28 Facts About Phillip Swagel

Phillip Lee "Phill" Swagel was born on June 8,1966 and is an American economist who is currently the director of the Congressional Budget Office.

Phillip Swagel was recently a professor in International Economics at the University of Maryland School of Public Policy, a non-resident scholar at the American Enterprise Institute, senior fellow at the Milken Institute, and co-chair of the Bipartisan Policy Center's Financial Regulatory Reform Initiative.

Phillip Swagel has worked at the Federal Reserve, the International Monetary Fund, and the White House Council of Economic Advisors.

Phillip Swagel graduated from Los Alamitos High School in Los Alamitos, California.

From 1992 to 1995 Phillip Swagel worked as an economist for the Federal Reserve Board of Governors, the governing body of the Federal Reserve System, the central bank of the United States.

Phillip Swagel was an economist at the International Monetary Fund from 1996 to 2002.

Phillip Swagel began his service in government in August 2000, when he joined the White House Council of Economic Advisers as a senior economist, a position he held until July 2001.

Phillip Swagel returned to the council as chief of staff in July 2002.

Phillip Swagel was replaced in February 2005 by Gary Blank, who had been deputy policy director in President George W Bush's re-election campaign the year before.

Phillip Swagel became a resident scholar at the American Enterprise Institute the next month.

Phillip Swagel investigated many of these mortgages for Treasury, finding that in many cases borrowers were in homes they could not afford.

Phillip Swagel argued for bold action to stabilize the banks, and his and Kashkari's plan became the basis for the Troubled Asset Relief Program, which Kashkari ran.

Phillip Swagel sat on the five-member investment committee within Treasury that decided which financial institutions would receive TARP funds.

Shortly before leaving office, Phillip Swagel sparred with fellow economist Luigi Zingales at the annual meeting of the American Economic Association.

Zingales charged the bailout had been costly and ineffective; Phillip Swagel countered that Zingales was underestimating the risks of doing nothing and neglecting legal constraints policymakers faced.

Shortly after leaving office, Phillip Swagel published an account of the government's response to the financial crisis in Brookings Papers on Economic Activity.

Phillip Swagel argued that Treasury's actions to stabilize the financial system were necessary and successful but that the administration had not adequately explained its actions and reasoning to the public.

Phillip Swagel contended that policy disorganization, legal constraints, and political considerations prevented Treasury from doing more to limit the scope of the crisis.

However, at least one pundit thought Phillip Swagel sounded at times like a critic of the Bush and Obama administrations rather than the policy insider he was.

Phillip Swagel left the Treasury Department on January 20,2009, the day Barack Obama was inaugurated as Bush's successor.

Phillip Swagel is an academic fellow of the Center for Financial Policy at the university's Robert H Smith School of Business, a senior fellow at the Milken Institute, and a non-resident scholar at AEI.

Phillip Swagel has taught classes at the University of Chicago Booth School of Business.

Since leaving Treasury, Phillip Swagel has continued to comment on economic policy.

Phillip Swagel argued against giving Treasury "resolution authority" to seize and shut down failing banks, while acknowledging the dissonance between this position and his role in TARP.

Phillip Swagel made several proposals for reforming the government-sponsored enterprises Fannie Mae and Freddie Mac, one of which inspired a bill in the US Senate sponsored by Senators Bob Corker and Mark Warner.

Phillip Swagel was one of several economists from the Bush administration who in 2010 supported Obama's plans to increase infrastructure spending.

Phillip Swagel is currently a professor of International Economic Policy at the University of Maryland School of Public Policy.

In 2019, Phillip Swagel was nominated to be the tenth director of the Congressional Budget Office.