Gift from alumnus Griswold and family endows Center for Economic Policy Studies at Princeton
Posted September 26, 2011; 10:00 a.m.
Investment banking executive Benjamin H. Griswold IV, a member of Princeton's Class of 1962, and his family have made a substantial gift to endow the Center for Economic Policy Studies at Princeton University. The center, which supports economic policy-related research in the Department of Economics and fosters communication among experts in the academic, business and government communities, has been renamed the Benjamin H. Griswold III, Class of 1933, Center for Economic Policy Studies, in honor of Griswold's father, a member of Princeton's Class of 1933.
"It is fitting that our Center for Economic Policy Studies now carries the Griswold name," said Princeton's President Shirley M.Tilghman. "The Griswold family has long had a distinguished presence in the world of finance and an equally strong connection to Princeton. The University is honored that the Griswold family has chosen to commemorate Benjamin H. Griswold III in this way, and I am deeply grateful for their thoughtful generosity."
The late Benjamin Griswold III was a highly decorated naval officer and combat veteran of World War II who went on to a notable career in finance that included serving as senior partner of the investment firm Alex. Brown & Sons and as a director of the New York Stock Exchange. Griswold was also a leading member of many civic, medical and educational boards and foundations. The gift made in his honor provides support for the work of the center, founded in 1989, which recently has included research in job loss and the decline in job security for U.S. workers; the organization of monetary policy committees; the impact of occupational licensing; China's financial markets; and the returns and risk of hedge fund investments.
The center also brings leaders from the economic and public policy communities to campus to share their insights. Recent speakers have included New Jersey Gov. Chris Christie and Federal Reserve Board Chairman Ben Bernanke, who was a former professor of economics at the University.
"Princeton's economics department has long been renowned for research that is both academically rigorous and relevant to policymakers," said the center's former co-director, Harvey Rosen, Princeton's John L. Weinberg Professor of Economics and Business Policy. "The Griswolds' fabulous gift assures that Princeton will maintain its leadership position in this space."
The center's founder and other longtime co-director, Alan Blinder, Princeton's Gordon S. Rentschler Memorial Professor of Economics and Public Affairs, said, "We are gratified and humbled by Ben Griswold and his family's extraordinary generosity. This gift will secure the center's finances indefinitely and ensure that the programs we put on and the research we support will become permanent features of economics at Princeton."
Rosen and Blinder recently were succeeded as co-directors by Uwe Reinhardt, Princeton's James Madison Professor of Political Economy, and Hyun Song Shin, the University's Hughes-Rogers Professor of Economics.
Griswold, the chairman of Brown Advisory, was formerly the senior chairman of Deutsche Bank Securities, former chairman of Alex. Brown & Sons Inc., and like his father, a former director of the New York Stock Exchange. He is a member of the board of directors of Stanley Black and Decker Inc., The Baltimore Life Companies, Flowers Foods Inc., Signal Hill Capital Group, LLC, and W.P. Carey & Co., and is a member of the advisory board of Deutsche Bank Americas. He is also a trustee emeritus of Johns Hopkins University, a member of the advisory boards of the Carey Business School and Peabody Conservatory, a trustee of the Gilman School, and an endowment trustee of the Baltimore Symphony Orchestra.
"Two of my father's greatest interests other than his family were his insatiable curiosity regarding economics and his great affection for Princeton," said Benjamin Griswold IV. "Our family is honored to connect these two important threads of his life."
A longtime volunteer for Princeton, Griswold is a member of the executive committee of the "Aspire: A Plan for Princeton" fundraising campaign as well as the campaign's co-chair for the Baltimore region, and a member of the regional Alumni Schools Committee. He also has been a charter member of the advisory board of the University's Bendheim Center for Finance and a special gifts solicitor for Annual Giving. His many previous gifts to Princeton include support for Annual Giving, financial aid and athletics.
The gift to endow the Griswold Center for Economic Policy Studies is part of the University's $1.75 billion Aspire campaign.