Peter Wallison

Peter Wallison is a prominent American lawyer, economist, and author, known for his work on Financial regulation, Monetary policy, and Housing finance. He has held various positions in the United States government, including serving as a member of the Financial Crisis Inquiry Commission and as the General Counsel of the United States Department of the Treasury under President Ronald Reagan. Wallison has also been a fellow at the American Enterprise Institute and has written extensively on topics related to Economic policy, Financial markets, and Regulatory reform. His work has been influenced by notable economists such as Milton Friedman and Friedrich Hayek.

● Early Life and Education

Peter Wallison was born on June 6, 1941, in New York City, and grew up in a family of Wall Street professionals. He attended Harvard University, where he earned his Bachelor's degree in 1963, and later received his Juris Doctor degree from Harvard Law School in 1966. During his time at Harvard, Wallison was influenced by prominent professors such as Henry Kissinger and Joseph Nye. After completing his education, Wallison worked as a law clerk for Judge Henry Friendly of the United States Court of Appeals for the Second Circuit and later as a lawyer at the Covington & Burling law firm in Washington, D.C..

● Career

Wallison's career in public service began in the 1970s, when he worked as a lawyer in the United States Department of Justice under Attorney General Elliot Richardson. He later served as the General Counsel of the United States Department of the Treasury under President Ronald Reagan and as a member of the President's Council of Economic Advisers. Wallison has also held positions at various think tanks, including the American Enterprise Institute and the Cato Institute, where he has worked alongside notable scholars such as Christopher DeMuth and Ed Crane. In addition, Wallison has been a member of the Council on Foreign Relations and has participated in conferences and events hosted by organizations such as the Federal Reserve Bank of New York and the International Monetary Fund.

● Financial Crisis Inquiry Commission

In 2009, Wallison was appointed by Senate Minority Leader Mitch McConnell to serve as a member of the Financial Crisis Inquiry Commission, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act to investigate the causes of the 2008 financial crisis. The commission, which was chaired by Phil Angelides, included other notable members such as Heather Murren and Douglas Holtz-Eakin. Wallison's views on the crisis, which emphasized the role of Fannie Mae and Freddie Mac in the Subprime mortgage crisis, were influential in shaping the commission's report. However, Wallison's dissenting views were not included in the final report, which was released in 2011. The report's findings were also influenced by the work of other experts, including Nouriel Roubini and Joseph Stiglitz.

● Publications and Writings

Wallison has written extensively on topics related to Financial regulation, Monetary policy, and Housing finance. His books include "Bad History, Worse Policy" and "Hidden in Plain Sight: What Really Caused the World's Worst Financial Crisis and Why It Could Happen Again". Wallison has also written articles and op-eds for publications such as The Wall Street Journal, The New York Times, and National Review, and has been a frequent commentator on CNBC and Fox News. His work has been cited by scholars such as Alan Greenspan and Ben Bernanke, and has influenced the policy views of politicians such as Paul Ryan and Marco Rubio.

● Policy Views and Criticisms

Wallison's policy views have been shaped by his experiences in government and his research on Financial markets and Regulatory reform. He has been a strong critic of Dodd-Frank and has argued that the law has failed to address the underlying causes of the 2008 financial crisis. Wallison has also been a proponent of Free market principles and has argued that Government intervention in the economy can often do more harm than good. His views have been influential in shaping the policy debates surrounding Financial regulation and Monetary policy, and have been cited by scholars such as Thomas Sowell and Arthur Laffer. However, Wallison's views have also been subject to criticism from scholars such as Paul Krugman and Joseph Stiglitz, who have argued that his views on Deregulation and Free market principles are overly simplistic and fail to account for the complexities of the Global economy.