[Congressional Record Volume 166, Number 176 (Tuesday, October 13, 2020)]
[Extensions of Remarks]
[Page E953]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      IN RECOGNITION OF THE LIFE AND LEGACY OF DR. THOMAS LAUBACH

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                          HON. EMANUEL CLEAVER

                              of missouri

                    in the house of representatives

                       Tuesday, October 13, 2020

  Mr. CLEAVER. Madam Speaker, it is with a heavy heart that I rise 
today, not only on behalf of Missouri's 5th Congressional District, but 
also on behalf of the Subcommittee on Monetary Policy. I rise today to 
honor the life and legacy of Dr. Thomas Laubach. Dr. Laubach dedicated 
his exceptional economic mind to serving his county and dedicated his 
life to serving the world at large. His was a powerful and touching 
life that was tragically cut short by cancer on September 2, 2020. He 
was just 55 years old. Dr. Laubach's legacy will live on in the work he 
did, the lives he touched, and the story he left behind.
  Dr. Laubach began as an undergraduate in North Rhine-Westphalia, 
Germany at the University of Bonn, where he graduated with a degree in 
economics in 1993. He then went on to receive a Ph.D. in economics from 
Princeton University just four years later. At Princeton, Dr. Laubach's 
thesis advisor was none other than Ben Bernanke, who would go on to 
serve as the 14th Chair of the Federal Reserve from 2006 to 2014. With 
an illustrious education under his belt, Dr. Laubach began his even 
more illustrious career. First making a name for himself in my home 
district as an Economist at the Kansas City Federal Reserve Bank, Dr. 
Laubach started on a path to change the world of economics forever. 
After working at the Kansas City Fed for three years, Dr. Laubach 
became an Economist, and then Senior Economist, for the Board of 
Governors of the Federal Reserve System. He then took four years to 
teach and serve as Chair of Macroeconomics at Goethe University 
Frankfurt while taking research stints at Deutsche Bundesbank and the 
European Central Bank. He returned to the Board of Governors in 2012, 
this time as the Associate Director, before being appointed Director of 
the Division of Monetary Affairs in 2015. He served in that capacity 
until his death on September 2nd. At the time of his death, he was 
leading the central bank's new strategy to lower unemployment while 
responding to the changes brought on by the devastating pandemic that 
has so deeply affected our nation's economy.
  Though his life in the economic world was impactful in countless 
ways, he is most well-known for two groundbreaking contributions. The 
first, of course, is Dr. Laubach's indelible mark on central bank 
interest-rate policy, which continues to affect both the U.S. Federal 
Reserve and central banks across the world. The second came in 2001, 
when Dr. Laubach co-authored a paper titled ``Measuring the Natural 
Rate of Interest'' alongside John Williams, who is currently serving as 
the president of the New York Federal Reserve. That paper set forth a 
transformational theory on the neutral rate of interest that will 
forever be known as the Laubach-Williams model.
  Dr. Laubach wore many hats throughout his career: brilliant 
economist, dedicated researcher, bold thinker, curious student, and 
generous professor. A friend to many, he is also remembered as a kind, 
calm, and collegial presence. When critics attacked his ideas, Dr. 
Laubach responded with kindness and respect. When young economic minds 
sought his wisdom, he responded with patience and empathy. He was, 
above all, a beautiful soul who sought to employ his talents to 
alleviate suffering and serve others, and for that, we are eternally 
grateful.
  When such a quietly influential figure passes on, I find myself 
wondering what I myself can do to help preserve their legacy. But in 
that respect, Dr. Laubach's own work will do much more than any tribute 
or eulogy could ever hope to do. His ideas, his writing, his influence 
is already a part of the fabric of the economic world. His legacy lives 
on in global monetary policy, in economics classrooms around the 
country, and in the thinkers he helped prepare to take on the crises of 
tomorrow. Madam Speaker, please join me, my district, and the 
Subcommittee on Monetary Policy for the House Financial Services 
Committee in honoring Dr. Laubach's memory and offering heartful 
condolences to his loved ones. We have lost a bright light, an 
irreplaceable mind, and a dedicated public servant, but we are blessed 
with the dark places his light illuminated, the theories his mind made 
crystal clear, and the lives his service helped touch. He was taken 
from us far too soon, so let us all carry his torch forward by 
committing our passions, skills, and talents to the service of others.

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