Peter J. Wallison
Encyclopedia
Peter J. Wallison is a lawyer and the Arthur F. Burns
Fellow in Financial Policy Studies at the American Enterprise Institute
. He specializes in financial markets deregulation. He was White House Counsel
during the Tower Commission
's inquiry into the Iran Contra Affair. He was a frequent commentator in the mass media
on the Federal takeover of Fannie Mae and Freddie Mac
, Financial crisis of 2007–2008, and related matters.
(A.B.
1963, LL.B. 1966), where he was President
of the Young Republicans
.
He was admitted to the bar
of New York state in 1967.
Emanuel Celler
appointed him a United States House of Representatives Page
when he was about 14, and he served for most of his high school years. The Democrats
controlled the patronage, but assigned some pages, such as Wallison, to the minority party. This experience helped him become a Republican
.
He was a Rockefeller Republican
before becoming a Reagan Republican.
On November 24, 1966, he married the former Frieda Koslow (born in New York January 15, 1943, A.B. Smith College
1963, LL.B. Harvard Law School
1966 admitted to New York bar in 1967, D.C. bar 1982). They have three children, Ethan S., Jeremy L. (born not later than 1972), Rebecca K. Mrs. Wallison develops real estate in Snowmass, Colorado
.
They split their time between homes in Colorado
and in Washington, D.C.
2 volumes of papers delivered at a conference on March 24, 1999 at the American Enterprise Institute, Washington, D.C.
Arthur F. Burns
Arthur Frank Burns was an American economist. He served as Chairman of the Federal Reserve from 1970 to 1978.- Career :...
Fellow in Financial Policy Studies at the American Enterprise Institute
American Enterprise Institute
The American Enterprise Institute for Public Policy Research is a conservative think tank founded in 1943. Its stated mission is "to defend the principles and improve the institutions of American freedom and democratic capitalism—limited government, private enterprise, individual liberty and...
. He specializes in financial markets deregulation. He was White House Counsel
White House Counsel
The White House Counsel is a staff appointee of the President of the United States.-Role:The Counsel's role is to advise the President on all legal issues concerning the President and the White House...
during the Tower Commission
Tower Commission
Commissioned on November 26, 1986 by American President Ronald Reagan, the Tower Commission was in response to the Iran Contra scandal. Taking effect on December 1, Reagan appointed Republican and former Senator John Tower of Texas, former Secretary of State Edmund Muskie, and former National...
's inquiry into the Iran Contra Affair. He was a frequent commentator in the mass media
Mass media
Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
on the Federal takeover of Fannie Mae and Freddie Mac
Federal takeover of Fannie Mae and Freddie Mac
The federal takeover of Fannie Mae and Freddie Mac refers to the placing into conservatorship of government sponsored enterprises Fannie Mae and Freddie Mac by the U.S. Treasury in September 2008. It was one financial event among many in the ongoing subprime mortgage crisis.On September 6, 2008,...
, Financial crisis of 2007–2008, and related matters.
Personal
Wallison was born in New York City, and educated at the Capitol Page School and Harvard UniversityHarvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
(A.B.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
1963, LL.B. 1966), where he was President
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
of the Young Republicans
Young Republicans
The Young Republicans is an organization for members of the Republican Party of the United States between the ages of 18 and 40. It has both a national organization and chapters in individual states....
.
He was admitted to the bar
Admission to the bar in the United States
In the United States, admission to the bar is the granting of permission by a particular court system to a lawyer to practice law in that system. Each U.S. state and similar jurisdiction has its own court system and sets its own rules for bar admission , which can lead to different admission...
of New York state in 1967.
Emanuel Celler
Emanuel Celler
Emanuel Celler was an American politician from New York who served in the United States House of Representatives for almost 50 years, from March 1923 to January 1973. He was a member of the Democratic Party.-Early life:...
appointed him a United States House of Representatives Page
United States House of Representatives Page
United States House of Representatives Page Program was a program run by the United States House of Representatives, under the office of the Clerk of the House, in which appointed high school juniors acted as non-partisan federal employees in the House of Representatives, providing supplemental...
when he was about 14, and he served for most of his high school years. The Democrats
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
controlled the patronage, but assigned some pages, such as Wallison, to the minority party. This experience helped him become a Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
.
He was a Rockefeller Republican
Rockefeller Republican
Rockefeller Republican refers to a faction of the United States Republican Party who held moderate to liberal views similar to those of Nelson Rockefeller...
before becoming a Reagan Republican.
On November 24, 1966, he married the former Frieda Koslow (born in New York January 15, 1943, A.B. Smith College
Smith College
Smith College is a private, independent women's liberal arts college located in Northampton, Massachusetts. It is the largest member of the Seven Sisters...
1963, LL.B. Harvard Law School
Harvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. The school is routinely ranked by the U.S...
1966 admitted to New York bar in 1967, D.C. bar 1982). They have three children, Ethan S., Jeremy L. (born not later than 1972), Rebecca K. Mrs. Wallison develops real estate in Snowmass, Colorado
Snowmass, Colorado
Snowmass is an unincorporated town and a U.S. Post Office located in Pitkin County, Colorado, United States. It is situated in the valley of the Roaring Fork River, near the mouth of Snowmass Creek along State Highway 82 between Aspen and Basalt...
.
They split their time between homes in Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
and in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
Career
- 1966-1971 Associate, Rogers and Wells, New York, NY
- 1971-???? special assistant, Governor of New YorkGovernor of New YorkThe Governor of the State of New York is the chief executive of the State of New York. The governor is the head of the executive branch of New York's state government and the commander-in-chief of the state's military and naval forces. The officeholder is afforded the courtesy title of His/Her...
Nelson A. Rockefeller - 1971-1981 Partner, Rogers and Wells, New York, NY
- 1972-1976 Special assistant to Nelson RockefellerNelson RockefellerNelson Aldrich Rockefeller was the 41st Vice President of the United States , serving under President Gerald Ford, and the 49th Governor of New York , as well as serving the Roosevelt, Truman and Eisenhower administrations in a variety of positions...
- 1973-1974 Counsel to the Commission on Critical Choices for Americans
- 1975-1976 CounselCounselA counsel or a counselor gives advice, more particularly in legal matters.-U.K. and Ireland:The legal system in England uses the term counsel as an approximate synonym for a barrister-at-law, and may apply it to mean either a single person who pleads a cause, or collectively, the body of barristers...
to Vice President of the United StatesVice President of the United StatesThe Vice President of the United States is the holder of a public office created by the United States Constitution. The Vice President, together with the President of the United States, is indirectly elected by the people, through the Electoral College, to a four-year term...
Nelson Rockefeller. Dick Parsons was his deputy. - 1976 Campaign staff, Bob DoleBob DoleRobert Joseph "Bob" Dole is an American attorney and politician. Dole represented Kansas in the United States Senate from 1969 to 1996, was Gerald Ford's Vice Presidential running mate in the 1976 presidential election, and was Senate Majority Leader from 1985 to 1987 and in 1995 and 1996...
's vice-presidential campaignUnited States presidential election, 1976The United States presidential election of 1976 followed the resignation of President Richard Nixon in the wake of the Watergate scandal. It pitted incumbent President Gerald Ford, the Republican candidate, against the relatively unknown former governor of Georgia, Jimmy Carter, the Democratic... - 1981-1985 General Counsel for the Department of the Treasury, under Don Regan. Early in his tenure he supervised the preparation of the report on the Secret ServiceUnited States Secret ServiceThe United States Secret Service is a United States federal law enforcement agency that is part of the United States Department of Homeland Security. The sworn members are divided among the Special Agents and the Uniformed Division. Until March 1, 2003, the Service was part of the United States...
and the Reagan assassination attemptReagan assassination attemptThe Reagan assassination attempt occurred on Monday, March 30, 1981, just 69 days into the presidency of Ronald Reagan. While leaving a speaking engagement at the Washington Hilton Hotel in Washington, D.C., President Reagan and three others were shot and wounded by John Hinckley, Jr...
in 1981. He was important in developing Reagan administrationReagan AdministrationThe United States presidency of Ronald Reagan, also known as the Reagan administration, was a Republican administration headed by Ronald Reagan from January 20, 1981, to January 20, 1989....
proposals to deregulate financial services that, with some changes, became law in 1999. Wallison recounts that he counseled against the Reagan administrationReagan AdministrationThe United States presidency of Ronald Reagan, also known as the Reagan administration, was a Republican administration headed by Ronald Reagan from January 20, 1981, to January 20, 1989....
's decision to oppose the Fourth Circuit Court of Appeals ruling that the Carter administration's Internal Revenue ServiceInternal Revenue ServiceThe Internal Revenue Service is the revenue service of the United States federal government. The agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue...
revocation of Bob Jones UniversityBob Jones UniversityBob Jones University is a private, for-profit, non-denominational Protestant university in Greenville, South Carolina.The university was founded in 1927 by Bob Jones, Sr. , an evangelist and contemporary of Billy Sunday...
's tax exempt status because its prohibition against inter-racial dating by students violated public policy. Even if the IRS had determined policy, beyond its authority in deciding, opposing this case would be politically foolish. In the event he was recalled to the United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
from a banking conference to be present for the Treasury's announcement; when he arrived he found that his seniors were all absent and he was required to announce this choice. Treasury and Department of JusticeUnited States Department of JusticeThe United States Department of Justice , is the United States federal executive department responsible for the enforcement of the law and administration of justice, equivalent to the justice or interior ministries of other countries.The Department is led by the Attorney General, who is nominated...
had worked this out between themselves, and White House staff were furious. A political firestorm followed, and efforts to mitigate it were unsuccessful. (The Supreme Court of the United StatesSupreme Court of the United StatesThe Supreme Court of the United States is the highest court in the United States. It has ultimate appellate jurisdiction over all state and federal courts, and original jurisdiction over a small range of cases...
subsequently held, in Bob Jones University v. United StatesBob Jones University v. United StatesBob Jones University v. United States, , was a decision by the United States Supreme Court that held that the Internal Revenue Service could, without the approval of the United States Congress, revoke the tax exempt status of organizations that are contrary to established public...
, that the IRS did have this power even though petitioner had complied with the language of the statute. - 1985-1986 partner, Gibson, Dunn & CrutcherGibson, Dunn & CrutcherGibson, Dunn & Crutcher is a global law firm, founded in Los Angeles in 1890. The firm is one of the most prestigious and selective in the nation, and ranks among the most successful firms globally. Gibson Dunn has nearly 1,000 attorneys and over 2,000 staff located in 17 offices around the world,...
- 1986-1987 White House CounselWhite House CounselThe White House Counsel is a staff appointee of the President of the United States.-Role:The Counsel's role is to advise the President on all legal issues concerning the President and the White House...
to President of the United StatesPresident of the United StatesThe President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
Ronald ReaganRonald ReaganRonald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
. In the aftermath of the Iran Contra affair he came under investigation by Lawrence E. Walsh but was not indicted. (He believes his diary persuaded the independent counsel that he had not manipulated the President's testimony.) - 1987-1998 partner, Gibson, Dunn & Crutcher
- 1999–present American Enterprise Institute, codirector of AEI's financial markets deregulation project.
Memberships
- Shadow Financial Regulatory Committee
- Council on Foreign RelationsCouncil on Foreign RelationsThe Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
- Depository Institutions Deregulation Committee (past member)
- District of Columbia bar
- District of Columbia bar association
- MGIC board of directorsBoard of directorsA board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, until Fannie Mae applied pressure. - President’s Advisory Council on Executive Organization, also called the Ash CommissionRoy AshRoy L. Ash was the co-founder and president of Litton Industries and director of the Office of Management and Budget during the administrations of U.S...
- DelegateDelegateA delegate is a person who speaks or acts on behalf of an organization at a meeting or conference between organizations of the same level A delegate is a person who speaks or acts on behalf of an organization (e.g., a government, a charity, an NGO, or a trade union) at a meeting or conference...
, 1976 Republican National Convention1976 Republican National ConventionThe 1976 National Convention of the Republican Party of the United States met at Kemper Arena in Kansas City, Missouri, from August 16 to August 19, 1976. The convention nominated incumbent Gerald Ford for President, but only after narrowly defeating a strong challenge from former California...
Writings
- (With John D. Hawke, Jr.) The State Banking Revolution and the Federal Response: New Frontiers of Financial Service Expansion, Law and Business/Harcourt Brace Jovanovich (Clifton, NJ), 1984.
- State Banking Regulation and Deregulation, Law and Business/Harcourt Brace Jovanovich (New York, NY), 1985.
- Back from the Brink: A Practical Plan for Privatizing Deposit Insurance and Strengthening Our Banks and Thrifts, AEI Press (Washington, DC), 1990.
- (With Bert Ely) Nationalizing Mortgage Risk: The Growth of Fannie Mae and Freddie Mac, AEI Press (Washington, DC), 2000.
- (With Robert E. Litan) The GAAP Gap, AEI Press (Washington, DC), 2000.
- (Editor) Optional Federal Chartering and Regulation of Insurance Companies, AEI Press (Washington, DC), 2000.
- (Editor) Fannie Mae and Freddie Mac: Public Purposes and Private Interests, Volume 1: Government Subsidy and Conflicting Missions, Volume 2: Prospects for Controlling Growth and Expansion, AEI Press (Washington, DC), 2000, ISBN 0844771376 (alk. paper), ISBN 0844771384
- (Editor) Serving Two Masters, Yet out of Control: Fannie Mae and Freddie Mac, AEI Press (Washington, DC), 2001, ISBN 0844741663 (pbk.)
2 volumes of papers delivered at a conference on March 24, 1999 at the American Enterprise Institute, Washington, D.C.
- Competitive Equity: A Better Way to Organize Mutual Funds (AEI Press, 2007).
- Contributor to periodicals, including the Wall Street Journal, New York Times, and Washington Post.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
See also
-
-
-
-
-
-
-
-
-
-
-
-
-