Dr. Wayne D. Angell
June 28, 1930 – April 19, 2025
Dr. Wayne Angell passed away peacefully on April 19, 2025, surrounded by his loving family.
Born on June 28, 1930, Dr. Angell was raised on a farm in Meade County, Kansas, where his family had homesteaded in the late 19th century. He owned and operated Angell Brothers and Angell Farm Corporation with his brother Charlie (OU ‘51) from 1951 to 1986, continuing the family farming legacy. His lifelong connection to Ottawa University began as a student, graduating with a bachelor’s degree in 1952. He went on to earn a master’s degree from the University of Kansas in 1953, followed by a Ph.D. in Economics in 1957.
Dr. Angell returned to Ottawa University in 1956 as an Assistant Professor of Economics and was promoted to full Professor in 1959. Over his nearly 30-year tenure (1956–1985), he served in numerous leadership roles, including Department Chair, Division Chair, and College Dean.
In 1960, he was elected to the Kansas House of Representatives, where he was re-elected in 1962 and 1964. He became the youngest member to chair the influential Ways and Means Committee. Dr. Angell was active in Republican politics in Kansas and was a candidate for US Congress Third District in 1966 and U.S. Senate in 1978.
Dr. Angell’s service to the Federal Reserve System began in 1972, advising on bank holding company legislation and regulation. In 1979, he joined the board of directors of the Federal Reserve Bank of Kansas City, serving two terms. In 1986, President Ronald Reagan appointed him to the Board of Governors of the Federal Reserve System, where he was confirmed by the U.S. Senate and served until 1994, completing an unexpired term.
During his tenure on the Board, Dr. Angell chaired the Committee on Federal Reserve Bank Activities and the G-10 Committee on Payment Settlement Systems in Basel, Switzerland. He was widely recognized as an “inflation hawk,” and pioneered the use of a basket of commodity prices as a forward-looking indicator of inflation. Notably, the price of gold remained nearly unchanged from the beginning to the end of his service, a testament to his impact on monetary stability.
In a letter to President Bill Clinton on January 14, 1994, Dr. Angell wrote:
“I am pleased by the successful reduction of the underlying inflation rate during the period the Board of Governors was enunciating a goal of zero inflation. But, if the quest for price-level stability is replaced by an acceptance of an inflation rate stabilized at, say, 2.5 percent, then we are accepting the fact that the domestic value of the dollar will be cut in half every generation—28 years. I believe that any country that chooses to cheat its citizens by devaluing its currency defrauds the trust that citizens have in their government.”
President Clinton responded on February 9, 1994:
“I want to congratulate you personally for your distinguished service to the federal government. You have served your country with honor and loyalty throughout your years at the Federal Reserve Board, using your wisdom and foresight to guide our nation’s monetary policies successfully.”
Senator Robert Dole of Kansas also honored Dr. Angell in remarks entered into the Congressional Record on February 8, 1994:
“When Wayne Angell leaves the Federal Reserve Board on February 10, he will leave behind an 8-year record as a voice for low inflation, low interest rates, and common sense... Wayne has earned a reputation as an inflation hawk who strove to make the dollar as good as gold—and as someone who helped bring both inflation and interest rates to the lowest levels in a generation.”
Following his service at the Federal Reserve, Dr. Angell served as Chief Economist and Senior Managing Director at Bear Stearns & Co., where he advised on U.S. and global economic trends. He left the firm in 2002 and continued consulting in economic and monetary policy until his retirement in 2010.
Dr. Angell was also a devoted man of faith. Alongside his wife Betty, he was active in church communities throughout his life. He served as President of the Kansas Baptist Churches, Trustee of the Kansas Baptist Foundation, Vice-Chairman of the Board of International Ministries of the American Baptist Churches and held leadership roles in numerous denominational conventions.
His many honors include induction into Phi Beta Kappa at the University of Kansas, inclusion in Who’s Who in America, an Honorary Doctor of Humane Letters from Ottawa University, and the titles of Distinguished Kansan of the Year by Native Sons and Daughters. He also received the Distinguished Service Award and Outstanding Achievement Award from the Ottawa University Alumni Association. Ottawa University honored his legacy with the naming of the Angell-Snyder School of Business and the Wayne Angell Chair of Economics.
Dr. Angell is survived by his beloved wife of 74 years, Betty (OU ‘53); their children Patrice (Robert) Pickering (both OU ‘75), Wynne Angell, Ryan Angell, and Wiley (Karie Lyn) Angell (OU ‘85); twelve grandchildren; and seventeen great-grandchildren.
A celebration of life will be held on his 95th birthday, June 28, 2025, at The Montage in Laguna, California. A public “Celebration of Significance” honoring Dr. Angell’s life and legacy will be held at Ottawa University on October 24–25, 2025.