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Most Lawmakers Don’t Have Economic Education

As Congress works on one of the most important pieces of economic legislation in a generation, a Washington research group has pointed out that more than 8 in 10 members of Congress don’t have a formal educational background in the business, economics, or finance fields.
Sen. Dodd has a law degree but no other formal background in economics. (Reuters)

The research by the Center for Economic and Entrepreneurial Literacy, which aims to educate the general public about finance issues, showed that about 14% have degrees in economics-related fields and just 6.7% specifically have an economics degree. More than 30% of members have degrees in politics and government, while 18% majored in humanities.

“It’s interesting that those who are responsible for solving the biggest economic crisis in generations don’t have the educational background to know the difference between commercial paper and copy machine paper,” said James Bowers, managing director of CEEL.

CEEL looked only at undergraduate majors or minors and graduate degrees in economics, business and finance. Law degrees weren’t included in the tally.

Such a rubric leaves off Senate Banking Committee Chairman Chris Dodd and ranking member Richard Shelby, as well as House Financial Services Committee Chairman Barney Frank and ranking member Spencer Bachus. They all have law degrees, but don’t have formal education in other economics-related fields.

CEEL’s method of not counting law degrees excludes a total of 193 members, or 36% of Congress. However, that still means that just under half of lawmakers have no educational background in economics, finance, business or law.

Of course, a lack of a degree doesn’t equate to economic illiteracy. The research group made clear that it wasn’t aiming to play gotcha, but was just trying to make a broader point about the need for economic education in the U.S. Widespread financial “illiteracy has been partly to blame fo