About

(September 5, 1927 – December 8, 2019) was an American economist. He was known for his role as the Chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan. Volcker is widely credited with ending the high inflation that plagued the United States in the late 1970s and early 1980s. His tenure as the head of the Federal Reserve, from 1979 to 1987, is often referred to as the "Volcker era. " Under his leadership, the Federal Reserve implemented tight monetary policies, which included raising interest rates to unprecedented levels, in order to combat inflation. Despite facing backlash and criticism for these policies, Volcker's initiatives ultimately succeeded in stabilizing the economy and reducing inflation. Prior to his involvement with the Federal Reserve, Volcker had a long and distinguished career in public service and international finance. He served as Undersecretary of the Treasury under President Richard Nixon and later as the President of the Federal Reserve Bank of New York, where he played a key role in the rescue and restructuring of several major financial institutions during the 1970s. After leaving the Federal Reserve, Volcker dedicated his efforts to advocating for financial and banking reforms. In 2009, he was appointed by President Barack Obama to serve as the Chairman of the Economic Recovery Advisory Board, where he advised the administration on economic issues during the global financial crisis. Throughout his career, Volcker was known for his independence and integrity, and he played a crucial role in shaping monetary policy in the United States. His pioneering efforts in combating inflation continue to influence central banking practices worldwide.