Phil Gramm was former Senator of Texas and John McCain's former economic adviser. He left the campaign in July 2008 after his comments on recession came in for much criticism.
He had said, the 'US become a nation of whiners' and the nation is in a 'mental recession'. His comments during the campaign became an issue.
In his response, Barack Obama, stated, "America already has one De Phil. We don't need another one when it comes to the economy."
Some economists believe that the 1999 legislation put forward by by Gramm and signed by President Clinton - the Gramm-Leach-Bliley Act -- was also responsible for the 2007 subprime mortgage crisis and the global economic crisis.
The Act is most widely known for repealing portions of the Glass-Steagall Act, which had regulated the financial services industry.
Image: Phil Gramm, former senator of Texas, and his wife Wendy Gramm (L), and Cindy McCain (R), listen to US Republican presidential candidate Senator John McCain speak during a election campaign event in Phoenix, Arizona. | Photograph: Rick Scuteri/Reuters
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