Paul Volcker, the powerful Federal Reserve chairman whose grit and determination helped break the back of inflation in the early 1980s and put the American economy on a path to extended growth, has died. He was 92.
Volcker’s career in economics and public service spanned seven decades and several administrations. In the early 1960s he served as director of financial analysis in President Kennedy’s Treasury Department and a decade later was a principal strategist in the Nixon administration’s move to de-link the dollar from gold -- a profound shift that led to the collapse of the post-World War II global monetary system known as the Bretton Woods arrangement.
The 6-foot-7 Volcker was widely seen as a man of high principles and unwavering fortitude, and organizations including the United Nations sought his leadership or advice on cases involving institutional integrity and public trust. President Obama tapped Volcker as an economic adviser during his 2008 campaign for president, and shortly after his election victory, Volcker was named to chair Obama’s outside advisory board to help in the recovery after the Great Recession.Though Volcker had little direct influence in the Obama White House, he was a vocal critic of the banking industry’s culture of excessive risk-taking, pushing to limit the power of big banks and their investment activities.
In 2010 the Obama administration proposed a set of banking regulations that it dubbed the Volcker Rule.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'SNL': Jimmy Fallon, Paul Rudd & James Corden Mock Trump in Cold OpenSaturday Night Live gave us a look into the NATO cafeteria with a cameo-packed Cold Open that brought out some real star power.
Read more »
‘Saturday Night Live’: Jimmy Fallon, Paul Rudd, James Corden Play ‘Bad Boys’ in NATO CafeteriaJimmy Fallon, Paul Rudd and James Corden popped by “Saturday Night Live’s” Studio 8H Dec. 7 to portray Justin Trudeau, Prime Minister of Canada; President of France Emmauel Macron…
Read more »
'Richard Jewell' Actor Paul Walter Hauser Says Eastwood's a SweetheartThe guy playing Richard Jewell says ol' Clint couldn't have been easier to work with.
Read more »
Jennifer Lopez SNL Sketches Ranked: A-Rod, Paul Rudd, Jimmy Fallon and James Corden Join the FunJennifer Lopez (joined by A-Rod, Paul Rudd, Jimmy Fallon and James Corden) brings all her charm to a night of brilliantly hilarious sketches mixed with impressively off-the-mark duds.
Read more »