William P. Albrecht Explained

Office:Commissioner of the Commodity Futures Trading Commission
Term Start:November 22, 1988
Term End:August 20, 1993
Preceded:William E. Seale
Succeeded:John E. Tull Jr.
Appointer:Ronald Reagan
George H. W. Bush
Office1:Chairman of the Commodity Futures Trading Commission
(acting)
Term Start1:January 22, 1993
Term End1:August 20, 1993
Preceded1:Wendy Lee Gramm
Succeeded1:Sheila Bair
Party:Democratic
Birth Date:7 January 1935
Birth Place:Pittsburgh, Pennsylvania, U.S.
Death Place:Iowa City, Iowa, U.S.
Father:William Price Albrecht Sr.
Mother:Jane Moses
Children:8

William Price Albrecht Jr. (January 7, 1935 – October 30, 2024) was an American economist who served as a commissioner of the Commodity Futures Trading Commission from 1988 to 1993, including as acting chairman in 1993.[1]

Early life

Albrecht was born in Pittsburgh, Pennsylvania, on January 7, 1935, the son of William Price and Jane Moses Albrecht.[1] His father was a professor of English at the University of New Mexico and the University of Kansas.[2] The younger Albrecht received a bachelor's degree in philosophy from Princeton University in 1956 and served in the U.S. Navy from 1956 to 1961 before receiving a master's degree in economics from the University of South Carolina in 1962.[1] He received another master's degree in economics in 1963 and a doctorate in economics in 1965 from Yale University.[3]

Career

Albrecht was hired by the University of Iowa, serving as an assistant professor (1965–1970), associate professor (1970–1982), and professor (1982–2007) of economics. While there, he served as an associate dean of the College of Business Administration from 1984 to 1988, the founder and director from 1999 to 2005 of the university's Institute for International Business, and the Justice Professor of International Business from 2000 to 2007. He also served as a visiting professor at the University of the Andes in Venezuela in 1986. Among a variety of academic works, he published a trio of economics textbooks (Economics, Macroeconomic Principles, and Microeconomic Principles), which were each published in four editions by Prentice Hall in the 1970s and 1980s.[3]

He ran for Iowa's 1st congressional district in 1970, losing the Democratic nomination to State Representative Edward Mezvinsky, who went on lose to incumbent Republican Fred Schwengel, though Mezvinsky would win in a rematch in 1972.[4] Albrecht went on to serve as a legislative assistant to U.S. Senator Dick Clark in 1974.[3]

On October 13, 1988, President Ronald Reagan nominated Albrecht as a Democratic commissioner of the Commodity Futures Trading Commission.[5] [6] He received a recess appointment from Reagan on November 22, 1988,[7] and Reagan renominated him to the post at the beginning of the following congress.[8] President George H. W. Bush withdrew and resubmitted his nomination in August 1989, and he was confirmed by the senate on November 19, 1989, for a term expiring April 13, 1993.[9] On January 22, 1993, Chairwoman Wendy Lee Gramm resigned from the commission, and Albrecht was selected by his fellow commissioners as acting chairman.[10] He made it known that he was interested in being reappointed to the panel to become its chair on a permanent basis, but he faced criticism from fellow Democrats in congress, including Glenn English and Dick Durbin, over several deregulatory actions taken by the commission. After it became clear that he would not be renominated by President Bill Clinton, Albrecht resigned on August 20, 1993.[11] While serving as the commission's delegate to the International Organization of Securities Commissions, he also faced criticism for having a high volume of international travel.[12]

Personal life and death

Albrecht married Fran Jaecques in Iowa City, on July 4, 1976. They had eight children. He died in Iowa City on October 30, 2024, at the age of 89.[1]

Electoral history

1970

Works

Notes and References

  1. News: William Price "Bill" Albrecht. The Gazette. Cedar Rapids, Iowa. November 8, 2024.
  2. News: Albrecht. Iowa City Press-Citizen. October 29, 1986.
  3. Web site: Albrecht. William P.. July 14, 2009. Price Transparency in the US Natural Gas Market.
  4. News: Mezvinsky Against Schwengel in Fall. The Courier. Waterloo, Iowa. June 3, 1970.
  5. Web site: PN1434 — William P. Albrecht — Commodity Futures Trading Commission. Congress.gov. 22 October 1988 . December 1, 2024.
  6. News: Reagan names Iowa professor to CFTC post. Chicago Tribune. October 16, 1988.
  7. News: Futures counsel named to SEC panel. Ventura County Star. November 23, 1988.
  8. Web site: PN4 — William P. Albrecht — Commodity Futures Trading Commission. Congress.gov. August 1989 . December 1, 2024.
  9. Web site: PN622 — William P. Albrecht — Commodity Futures Trading Commission. Congress.gov. 19 November 1989 . December 1, 2024.
  10. News: Wendy Gramm resigns from trading panel. Longview News-Journal. January 23, 1993.
  11. News: Futures commission chief quits. The Knoxville News-Sentinel. August 21, 1993.
  12. News: CFTC Chief's Travel Called Into Question. The Washington Post. March 25, 1993.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "William P. Albrecht".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2025, A B Cryer, All Rights Reserved. Cookie policy.