Paul Volcker, ex-chairman of the U.S. Federal Reserve, passes away at 92 as per media reports
Paul Volcker: A Legendary Economist and Former Federal Reserve Chairman
Paul Volcker, a prominent American economist and the former Chair of the Federal Reserve, passed away on Sunday, December 8, 2019, at the age of 92. Volcker is best known for his significant role in tackling American inflation during the 1970s and '80s.
Career
Appointed Chair of the Federal Reserve by President Jimmy Carter in 1979, Volcker continued in this role under President Ronald Reagan until 1987. During his tenure, he implemented aggressive policies to reduce inflation, pushing short-term interest rates to nearly 20%. Despite causing high unemployment and economic pain, these measures successfully lowered inflation from double digits to low single digits by mid-1980s.
Volcker's actions are widely credited with strengthening the Federal Reserve’s independence and monetary policy discipline. His legacy underscores the value of an independent central bank and the sometimes painful measures required to achieve economic stability.
Before his appointment as Fed Chair, Volcker worked in various government and financial roles, including positions at the Treasury Department. He also served as Chairman of the President's Economic Recovery Advisory Board under President Obama, although this position is not directly mentioned in the provided search results.
Post-Fed Career
After leaving the Federal Reserve, Volcker became the chief executive of the investment bank Wolfensohn & Company.
Personal Life
Volcker was a father of two. He was born in 1927 in Cape May, New Jersey, and was a grandson of German immigrants. His wife, Barbara, passed away 12 years before he remarried in 2010 at the age of 83, with his long-serving assistant serving as his bride.
Cause of Death
The exact cause of Paul Volcker’s death is not specified in the search results. However, media reports confirm that his daughter, Janice Zima, announced his cause of death as complications from prostate cancer.
In summary, Paul Volcker is chiefly remembered as the influential Fed Chair who tamed inflation through tough monetary policy, shaping modern central banking. His legacy highlights the value of an independent central bank and the sometimes painful measures required to achieve economic stability.
- Paul Volcker's tenure as Federal Reserve Chair was marked by implementing stringent financial policies related to policy-and-legislation, which significantly impacted the business sector.
- After his stint at the Federal Reserve, Volcker delved into the business world, serving as the chief executive of the investment bank Wolfensohn & Company, showcasing his versatility in both politics and general-news domains.
