Volcker, << VOHL kur, >> Paul Adolph (1927-2019), served as chairman of the Board of Governors of the Federal Reserve System (FRS) from 1979 to 1987. The FRS is an independent federal agency that directs the United States banking system and helps manage the nation’s economy. Volcker was appointed chairman by President Jimmy Carter and was reappointed to the position by President Ronald Reagan in 1983.
The United States faced a high rate of inflation when Volcker first became chairman. Under Volcker’s leadership, the FRS helped slow down inflation by curbing the growth of the nation’s money supply. But many economists believe that Volcker’s policy also contributed to the highest unemployment rates since 1941.
Volcker was born on Sept. 5, 1927, in Cape May, New Jersey. He graduated from Princeton University in 1949 and earned a master’s degree from Harvard University in 1951. During his career, Volcker worked for the Chase Manhattan Bank and the United States Department of the Treasury. From 1975 to 1979, he served as president of the Federal Reserve Bank of New York. From 2009 to 2011, Volcker served as an economic adviser to President Barack Obama. Volcker died on Dec. 8, 2019.
