Date of Birth: September 5, 1927
Zodiac Sign: Virgo
Date of Death: December 8, 2019
Biography
Paul Adolph Volcker Jr. was an American economist who is widely known for his role as the Chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan. Born in Cape May, New Jersey, Volcker earned his undergraduate degree from Princeton University and later received a master’s degree in political economy from Harvard University. He also attended the London School of Economics. Volcker began his career at the Federal Reserve Bank of New York before moving to the Treasury Department, where he played a significant role in managing U.S. monetary policy. He served as President of the Federal Reserve Bank of New York from 1975 to 1979 before his appointment as Chairman of the Federal Reserve in 1979. During his tenure, Volcker was credited with taming the rampant inflation that plagued the U.S. economy in the late 1970s and early 1980s through a series of aggressive interest rate hikes. His policies, though initially unpopular, laid the foundation for economic stability and growth in the subsequent decades. After leaving the Federal Reserve, Volcker continued to influence economic policy through various roles, including chairing the Economic Recovery Advisory Board under President Barack Obama. He was also a strong advocate for financial regulation and transparency, famously championing the “Volcker Rule,” which restricts banks from making certain kinds of speculative investments.
5 Interesting Facts about Paul A. Volcker
1. Paul Volcker was known for his towering height, standing at 6 feet 7 inches.
2. He was a chain smoker for most of his life but quit in his later years.
3. Volcker was instrumental in the decision to abandon the gold standard in 1971.
4. He played a key role in the creation and implementation of the “Volcker Rule” as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
5. Volcker served as a mentor to many younger economists and policy-makers, including former Federal Reserve Chairman Ben Bernanke.
5 Most Interesting Quotes from Paul A. Volcker
1. “The standard of living of the average American has to decline.”
2. “Good government is the lifeblood of democracy.”
3. “Inflation is the cruelest tax because it hits the most vulnerable the hardest.”
4. “The most important single central fact about a free market is that no exchange takes place unless both parties benefit.”
5. “The problem with central banks is that they want to be loved.”
Highest Net Worth Achieved
At his peak, Paul Volcker’s net worth was estimated to be around $10 million.
Children
Paul Volcker had two children: a son, James Volcker, and a daughter, Janice Zima.
Relevant Links
3. [The Volcker Rule – Investopedia](https://www.investopedia.com/terms/v/volcker-rule.asp
4. [Paul Volcker on Wikipedia](https://en.wikipedia.org/wiki/Paul_Volcker
