Former Federal Reserve Chairman Volcker Passes Away at 92
Monday, December 09, 2019
Former Federal Reserve chairman Paul Volcker passed away at the age of 92 on Sunday, according to the New York Times.
Volcker is credited with ending the high levels of inflation seen in the U.S. during the 1970s and 80s by raising interest rates to 20%.
The high-interest rates triggered a recession that lasted more than six months, but inflation receded during that period.
Once inflation receded, Volcker lowered interest rates and the economy bounced back.
He is survived by his wife, Anke Dening, and two kids for his first marriage to Barbara Bahnson, who passed away in 1998.
About Volcker
Volcker served as the chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan.
He was initially appointed chairman by Carter in August of 1979, and then was renominated by Reagan in 1983 and served until 1987.
"Paul was as stubborn as he was tall, and although some of his policies as Fed chairman were politically costly, they were the right thing to do. His strong and intelligent guidance helped to curb petroleum-driven inflation, easing a strain on all Americans' budgets," said President Carter in a statement on Monday.
Volcker left the Federal Reserve in August of 1987.
He was succeeded by Alan Greenspan.
Following his run at the Federal Reserve, Volcker served as chairman of the Economic Recovery Advisory Board under President Barack Obama from February of 2009 until January of 2011.
Prior to Service
Volcker was born in Cape May, New Jersey on September 5, 1927.
He graduated from Princeton University in 1949 before earning his master's degree at Harvard University in 1951.
Following Harvard, Volcker attended the London School of Economics from 1951 to 1952.
He went on to work at Chase Manhattan Bank and the Treasury Department, where he served as President Richard Nixon’s undersecretary of the Treasury for international monetary affairs from 1969 to 1974.
PHOTO: U.S. Federal Judiciary/Wikipedia
