First Federal Reserve Chairman, Paul Volcker Dies

The former Federal Reserve chairman, Paul A. Volcker died on Sunday in New York. He was 92. Paul Volcker is a one-man economy who left an imprint on U.S financial and economic system for his generation which is commendable.

The reason for his death was prostate cancer as per his daughter Janice Zima. Mr. Volcker set the historical mark as a Fed chairman for 8 years. He was in control of the central bank.

Volcker was the best in leading the Fed’s aggressive campaign to bring down inflation from the late 1970s to the early 80s. He also worked in the Department of Treasury under presidents like Johnson, Kennedy, and Nixon before he joined the Fed. He got nominated by President Carter as a Chairman in 1979 and was again re-nominated by President Reagan in 1983.

During the financial crisis in 2008, he was assigned as an Economic Adviser by President Obama. His rules and regulations were known as the “Volcker Rule” and it was added in the financial overhaul Congress in 2010.

Later, Volcker turned in to a powerful figure and he fought against global corruption. In the end, he tried to bring the most deserved people into the public service. Volcker was a great man, a rumpled figure, who spent half his life in public sectors and adopted the favored inexpensive cigar and bad suits.