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Board of Governors of the Federal Reserve System
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Press Release

Federal Reserve Press Release

Release Date: December 12, 2007

For immediate release

The late Edward M. Gramlich, who served as a Federal Reserve Board Governor from 1997 to 2005, was honored Wednesday with the Opportunity Finance Network’s Lifetime Achievement Award for Responsible Finance.

The award recognizes extraordinary contributions in the area of community development finance--a cause that Dr. Gramlich championed during a long career as a policymaker and academic.

“Ned was a strong advocate for those who live outside the financial mainstream and worked tirelessly to promote policies and programs that expand economic opportunities for families and communities,” said Federal Reserve Chairman Ben S. Bernanke.

The award, which going forward will be known as the “Ned Gramlich Lifetime Achievement Award for Responsible Finance,” was presented at the Opportunity Finance Network’s 2007 conference in Miami, Florida.  Ruth Gramlich accepted the award on behalf of her husband.

Former U.S. Senator Paul Sarbanes of Maryland is among the past recipients of the award.

The Opportunity Finance Network is comprised of private financial institutions that work to create opportunities for low-income and low-wealth individuals in the United States by originating financing in markets that are often overlooked by conventional lenders.

 
Last update: December 12, 2007