Former Federal Reserve Chair Paul Adolph Volcker has passed away at the age of 92.
Volcker, who served under Presidents Jimmy Carter and Ronald Reagan, died on Sunday evening in his home in New York. He leaves behind his wife, Anke Dening, and two children from his first marriage to Barbara Bahnson, who perished in 1998.
Volcker Alliance, a non-partisan and non-profit organization aimed at promoting public service, issued a statement:
“Paul A. Volcker was a giant among American public servants. He was a man of great courage and integrity who committed most of his working life to the public good. He believed in the importance of an effective government to our democracy. He cared deeply about the future of America and those who serve in our government.”
Tall Paul, who smoked cigars during his congressional testimony, was instrumental in fighting double-digit inflation in the late-1970s and early-1980s. He returned to prominence following the Great Recession when he headed Obama’s Economic Recovery Advisory Board and came up with the Volcker rule that prohibits commercial banks from making risky investments.
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