Henry Christopher Wallich (/ˈwɑːlɪk/; June 10, 1914 – September 15, 1988) was a German American economist who served as a member of the Federal Reserve Board of Governors from 1974 to 1986.
He began 10 years at the Federal Reserve Bank of New York in 1941, becoming chief of its foreign research division.
[5] Mr. Wallich's proposal espoused in 1971 with Sidney Weintraub, a liberal economist, for a tax-based incomes policy, or TIP.
The plan, to control inflation, required an income-tax surcharge to be levied on companies raising their average wage level above specified inflation-related guide-lines.
After failing health and an operation on a brain tumour, he died in 1988 at George Washington University Hospital aged 74.