Manuel H. Johnson
Encyclopedia
Manuel H. "Manley" Johnson (born February 10, 1949 in Troy, Alabama
Troy, Alabama
Troy is a city in Pike County, Alabama, United States. As of the 2010 census, the population was 18,003. Troy experienced a growth spurt of over 4,000+ people since 2000. The city is the county seat of Pike County....

) is an American
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...

, who served as the vice chairman of the Board of Governors of the Federal Reserve System
Federal 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...

 in the mid-1980s. Since 1990, he has been co-chairman and senior partner on Johnson Smick International, Inc., an investments, economic and political consulting firm. He has also authored or co-authored five economic books.

Early life and education

Johnson was born on February 10, 1949, in Troy, Alabama
Troy, Alabama
Troy is a city in Pike County, Alabama, United States. As of the 2010 census, the population was 18,003. Troy experienced a growth spurt of over 4,000+ people since 2000. The city is the county seat of Pike County....

, a small town in rural southeast Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...

. Although formally named Manuel, he often informally goes by "Manley" He attended the University of Alabama
University of Alabama
The University of Alabama is a public coeducational university located in Tuscaloosa, Alabama, United States....

 from 1967 to 1968. In 1968, he volunteered for the U.S. Army and served with both ranger and special forces units until 1971. He returned from service and completed his undergraduate studies at Troy State University, now Troy University, graduating in 1973 with a Bachelor of Science (B.S.)
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...

 degree in economics cum laude. He furthered his education at Florida State University
Florida State University
The Florida State University is a space-grant and sea-grant public university located in Tallahassee, Florida, United States. It is a comprehensive doctoral research university with medical programs and significant research activity as determined by the Carnegie Foundation...

 at Tallahassee, graduating in 1974 with a Master of Science (M.S.)
Master of Science
A Master of Science is a postgraduate academic master's degree awarded by universities in many countries. The degree is typically studied for in the sciences including the social sciences.-Brazil, Argentina and Uruguay:...

 degree in economics. In 1977, he earned a Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...

 in economics from Florida State University.

Career

From 1977 to 1994, Johnson was a professor of economics at George Mason University
George Mason University
George Mason University is a public university based in unincorporated Fairfax County, Virginia, United States, south of and adjacent to the city of Fairfax. Additional campuses are located nearby in Arlington County, Prince William County, and Loudoun County...

, where he held the Koch Chair in International Economics.

Johnson served as Assistant Secretary of the Treasury (1982–1986), and Deputy Assistant Secretary (1981–1982). While at the Treasury, Johnson was responsible for the formulation of economic policy initiatives and development of the Administration’s economic forecast for the budget. He was also instrumental in designing the Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986
Tax Reform Act of 1986
The U.S. Congress passed the Tax Reform Act of 1986 to simplify the income tax code, broaden the tax base and eliminate many tax shelters and other preferences...

, which represents the most comprehensive change in the history of U.S. tax law. His performance at the Treasury won him the Alexander Hamilton Award, the department’s highest honor.

Johnson was vice chairman of the Board of Governors of the Federal Reserve System
Federal 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...

 for four and a half years beginning in February 1986. While at the Fed, Johnson presided over one of the most stable economic periods in the post-World War II era. His responsibility for international operations and financial crisis management involved him in some of the most dramatic events of the 1980s. Johnson played a key role in preventing systemic economic damage during the stock market crash of October 1987
Black Monday (1987)
In finance, Black Monday refers to Monday October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already declined by a significant margin...

 and in the coordination of international monetary policy by the Group of Ten
Group of Ten (economic)
The Group of Ten or G-10 refers to the group of countries that have agreed to participate in the General Arrangements to Borrow...

 major industrial countries.

He became co-chairman and senior partner, along with David Smick
David Smick
David M. Smick is a financial market consultant and a non-fiction author. He is the Chairman and CEO of Johnson Smick International, an advisory firm in Washington, D.C. where he is in partnership with Manuel H. Johnson. He wrote an acclaimed book The World Is Curved on perils of globalization, in...

, in the investment and consulting firm of Smick Medley International in September 1990. At that time, the name was changed to Johnson Smick International, Inc. (JSI). JSI invests with money management funds and provides information services on important economic and political policy changes in major countries that impact global financial institutions located throughout the world.

Johnson’s academic research and writing have been concentrated in the area of political economy and public policy. He is the author and co-author of five books and has published over 50 articles in academic journals and other publications. In addition to his writings, Johnson has edited a professional journal, and served on three presidential and congressional commissions. He also is currently Chairman of the Board of The National Sporting Library and serves on the board of directors of the Morgan Stanley Funds Group, RBS Greenwich Capital
RBS Greenwich Capital
RBS Securities Inc. is the Royal Bank of Scotland Group's U.S. investment bank/broker-dealer based in Stamford, Connecticut that specializes in fixed income arbitrage and other fixed income strategies...

 Holdings, NVR Inc. and Evergreen Energy, Inc. From 1997 to 2004 Johnson was Chairman of the Financial Accounting Foundation
Financial Accounting Foundation
The Financial Accounting Foundation is located in Norwalk, Connecticut. It was organized in 1972 as a non-stock, Delaware Corporation. It is an independent, organization in the private sector...

(the organization that supervises the preparation of U.S. accounting standards).
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