Volcker, Paul A. - from United States
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Became chairman of the Board of Governors of the Federal Reserve System on August 6, 1979. He was reappointed for a second term on August 6, 1983, and served until August 11, 1987.
Volcker was born in Cape May, New Jersey. He received a bachelor’s degree from Princeton University and a master’s degree from Harvard University Graduate School of Public Administration. Throughout his career, he also received honorary degrees from numerous institutions, including Adelphi University, University of New Hampshire, and Dartmouth College.
Volcker first served the Federal Reserve as an economist from 1952 until 1957, when he left for a position with Chase Manhattan Bank. In 1962, he became director of the Treasury’s Office of Financial Analysis. The following year Volcker transitioned to deputy undersecretary for monetary affairs. In 1965, he left public service to return to Chase Manhattan Bank as a vice president. He remained with the firm until 1969, when he rejoined the Treasury as undersecretary for monetary affairs. During his five years in the post, Volcker brought about many changes to the international monetary system. In 1974, he left the Treasury for Princeton, where he was a visiting fellow.
In August 1975, Volcker was named president of the Federal Reserve Bank of New York. There, he was actively involved with monetary policy decision making processes and became a proponent of monetary restraint.
Following a sharp rise in inflation between 1978 and 1979, President Jimmy Carter shuffled his economic policy team and nominated Volcker to become chairman of the Board of Governors.
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