Draft:Philip E. Coldwell

Coldwell was born in Champaign, Illinois. His undergraduate education was interrupted by World War II where he served in the U.S. Navy as a combat pilot. He received both his bachelor's in 1946 and his master's degrees in 1947 from the University of Illinois. He earned a doctorate in economics from the University of Wisconsin in 1952.

Coldwell taught economics at a number of universities including the University of Illinois, the University of Montana, the University of Louisiana at Lafayette, and the University of Wisconsin.^[1]

He joined the Federal Reserve Bank of Dallas in 1952 as a research officer, focused primarily on the field of industrial economics, and eventually he moved into the field of monetary policy and financial markets.^[2] From November 11, 1960, he succeeded Morgan H. Rice as Vice President of the Bank.^[3] With the resignation of Harry A. Shuford, Mr. Coldwell was promoted to First Vice President of the Federal Reserve Bank of Dallas, effective October 1, 1962.^[4]

In 1968, after a successful 16 years in various positions at the Federal Reserve Bank of Dallas, he was chosen to replace Watrous Irons, who had reached the mandatory retirement age, as the President of the Federal Reserve Bank of Dallas.^[5]

He was eventually nominated by President Ford to the Federal Reserve Board of Governors following the resignation of Andrew Brimmer. This was the first time in 40 years that a Bank President was named to the Board of Governors.

While a reserve governor, he often favored tighter monetary policy and consequent higher interest rates. Particularly in the period between 1978 to 1979, he was often dissenting with the majority opinion of the board, arguing for higher rates, despite the pressure from the Carter White House who favored easier policy.^[6]

Coldwell wrote a number of articles on economic and financial subjects. He was well known throughout the southwest through appearances before many business, professional, and civic organizations in that section of the country.

His memberships in professional and civic organizations included the American Economic Association, the Southern Economic Association, the Dallas Economists Club, and the Newcomen Society of North America. He held many positions associated with American universities including being a member of the Advisory Council of Assemblies for Bank Directors at Southern Methodist University, a member of the Board of Trustees of the Southwestern Legal Foundation at SMU, and a member of the Advisory Committee of the College of Commerce and Business Administration of the University of Illinois. He was also a Public Councilor of the Texas A&M Research Foundation, and a director of the Dallas Council on World Affairs.

He was a ruling elder of the Highland Park Presbyterian Church in Dallas.^{[citation needed]}

Coldwell was married to the former Norma Elaine Abels and they had two children.^[2]