Edwin M. Truman
Encyclopedia
Edwin M. Truman (born 1941, Albany, NY) is an American
economist
specializing in international financial institutions, especially the International Monetary Fund
and sovereign wealth funds. He has been a Senior Fellow with the Peterson Institute for International Economics since 2001. Truman has worked quietly over the years on international financial crises issues. Nobel laureate Paul Krugman
described Truman as the "George Smiley
of international economics".
From 1983 to 1998 he was a staff economist for the Federal Open Market Committee
.
In December 1998, President Bill Clinton
, appointed Truman Assistant Secretary of the US Treasury for International Affairs.
In 2001, he joined the Peterson Institute for International Economics as a Senior Fellow.
In 2009, he was recruited by Treasury Secretary Timothy Geithner as a temporary advisor to develop policies for the April 2009 G-20 London summit
Truman is a supporter of the IMF. He has proposed a special, on-time allocation of $250bn in SDRs by donor member countries as a way of dramatically building confidence in co-operative solutions to the global recession and to persuade countries not to manage their exchange rates in order to build up foreign exchange surpluses. He urged the G-20
'to commit to substantial and sustained actions for a period that matches the likely duration of the crisis'. Truman urged that IMF should enforce the coordinated plan, that it should keep a real-time, public scorecard identifying countries which are not doing their part.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
specializing in international financial institutions, especially the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
and sovereign wealth funds. He has been a Senior Fellow with the Peterson Institute for International Economics since 2001. Truman has worked quietly over the years on international financial crises issues. Nobel laureate Paul Krugman
Paul Krugman
Paul Robin Krugman is an American economist, professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times...
described Truman as the "George Smiley
George Smiley
George Smiley is a fictional character created by John le Carré. Smiley is an intelligence officer working for MI6 , the British overseas intelligence agency...
of international economics".
Education
Truman was awarded a BA from Amherst College in 1963, and a Ph.D in economics from Yale University in 1976. In 1988 Amherst College awarded him an Honorary LL.D.Career
From 1977 to 1998 Truman directed the Division of International Finance at the Federal Reserve SystemFederal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
From 1983 to 1998 he was a staff economist for the Federal Open Market Committee
Federal Open Market Committee
The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...
.
In December 1998, President Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
, appointed Truman Assistant Secretary of the US Treasury for International Affairs.
In 2001, he joined the Peterson Institute for International Economics as a Senior Fellow.
In 2009, he was recruited by Treasury Secretary Timothy Geithner as a temporary advisor to develop policies for the April 2009 G-20 London summit
2009 G-20 London summit
The 2009 G-20 London Summit is the second meeting of the G-20 heads of state in discussion of financial markets and the world economy, which was held in London on 2 April 2009 at the ExCeL Exhibition Centre. It followed the first G-20 Leaders Summit on Financial Markets and the World Economy, which...
Policy work
Truman has been a member of many international organizations and working groups. He has been a member of:- G-7 Working Group on Exchange Market Intervention (1982–83)
- G-10 Working Group on the Resolution of Sovereign Liquidity Crises (1995–96)
- G-10-sponsored Working Party on Financial Stability in Emerging Market Economies (1996–97)
- G-22 Working Party on Transparency and Accountability (1998)
- Financial Stability Forum's Working Group on Highly Leveraged Institutions (1999–2000)
Truman is a supporter of the IMF. He has proposed a special, on-time allocation of $250bn in SDRs by donor member countries as a way of dramatically building confidence in co-operative solutions to the global recession and to persuade countries not to manage their exchange rates in order to build up foreign exchange surpluses. He urged the G-20
2009 G-20 London summit
The 2009 G-20 London Summit is the second meeting of the G-20 heads of state in discussion of financial markets and the world economy, which was held in London on 2 April 2009 at the ExCeL Exhibition Centre. It followed the first G-20 Leaders Summit on Financial Markets and the World Economy, which...
'to commit to substantial and sustained actions for a period that matches the likely duration of the crisis'. Truman urged that IMF should enforce the coordinated plan, that it should keep a real-time, public scorecard identifying countries which are not doing their part.