetary Affairs in 2015. He served in that capacity
until his death on September 2nd. At the time of his death, he was
leading the central bank's new strategy to lower unemployment while
responding to the changes brought on by the devastating pandemic that
has so deeply affected our nation's economy.
Though his life in the economic world was impactful in countless
ways, he is most well-known for two groundbreaking contributions. The
first, of course, is Dr. Laubach's indelible mark on central bank
interest-rate policy, which continues to affect both the U.S. Federal
Reserve and central banks across the world. The second came in 2001,
when Dr. Laubach co-authored a paper titled ``Measuring the Natural
Rate of Interest'' alongside John Williams, who is currently serving as
the president of the New York Federal Reserve. That paper set forth a
transformational theory on the neutral rate of interest that will
forever be known as the Laubach-Williams model.
Dr. Laubach wore many hats throughout his career: brilliant
economist, dedicated researcher, bold thinker, curious student, and
generous professor. A friend to many, he is also remembered as a kind,
calm, and collegial presence. When critics attacked his ideas, Dr.
Laubach responded with kindness and respect. When young economic minds
sought his wisdom, he responded with patience and empathy. He was,
above all, a beautiful soul who sought to employ his talents to
alleviate suffering and serve others, and for that, we are eternally
grateful.
When such a quietly influential figure passes on, I find myself
wondering what I myself can do to help preserve their legacy. But in
that respect, Dr. Laubach's own work will do much more than any tribute
or eulogy could ever hope to do. His ideas, his writing, his influence
is already a part of the fabric of the economic world. His legacy lives
on in global monetary policy, in economics classrooms around the
country, and in the thinkers he helped prepare to take on the crises of
tomorrow. Madam Speaker, please join me, my district, and the
Subcommittee on Monetary Policy for the House Financial Services
Committee in honoring Dr. Laubach's memory and offering heartful
condolences to his loved ones. We have lost a bright light, an
irreplaceable mind, and a dedicated public servant, but we are blessed
with the dark places his light illuminated, the theories his mind made
crystal clear, and the lives his service helped touch. He was taken
from us far too soon, so let us all carry his torch forward by
committing our passions, skills, and talents to the service of others.
____________________
