and food, have created a situation where middle-income households were spending 78% of their budgets on basic needs in 2014. In 2008, Ludwig co-authored an essay in The Wall Street Journal with former Federal Reserve Chairman Paul A. Volcker and former U.S. Treasury Secretary Nicholas F. Brady calling for a resurrection of the Resolution Trust Corporation to help deal with the financial crisis. Civic activities and honors Ludwig is president of The Ludwig Family Foundation Inc., a charitable organization that focuses on improving education, alleviating poverty, and supporting medical research and the arts. In 2019, The Ludwig Family Foundation created The Ludwig Institute for Shared Economic Prosperity, dedicated to improving the economic well-being of lower-income Americans through research and education. He is a long-time member of the board of directors of the National Academy Foundation, a New York-based nonprofit that helps prepare low- and moderate-income students for college and careers. Ludwig has also endowed several funds and programs, including the Ludwig Fund for the Humanities at New College, Oxford; the Eugene and Carol Ludwig Center for Community & Economic Development at Yale Law School; and the Ludwig Fund for Community Development at Haverford College. Ludwig has received numerous awards for excellence and leadership, including the BritishAmerican Business Entrepreneurship Award (2010), National Academy Foundation Leadership Award (2011), Simeon E. Baldwin Award, presented by the Yale Law School Center for the Study of Corporate Law (2011), the Foreign Policy Association Medal (2014), and the Jill Chaifetz Award presented by Advocates for Children (2014.) He is a Wykeham Fellow at New College, Oxford. Personal life Ludwig lives in Washington, D.C. He is married to Dr. Carol Ludwig, and they have three children. His younger brother Ken Ludwig is a playwright. References External links United States Comptrollers of the Currency Comptrollers in the United States Living people 1946 births People associated with Covington & Burling Clinton administration personnel