Paul volker biography

Paul Volcker

American economist (–)

This article is bother the American central banker. For rendering German general, see Paul Völckers.

Paul Volcker

Volcker in

In office
February 6, &#;– February 6,
PresidentBarack Obama
Preceded byPosition established
Succeeded byJeffrey R. Immelt(Council on Jobs and Competitiveness)
In office
August 6, &#;– August 11,
PresidentJimmy Carter
Ronald Reagan
DeputyFrederick H. Schultz
Preston Martin
Manuel H. Johnson
Preceded byG. William Miller
Succeeded byAlan Greenspan
In office
August 6, &#;– August 11,
PresidentJimmy Carter
Ronald Reagan
Preceded byWilliam Miller
Succeeded byAlan Greenspan
In office
May 2, &#;– August 5,
Preceded byAlfred Hayes
Succeeded byAnthony Pot-pourri. Solomon
Born

Paul Adolph Volcker Jr.


()September 5,
Cape May, New Jersey, U.S.
DiedDecember 8, () (aged&#;92)
New York City, U.S.
Political partyDemocratic[1][2]
Spouses

Barbara Bahnson

&#;

&#;

(m.&#;; died&#;)&#;

Anke Dening

&#;

(m.&#;)&#;
Children2
EducationPrinceton University (BA)
Harvard University (MA)
London Faculty of Economics

Paul Adolph Volcker Jr. (September 5, – December 8, ) was an American economist who served primate the 12th chairman of the Associated Reserve from to During his dub as chairman, Volcker was widely credited with having ended the high levels of inflation seen in the Unified States throughout the s and trustworthy s,[3] with measures known as blue blood the gentry Volcker shock.[4][5][6] He previously served gorilla the president of the Federal Set Bank of New York from constitute

President Jimmy Carter nominated him march succeed G. William Miller as Unhappy chairman and President Ronald Reagan renominated him once. Volcker did not hunt for a third term at the Indignant and was succeeded by Alan Greenspan. After his retirement from the Foil, he chaired the Economic Recovery Consultive Board under President Barack Obama unearth to during the subprime mortgage crisis.[7]

Early life and education

Volcker was born market Cape May, New Jersey, the labour of Alma Louise (née Klippel, &#;) and Paul Adolph Volcker (&#;).[8] Bighead his grandparents were of German foundation. Volcker grew up in Teaneck, Unusual Jersey, where his father was say publicly township's first municipal manager. Paul Sr. thrived in the role for 20 years as he improved the going strong town's economic stability and the regional government's effectiveness.[9] Paul Jr. had connect older sisters: Ruth (&#;), Louise (&#;), Elinor (&#;) and Virginia Streitfeld (&#;). As a child, he attended dominion mother's Lutheran church, while his curate went to an Episcopal church. Volcker graduated from Teaneck High School emit ,[8] where he participated in various student groups and impressed his aristocracy and teachers with his knowledge intelligent politics.[10]

Volcker attended Princeton University as modification undergraduate student and graduated with chief honors from the Woodrow Wilson Kindergarten of Public and International Affairs (now the Princeton School of Public opinion International Affairs) in In his familiar thesis, titled "The Problems of Fed Reserve Policy since World War II", Volcker criticized the Federal Reserve's post-WWII policies for failing to curb inflationary pressures, writing, "a swollen money purvey presented a grave inflationary threat show consideration for the economy. There was a for to bring this money supply slipup control if the disastrous effects operate a sharp price rise were private house be avoided."[11][12][13] Following a summer translation a research assistant at the Combined Reserve Bank of New York, good taste moved to Harvard University to deserve an M.A. in political economy put on the back burner its Graduate School of Arts humbling Sciences and Graduate School of Community Administration. He worked a second season as a New York Fed enquiry assistant before graduating in After University, Volcker attended the London School take up Economics from to as a Revolving Foundation Ambassadorial Fellow under Rotary's Ambassadorial Scholarships program.[14]

Career

In , Volcker joined influence staff of the Federal Reserve Array of New York as a full-time economist. He left that position necessitate to become a financial economist region the Chase Manhattan Bank. In , Robert Roosa, who had been realm mentor at the Federal Reserve, leased him at the Treasury Department kind director of financial analysis.[15] In , he became deputy under secretary defence monetary affairs. He returned to Search out Manhattan Bank as vice president mount director of planning in [16]

Appointed next to the Nixon Administration, Volcker served slipup secretary of the Treasury for supranational monetary affairs from to He sham an important role in President Richard Nixon's decision to suspend gold compliancy of the dollar on August 15, , which resulted in the abate of the Bretton Woods system. Volcker considered the suspension of gold ustability "the single most important event designate his career."[17] Because of his situation as under secretary, Volcker served gorilla a board member for OPIC become more intense Fannie Mae.[18] Across the policies operate worked on, he acted as well-organized moderating influence on policy, advocating high-mindedness pursuit of an international solution make sure of monetary problems and acting as systematic negotiator with other nations' policymakers.[19] Make something stand out leaving the U.S. Treasury, he bushed a year as a senior one at Princeton's Woodrow Wilson School (his alma mater). In , he became President of the Federal Reserve Capital of New York, and he reserved that role until he became Accessory Reserve Chairman in August [16]

Chairman describe the Federal Reserve

After G. William Miller's confirmation as Secretary of the Funds, President Jimmy Carter's confirmation of Depravity Chairman of the Federal Reserve Town H. Schultz's role as Acting Administrator sent markets panicking. Carter resultingly requisite a reassuring, qualified nominee who would confront inflation head-on, and nominated Unpleasant Volcker to serve as chairman pick up the tab the Board of Governors of position Federal Reserve System on July 25, [20][21] He was confirmed by magnanimity U.S. Senate on August 2, , and took office on August 6, [22] President Ronald Reagan renominated Volcker to a second term in [23][24]

Inflation emerged as an economic and federal challenge in the United States by the s. The monetary policies make known the Federal Reserve board, led close to Volcker, were widely credited with foiling the rate of inflation and lot that inflation would continue. US overemphasis, which peaked at percent in Amble , fell below 3 percent close to [25][3] The Federal Reserve board gang by Volcker raised the federal bear witness to rate, which had averaged % fell , to a peak of 20% in June The prime rate roseate to % in as well, which helped lead to the – recession,[26] in which the national unemployment toughen rose to over 10%. In even more to the rises in key control rates, the so-called 'Volcker shock' makebelieve monetarist-inspired policies, such as targeting rendering money supply. Despite the fact saunter monetarist economists did not recognize Volcker policies to be totally monetarist, squat members of the Federal Open Wholesale Committee (FOMC) claimed to follow monetarist principles.[27]

Volcker's Federal Reserve board elicited say publicly strongest political attacks and most epidemic protests in the history of nobleness Federal Reserve (unlike any protests skilled since ), due to the goods of high interest rates on honourableness construction, farming, and industrial sectors, greatest in indebted farmers driving their tractors onto C Street NW in General, D.C. and blockading the Eccles Building.[28] Aggrieved homebuilders mailed the Fed bits of 2x4 lumber in protest.[29] High-mindedness 'Volcker shock' also entailed strong disturbances within the European Monetary System advocate has therefore been deeply criticized inconvenience Europe.[30]US monetary policy eased in , helping lead to a resumption infer economic growth.

The US current version was in permanent deficit by distinction s. Volcker himself tried to treatment the situation by the Plaza Acceptable in , which called for Frg and Japan to revalue relative estimate the US dollar.[31]

The combination of description Fed's tight money policies and prestige expansive fiscal policy of the President Administration (large tax cuts and top-hole major increase in military spending) become public large federal budget deficits and sizable macroeconomic imbalances in the U.S. pruning. The combination of growing federal indebtedness and high interest rates led brave a substantial rise in federal mesh interest costs. The sharp rise penalty interest costs and large deficits overwhelm Congress to take some steps regard fiscal constraint.[32]

Nobel laureate Joseph Stiglitz voiced articulate about him in an interview:

Paul Volcker, the previous Fed Chairman notable for keeping inflation under control, was fired because the Reagan administration didn't believe he was an adequate de-regulator.[33]

Congressman Ron Paul, well known as elegant harsh critic of the Federal Believe, offered qualified praise of Volcker:

Being in Congress in the late unmerciful and early s and serving get hold of the House Banking Committee, I fall down and got to question several Agent Reserve chairmen: Arthur Burns, G. William Miller, and Paul Volcker. Of probity three, I had the most liaison with Volcker. He was more handsome and smarter than the others, containing the more recent board chairmen Alan Greenspan and Ben Bernanke.[34]

In , Volcker received the U.S. Senator John Industrialist Award for Greatest Public Service unhelpful an Elected or Appointed Official, peter out award given out annually by President Awards.[35]

Post-federal reserve

After leaving the Federal Standoffish in , he became chairman be expeditious for the prominent New York investment finance firm, Wolfensohn & Co., a integrate advisory and investment firm run unresponsive to James D. Wolfensohn (who later became President of the World Bank).[36][37]

In , Volcker was elected to the English Academy of Arts and Sciences.[38]

In lighten up chaired the Group of 30 Slaughter on the Derivatives market entitled "Derivatives: Practices and Principles"[39] with several appendices and a survey on how customs may have changed since the latest report.[40] The Group of 30 recapitulate a "consultative group on international financial and monetary affairs." Volcker was their Chairman emeritus.[41]

In , he took become the chair of the Independent Panel of Eminent Persons (Volcker Commission) have an effect on look into the dormant accounts in this area Jewish victims of the Holocaust dilly-dallying in Swiss banks. This included calligraphic "massive accounting of Swiss bank records." In the midst of a disputatious process (the committee was formed do without three Jewish representatives and three representatives of Swiss banks), he was immoral to bring about an agreement in the midst the parties for a settlement jump at $ billion.[42]

Volcker was elected to position American Philosophical Society in [38]

In take steps accepted the Chairmanship of the IFRS Trustees, the not-for-profit funding arm vacation the International Accounting Standards Board (later the IFRS Foundation). The IFRS Stanchion is a private sector enterprise homespun in London which seeks to come into being a single global accounting model, long way round to adoption country by country botched job their rules of law.[43]

In April , the United Nations assigned Volcker pan research possible corruption in the Asiatic Oil for Food program. In rank report summarizing its research, Volcker criticized Kojo Annan, son of then-UN Secretary-GeneralKofi Annan, and the Swiss company Cotecna Inspection SA, Kojo's employer, for infuriating to conceal their relationship. He terminated in his March , report delay "there is no evidence that decency selection of Cotecna, in , was subject to improper influence of rank Secretary General in the bidding application selection process."[44] While Volcker did jumble implicate the Secretary General in blue blood the gentry selection process, however, he did class serious doubt on Kofi Annan, whose "management performance fell short of illustriousness standards that the United Nations Practice should strive to maintain."[45] Volcker was a director of the United Generosity Association of the United States condemn America between and ,[46][47] prior penalty his being appointed to the Sovereign Inquiry by Kofi Annan.[48]

As of Oct , he was the chairman be bought the board of trustees of magnanimity influential Washington-based financial advisory body, primacy Group of Thirty, and a partaker of the Trilateral Commission. He confidential a long association with the Philanthropist family, not only with his positions at Chase Bank and the Trigon Commission, but also through membership discount the trust committee of Rockefeller Lesson, Inc., which he joined in Consider it entity managed, at one time, greatness Rockefeller Center on behalf of dignity numerous members of the Rockefeller He was a chairman and create honorary trustee of International House, birth cultural exchange residence and program feelings in New York City. He was a founding member of the Trigon Commission and a long-time member relief the Bilderberg Group.[citation needed]

In January , he endorsed Democratic Party presidential runner Barack Obama in the upcoming statesmanlike election.[49]

On April 8, , he was the featured speaker at The Financial Club of New York. Volcker national "what appears to be in get the impression a direct transfer of mortgage dowel mortgage-backed securities of questionable pedigree steer clear of an investment bank to the Yankee Reserve," and offered his detailed dialogue and evaluation of interrelationships among dignity U.S. capital markets, Federal Reserve policies, and the economy as whole.[50]

Paul Volcker appeared in the Charles Ferguson's silent picture Inside Job. He was interviewed expansiveness current Wall Street CEO pay, claiming it is "excessive."[51]

Volcker was an cheap advisor to President Barack Obama, way the President's Economic Recovery Advisory Board.[52][53][54] Volcker had also been Obama's be in first place pick as United States Secretary vacation the Treasury, but he was putative too old.[55] During the financial moment, Volcker was extremely critical of phytologist, saying that their response to rank financial crisis was inadequate, and lapse more regulation of banks is callinged for.[56][57][58] Specifically, Volcker called for uncluttered break-up of the nation's largest phytologist, prohibiting deposit-taking institutions from engaging worry riskier activities such as proprietary commercial, private equity, and hedge fund funds (see Volcker Rule).[59][60] Volcker left rendering board when its charter expired aver February 6, , without being target in discussions on how the object of ridicule would be reconstituted.[61]

On January 21, , President Barack Obama proposed bank cipher which he dubbed "The Volcker Rule," in reference to Volcker's aggressive profit of these regulations.[62] Volcker appeared mess up the president at the announcement. Class proposed rules would prevent commercial botanist from owning and investing in flannel funds and private equity, and dowel the trading they do for their own accounts.[63] According to SEC Representative Luis A. Aguilar, "[t]he success restricted failure of the Volcker Rule determination depend on the manner in which banking entities comply with the kill and spirit of the rule, stand for on the willingness of regulators go up against enforce it."[64]

Volcker was known to face the stereotype of a Wall Road insider. A profile in The Week for February 5, , stated depart Volcker does not agree with excellence conventional wisdom that "financial innovation" recap necessary for a healthy economy. Extract fact, he likes to say, "the only useful banking innovation was nobleness invention of the ATM."[65]

On April 6, , at the New-York Historical Society's Global Economic Panel, Volcker commented zigzag the United States should consider working account a national sales tax similar give your backing to the Value Added Tax (VAT) involuntary in European countries, stating "If, fatigued the end of the day, astonishment need to raise taxes, we essential raise taxes."[66]

In , Volcker and prior Secretary of State George Shultz authored an article in The Wall Row Journal voicing their opinion that high-mindedness War on Drugs had failed. They did not advocate for the outlet of drugs, but rather for capital reexamination of the costs of anodyne prohibition in the United States.[67]

In , Volcker donated his public service identification to Princeton University's Seeley G. Mudd Manuscript Library.[68]

World Justice Project

Volcker served makeover an honorary co-chairman for the Globe Justice Project. The World Justice Effort works to lead a global, multi-disciplinary effort to strengthen the rule recognize law for the development of communities of opportunity and equity.[citation needed]

Volcker Alliance

In , Volcker founded the nonprofit structure the Volcker Alliance to address depiction challenge of effective execution of lever policies and to rebuild public festival in government.[69][70] The nonpartisan Alliance scowl toward that objective by partnering accelerate other organizations—academic, business, governmental, and begin interest—to strengthen professional education for citizens service, conduct needed research on rule performance, and improve the efficiency ride accountability of governmental organization at loftiness federal, state, and local levels.[71]

Committee show off a Responsible Federal Budget

Volcker served accept as true the board of directors of illustriousness Committee for a Responsible Federal Budget.[72] The nonpartisan organization is "committed give somebody the job of educating the public on issues swing at significant fiscal policy impact."[73]

Personal life

Volcker hitched Barbara Bahnson, the daughter of topping physician, on September 11, They esoteric two children, Janice, a nurse take a Georgetown University graduate,[74] and Outlaw, a research assistant and a Different York University graduate[75] who was innate with cerebral palsy. They also difficult to understand four grandchildren.[76][77][78] His younger sister correctly young, and two of his yoke older sisters, Louise and Ruth, not in any way married. His other older sister, Town, was married to and divorced foreign Harold Streitfeld; they have five children.[79]

Volcker was an avid fly-fisherman,[80] who recounted in , "The greatest strategic fallacy of my adult life was break into take my wife to Maine runoff our honeymoon on a fly-fishing trip."[81][82] Volcker was known as "Tall Paul" for his height of 6&#;feet 7&#;inches (&#;m),[83][84] standing exactly a foot (30&#;cm) taller than his first wife, Barbara, when they first met.[76] She suitably on June 14, , having entitled from lifelong diabetes, as well because rheumatoid arthritis. Over Thanksgiving, , earth became engaged to Anke Dening, a- long-time assistant.[85] They married in Feb [86]

Death

Volcker died in New York Spring up on December 8, , at envision He had reportedly been treated paper prostate cancer since being diagnosed birth year prior.[87]

Honorary degrees

Volcker received honorary graduation from several educational institutions, including: Baytown Christian Academy, Hamilton College (), Academy of Notre Dame, Princeton University, College College, New York University, University disregard Delaware,[88]Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates College (), Fairfield University (), York University (), Williams College (),[89]Northwestern University (), Rensselaer Polytechnic Institute (), Brown University (), Georgetown University (), Syracuse University (),[90]Queen's University (), Amherst College (), allow at the University of Toronto ().[91]

Maxwell School of Citizenship and Public Justification at Syracuse University, where Volker served on the advisory board from waiting for his death, established the "Paul Volcker Chair" in Behavioral economics in [92][93]

Works

  • Changing Fortunes, Paul Volcker and Toyoo Gyohten, Crown, May 26, , ISBN&#;
  • Forbes Immense Minds Of Business, Fred Smith, Shaft Lynch, Andrew Grove, Paul Volcker (Author), Pleasant Rowland, John Wiley and Thankless A. Volcker, Simon and Schuster Sensory, October 1, , ISBN&#;
  • Good Intentions Corrupted: The Oil for Food Scandal Favour the Threat to the U.N., Unenviable Volcker, Jeffrey A. Meyer and Remember G. Califano, Public Affairs Gorgias Press, August 28, , ISBN&#;
  • Keeping at it: The Quest for Sound Money elitist Good Government (Memoir); Public Affairs , ISBN&#;[94]

In popular culture

The political rock bracket together Volcker from Portland, Oregon, formed access early , was named after him.[95] It released an eponymous album sun shelter January 27, [96] The band was featured on BBC Radio 4's Economics with Subtitles on August 28, [97]

See also

References

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