Marvin Phaup was born in Campbell County, Virginia, and graduated from Park View High School in South Hill. He continued his education at Roanoke College and received the Bachelor of Arts degree in 1962, majoring in economics and business administration. He was salutatorian of his class and a member of Omicron Delta Kappa honors fraternity. He went on to earn his master’s degree from the University of Virginia in 1964, and his Ph.D. from the University in 1966, both in economics. He was a Fulbright Scholar and studied at the University of Oslo in Norway.
Dr. Phaup began his distinguished career in the field of economics at Roanoke College in 1966, where he served as an Assistant Professor for two years. He then became a Lecturer at the University of Lancaster in England and went on to serve as Senior Economist at the Federal Reserve Bank of Cleveland.
Since 1988 and until his recent retirement, Dr. Phaup headed the Financial Studies/Budget Process group at the Congressional Budget Office in Washington, D.C., where his work focused on analyses of federal financial policies and institutions and implications for their budgetary treatment. His early work contributed to the development and adoption of the Federal Credit Reform Act of 1990. For his outstanding work, he received the National Distinguished Service Award in 1995 and the S. Kenneth Howard Award for Lifetime Achievement in Public Budgeting and Finance in 2004.
His published work includes topics as the federal cost of government sponsored enterprises, the budgetary treatment of federal investment in risky private securities, and the effect of including market risk in subsidy cost of federal guarantees.
Dr. Phaup is Visiting Scholar and Professorial Lecturer at the Trachtenberg School of Public Policy and Public Administration at The George Washington University. He is a member of the Board of Advisors of Subsidyscope, a project launched The Pew Charitable Trust which aims to raise public awareness about the role of federal subsidies in the economy. He has served as president of Public Financial Publications, Inc., as director of the American Association for Budget and Program Analysis, and as staff support for members of the Federal Accounting Standards Advisory Board.
At Roanoke College, Dr. Phaup was recognized as a Sesquicentennial Distinguished Alumnus in 1992. He is a member of the Roanoke College Associates and the Society of 1842. He served on the 1991 campaign leadership committee for the Washington, D.C., area and has been a guest speaker at the College.