Dr. Marvin Phaup
Former Deputy Assistant Director, Congressional Budget Office, Research Scholar &
Professorial Lecturer , George Washington University
Marvin Phaup is Research Scholar and Professorial Lecturer at The George Washington
University, where he teaches federal budget concepts and policy, conducts research,
writes for publication and provides consulting services. From July 2009 through December
2010, he directed the Federal Budget Reform Initiative of the Pew Charitable Trusts,
whose objective is to improve federal policy by transforming the federal budget into
a more relevant and useful source of fiscal information for decision makers and the
public. Prior to joining the Trachtenberg School in 2007, he headed the Financial
Studies/Budget Process group at CBO. His work has focused on analyses of federal financial
policies and institutions and the implications for their budgetary treatment.
Phaup’s early work contributed to the development and adoption of the Federal Credit
Reform Act of 1990, which changed the budgetary basis of accounting for direct loans
and loan guarantees from cash-basis to accrual. Under his direction, the financial
studies group addressed the federal cost of government sponsored enterprises, including
Fannie Mae, Freddie Mac and the Federal Home Loan Banks; the budgetary treatment of
federal investment in risky private securities; the effect of including the cost of
market risk in the subsidy cost of federal guarantees; the value of pension insurance
provided by the Pension Benefit Guaranty Corporation; terrorism insurance; the market
value of FHA mortgage insurance; the option value of deposit insurance; the cost of
the federal student loan programs; reconciling federal financial statements with the
budget; and possible revisions to the Federal Credit Reform Act.
He also provided staff support for CBO members of the Federal Accounting Standards
Advisory Board 1990-2004. He served as Senior Economist at the Federal Reserve Bank
of Cleveland, Lecturer at the University of Lancaster (England), and Assistant Professor
at Roanoke College. Phaup received a Ph.D. (economics) from Virginia and B.A. from
Roanoke College. He also studied at the University of Oslo under the Hays-Fulbright
He was awarded the Roanoke College Medal for 2009 and received the S. Kenneth Howard
Award for Lifetime Achievement in public budgeting and finance from the Association
for Budgeting and Financial Management in 2004 and the National Distinguished Service
Award from the American Association for Budget and Program Analysis in 1995.
In 2011, he was appointed to the Board of Trustees, Ferrum College, Ferrum, VA.