[Congressional Record Volume 157, Number 30 (Wednesday, March 2, 2011)]
[House]
[Page H1460]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 HONORING KARMA GAETANO HADJIMICHALAKIS

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
Washington (Mrs. McMorris Rodgers) for 5 minutes.
  Mrs. McMORRIS RODGERS. Mr. Speaker, I rise this morning to recognize 
Karma Hadjimichalakis.
  Up until recently, Karma was the principal lecturer in business 
economics and finance at the University of Washington Foster School of 
Business. She was the faculty director of the Pacific Rim Bankers 
Program, and she was the Evert McCabe Faculty Fellow. She was also my 
professor while I was earning my Executive MBA.
  Last Monday, February 21, Karma passed away after a long illness, and 
as her student, I wanted to acknowledge her incredible accomplishments, 
both professional and personal, over the course of an extraordinary 
life.
  Born on January 21, 1944 in Utica, New York, Karma was educated at 
nearby Elmira College and earned master's and doctorate degrees at the 
University of Rochester. She joined the faculty at the University of 
Washington in 1970, initially in the department of economics, and then 
at the Foster School of Business.
  The turning point in her career was a 2-year stint as Visiting 
Economist at the Federal Reserve Board from 1980 to 1982. In her work 
with the banking section of the Fed's Division of Research and 
Statistics, Karma developed the ability to provide penetrating analysis 
that paints an accurate assessment of the current economic situation. 
In other words, she learned to find meaning in the disparate data.
  Karma's time at the Fed also led her to realize that teaching was her 
true calling. She returned to the University of Washington with a new 
insider's expertise in the inner workings of the Federal Reserve System 
and monetary policy, and she spent the next 3 years applying her 
economic knowledge with wonderful results.
  Karma won more than 45 major teaching awards at the Foster School, 
including the first PACCAR Award for Excellence in Teaching, the 
school's highest faculty honor. Her twice-annual economic forecast 
lectures became a standing-room-only tradition. And her 1995 textbook, 
``Contemporary Money, Banking and Financial Markets: Theory and 
Practice,'' co-authored with her husband, Michael Hadjimichalakis, 
became an influential classic.
  Former students universally spoke of themselves as ``privileged'' and 
``blessed'' to have had the opportunity to study under Karma. They told 
of her ability to decipher data with real-life examples to make 
macroeconomics fascinating, even fun. They spoke of her profound impact 
on their lives. As one of Karma's students, class of 2002, I wanted to 
add my own testimony to her impact.
  When I was a student, learning under an experienced and dedicated 
professor such as Karma was one of the best parts of the University of 
Washington's eMBA program. In all of her classes, Karma went above and 
beyond the call of duty, not just to present the course material, but 
to make herself available to us outside of the classroom, to answer our 
questions and ensure our understanding and application of the course 
work. She challenged my study of economics and how to craft successful 
public policies in a free market economy. Quite simply, they don't come 
any better.
  I ask my colleagues to join me today in recognizing Karma 
Hadjimichalakis for her four decades of excellent teaching, 
communicating knowledge with absolute generosity, boundless energy, and 
endearing warmth. Karma's impact on thousands of students will endure 
for decades and in ways we will never completely know. And she will 
always have a special place in my heart.

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