Paul Adolph Volcker
12th Chairman of the Board of Governors of the Federal Reserve
In office August 6, 1979 – August 11, 1987
Preceded by	G. William Miller
Succeeded by	Alan Greenspan
Born	September 5, 1927 (1927-09-05) (age 80) Cape May, NJ
Nationality	American
Profession	economist

Paul Adolph Volcker (born September 5, 1927 in Cape May, New Jersey), is best-known as the Chairman of the Federal Reserve ("The Fed") under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). Image File history File links No higher resolution available. ... The Chairman of the Board of Governors of the United States Federal Reserve is the head of the central bank of the United States and one of the more important decision-makers in American economic policies. ... is the 218th day of the year (219th in leap years) in the Gregorian calendar. ... Also: 1979 by Smashing Pumpkins. ... is the 223rd day of the year (224th in leap years) in the Gregorian calendar. ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... Chairman Miller, Time, 1978 Millers signature, as used on American currency George William Miller (March 9, 1925 – March 17, 2006) served as the 65th United States Secretary of the Treasury under President Carter from August 6, 1979 to January 20, 1981. ... Alan Greenspan (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ... is the 248th day of the year (249th in leap years) in the Gregorian calendar. ... Year 1927 (MCMXXVII) was a common year starting on Saturday (link will display full calendar) of the Gregorian calendar. ... Cape May City highlighted in Cape May County. ... Alan Greenspan, former chairman, United States Federal Reserve. ... is the 248th day of the year (249th in leap years) in the Gregorian calendar. ... Year 1927 (MCMXXVII) was a common year starting on Saturday (link will display full calendar) of the Gregorian calendar. ... Cape May City highlighted in Cape May County. ... The Chairman of the Board of Governors of the United States Federal Reserve is the head of the central bank of the United States and one of the more important decision-makers in American economic policies. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  US Government Portal      For other uses, see President of the United States (disambiguation). ... For other persons named Jimmy Carter, see Jimmy Carter (disambiguation). ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981–1989) and the 33rd Governor of California (1967–1975). ...

Education

Volcker grew up in Teaneck, New Jersey, where he graduated from Teaneck High School, and his father was the township's first Municipal manager.^[1] Volcker's undergraduate education was at Princeton University; he graduated in 1949. He earned a M.A. in political economy from Harvard University in 1951 and then attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow. Teaneck (pronounced ) is a township in Bergen County, New Jersey, and is a suburb of New York City. ... Teaneck High School (also known as The Castle on the Hill) is a four-year comprehensive public high school, which is part of the Teaneck Public Schools district in Teaneck, New Jersey, United States. ... The council-manager government is one of 2 main variations of representative municipal government (for contrast, also see Mayor-Council government). ... Princeton University is a private coeducational research university located in Princeton, New Jersey. ... Harvard University (incorporated as The President and Fellows of Harvard College) is a private university in Cambridge, Massachusetts, USA and a member of the Ivy League. ... Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... Rotary International is an organization of service clubs known as Rotary Clubs located all over the world. ...

He has received honorary degrees from several educational institutions. Those include: University of Notre Dame, Princeton University, Dartmouth College, New York University, Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates College (1989), Rensselaer Polytechnic Institute (2005),Brown University (2006), and Georgetown University (2007). The University of Notre Dame IPA: is a Catholic[4] institution located in Notre Dame, an unincorporated section of St. ... Princeton University is a private coeducational research university located in Princeton, New Jersey. ... Dartmouth College is a private, coeducational university located in Hanover, New Hampshire, USA. Incorporated as Trustees of Dartmouth College,[6][7] it is a member of the Ivy League and one of the nine colonial colleges founded before the American Revolution. ... New York University (NYU) is a private, nonsectarian, coeducational research university in New York City. ... Fairleigh Dickinson University is a U.S. private university founded in 1942. ... Bryant University is a 4-year college located in Smithfield, Rhode Island. ... Adelphi University is a private university located in Garden City, in Nassau County, New York. ... Lamar University is a four-year university located in Beaumont, Texas, USA, and a member of the Texas State University System. ... Bates College is a private liberal arts college, founded in 1855 by abolitionists, located in Lewiston, Maine, in the United States. ... Rensselaer Polytechnic Institute, or RPI, is a nonsectarian, coeducational private research university in Troy, New York, a city lying just outside the state capital of Albany. ... Brown University is a private university located in Providence, Rhode Island. ... Georgetown University is an elite private research university located in Georgetown, Washington, D.C., United States. ...

Career

In 1952 he joined the staff of the Federal Reserve Bank of New York as a full-time economist. He left that position in 1957 to become a financial economist with the Chase Manhattan Bank. In 1962 he joined the U.S. Treasury Department as director of financial analysis, and in 1963 he became deputy under-secretary for monetary affairs. He returned to Chase Manhattan Bank as vice president and director of planning in 1965. The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States. ... The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. ... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ...

From 1969 to 1974 Mr. Volcker served as under-secretary of the Treasury for international monetary affairs. He played an important role in the decisions surrounding the U.S. decision to suspend gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the U.S. Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979, leaving to take up the chairmanship of the Federal Reserve in August 1979. The U.S. Treasury building today. ... Convertibility is the quality of money which is officially backed by government reserves of a precious metal, probably the gold standard. ... Wikipedia does not have an article with this exact name. ... The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States. ...

Chairman of the Federal Reserve

Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s by limiting the growth of the money supply, abandoning the previous policy of targeting interest rates. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983 and has remained low ever since[1]. The change in policy contributed to the significant recession the U.S. economy experienced in the early 1980s, which included the highest unemployment levels since the Great Depression. This article uses excessive clichés and jargon. ... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ... For other uses, see The Great Depression (disambiguation). ...

However, Volcker's Fed also elicited the strongest political attacks and most wide-spread protests in the history of the Federal Reserve (unlike any protests experienced since 1922) due to the effects of the high interest rates on the construction and farming sectors, culminating in indebted farmers driving their tractors onto C Street and blockading the Eccles Building.^[2] The Eccles Building, situated on Constitution Avenue in Washington, DC. The Marriner S. Eccles Federal Reserve Board Building houses the Federal Reserve Board in Washington, D.C. The building was designed by Paul Phillippe Cret and finished in 1937. ...

Post-Fed

In 1975 he had become a senior fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University. After leaving the Federal Reserve in 1987 he became chairman of the prominent New York investment banking firm, Wolfensohn & Co., a corporate advisory and investment firm in New York, run by James D. Wolfensohn, who was later to become president of the World Bank. Princeton University is a private coeducational research university located in Princeton, New Jersey. ... James Wolfensohn (b. ... The World Bank (the Bank), a part of the World Bank Group (WBG), was formally established on December 27, 1945, following the ratification of the Bretton Woods agreement. ...

He has been appointed as a member of the Hong Kong Chief Executive's Council of International Advisers.[2] Other Hong Kong topics Culture - Economy Education - Geography - History Hong Kong Portal The Chief Executive of the Hong Kong Special Administrative Region (Traditional Chinese: , Simplified Chinese: , pinyin: Xiānggǎng Tèbié Xíngzhèngqū Xíngzhèng Zhǎngguān; Cantonese Jyutping: hoeng1 gong2 dak6 bit6 hang4 zing3 keoi1...

In April 2004, the United Nations assigned Volcker to research possible corruption in the Iraqi Oil for Food program. In the report summarising its research, Volcker criticized Kojo Annan, son of UN Secretary-General Kofi Annan, and the Swiss company Cotecna Inspection SA, Kojo's employer, for trying to conceal their relationship. Volcker was a director of the United Nations Association of the United States of America between 2000 and 2004, prior to his being appointed to the Independent Inquiry by Kofi Annan. 2004 : January - February - March - April - May - June - July - August - September - October - November - December Deaths in April • 18 Ratu Sir Kamisese Mara • 19 Norris McWhirter • 22 Pat Tillman • 24 Estée Lauder Other recent deaths Ongoing events EU Enlargement Exploration of Mars: Rovers Haiti Rebellion Reconstruction of Iraq – Occupation & Resistance Israeli... UN and U.N. redirect here. ... The Paul Volcker Committee (Independent Inquiry Committee) - Report that investigated the corruption and fraud in the UN Oil-for-Food Programme. ... The Oil-for-Food Programme was established by the United Nations in 1996 to allow Iraq to sell oil on the world market in exchange for food, medicine and the like. ... Kojo Annan (born July 1973 in Geneva, Switzerland) is the son of ex-UN Secretary-General Kofi Annan. ... The United Nations Secretary-General is the head of the Secretariat, one of the principal divisions of the United Nations. ... Kofi Atta Annan (born April 8, 1938) is a Ghanaian diplomat who served as the seventh Secretary-General of the United Nations from January 1, 1997 to January 1, 2007, serving two five-year terms. ... The United Nations Association of the United States of America or UNA-USA was founded in 1943 by Eleanor Roosevelt as the American Association for the United Nations (AAUN) which was merged with the in 1964. ...

As of October 2006, he is the current Chairman of the Board of Trustees of the influential Washington-based financial advisory body, the Group of Thirty, and is a member of the Trilateral Commission. He has had a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the Trust Committee of Rockefeller Group, Inc. (RGI), which he joined in 1987. That entity managed, at one time, the Rockefeller Center on behalf of the numerous members of the Rockefeller clan. He currently serves as Chairman of the Board of Trustees of the International House in Manhattan, NY. He was a founding member of the Trilateral Commission. October 2006 is the tenth month of that year and has yet to occur. ... A Chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... It has been suggested that this article or section be merged into Board of directors. ... Aerial photo (looking NW) of the Washington Monument and the White House in Washington, DC. Washington, D.C., officially the District of Columbia (also known as D.C.; Washington; the Nations Capital; the District; and, historically, the Federal City) is the capital city and administrative district of the United... The Group of Thirty, often abbreviated to G30, is an international body of leading financiers and academics which aims to deepen understanding of economic and financial issues, and to examine consequences of decisions made in the public and private sectors related to these issues. ... The Trilateral Commission is a private organization, founded in July 1973, at the initiative of David Rockefeller; who was Chairman of the Council on Foreign Relations at that time and the Commission is widely seen as a counterpart to the Council on Foreign Relations. ... The Rockefeller family, the family of John D. Rockefeller (1839-1937) (Senior) and his brother William Rockefeller (1841-1922), is an American industrial, banking, philanthropic, and political family of German American origin that made the worlds largest private fortune in the oil business during the late 19th and early... Lower Plaza at Rockefeller Center. ... The Trilateral Commission is a private organization, founded in July 1973, at the initiative of David Rockefeller; who was Chairman of the Council on Foreign Relations at that time and the Commission is widely seen as a counterpart to the Council on Foreign Relations. ...

Mr. Volcker is also an avid fly-fisherman.

References

is the 187th day of the year (188th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

Further reading

• Paul Volcker: The Making of a Financial Legend, Joseph B. Treaster, New York: Wiley, 2004.

External links

• Official Bio
• The Independent Inquiry Committee into The United Nations' Oil-for-Food Program
• Time for Paul Vocker to Resign from the Oil-for-Food Program A critical article on the Heritage Foundation Website.
• Ubben Lecture at DePauw University

v • d • e Chairmen of the Federal Reserve
Hamlin • Harding • Crissinger • Young • Meyer • Black • Eccles • McCabe • Martin • Burns • Miller • Volcker • Greenspan • Bernanke