| Paul Volcker | |
 | |
| In office August 6, 1979 – August 11, 1987 | |
| President | Jimmy Carter Ronald Reagan |
| Preceded by | G. William Miller |
| Succeeded by | Alan Greenspan |
| Born | September 5, 1927 Cape May, New Jersey |
| Nationality | American |
| Alma mater | Princeton University Harvard University London School of Economics |
| Profession | Economist |
| Religion | Jewish |
Paul Adolph Volcker (born September 5, 1927 in Cape May, New Jersey), is an American economist. The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States and one of the most Events 1538 - Bogotá, Colombia, is founded by Gonzalo Jiménez de Quesada. Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) Events 2492 BC - Traditional date of the defeat of Bel by Hayk, progenitor and founder of the Armenian nation Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) James Earl "Jimmy" Carter Jr (born October 1 1924 was the thirty-ninth President of the United States, serving from 1977 to 1981 and the recipient of the 2002 George William Miller ( March 9, 1925 – March 17, 2006) served as the 65th United States Secretary of the Alan Greenspan (born March 6 1926 in New York City) is an American Economist and was from 1987 to 2006 the Chairman of the Federal Reserve of Events 1590 - Alexander Farnese 's army forces Henry IV of France to raise the siege of Paris. Year 1927 ( MCMXXVII) was a Common year starting on Saturday (link will display full calendar of the Gregorian calendar. Cape May, is a city at the southern tip of Cape May Peninsula in Cape May County, New Jersey, where the Delaware Bay meets the New Jersey ( is a state in the Mid-Atlantic and Northeastern regions of the United States. Alma mater is Latin for "nourishing mother" It was used in Ancient Rome as a title for the mother Goddess, and in Medieval Princeton University is a private Coeducational research university located in Princeton, New Jersey. The London School of Economics and Political Science, more commonly referred to as The London School of Economics or LSE, is a specialist college of the An economist is an expert in the Social science of Economics. Judaism (from the Greek Ioudaïsmos, derived from the Hebrew יהודה Yehudah, " Judah " in Hebrew יַהֲדוּת Yahedut Events 1590 - Alexander Farnese 's army forces Henry IV of France to raise the siege of Paris. Year 1927 ( MCMXXVII) was a Common year starting on Saturday (link will display full calendar of the Gregorian calendar. Cape May, is a city at the southern tip of Cape May Peninsula in Cape May County, New Jersey, where the Delaware Bay meets the An economist is an expert in the Social science of Economics. He 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). The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States and one of the most The President of the United States is the Head of state and Head of government of the United States and is the highest political official in United States by James Earl "Jimmy" Carter Jr (born October 1 1924 was the thirty-ninth President of the United States, serving from 1977 to 1981 and the recipient of the 2002
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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. Teaneck (ˈtiːnɛk is a township in Bergen County, New Jersey, and is a Suburb in the New York metropolitan area. Teaneck High School (known as The Castle on the Hill) is a four-year comprehensive Public high school, which is part of the Teaneck Public Schools A city manager is an official appointed as the administrative manager of a City, in a council-manager form of city government [1] Volcker's undergraduate education was at Princeton University; he graduated in 1949. In some Educational systems undergraduate education is Post-secondary education up to the level of a Bachelor's degree. Princeton University is a private Coeducational research university located in Princeton, New Jersey. He earned his 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. A Master of Arts ( Latin: Magister Artium) is a Postgraduate academic Master's degree awarded by universities in a large Political economy originally was the term for studying production buying and selling and their relations with law custom and government The London School of Economics and Political Science, more commonly referred to as The London School of Economics or LSE, is a specialist college of the 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 including: University of Notre Dame, Princeton University, Dartmouth College, New York University, Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates College (1989), Northwestern University (2004), Rensselaer Polytechnic Institute (2005), Brown University (2006), and Georgetown University (2007). The University of Notre Dame du Lac (or simply Notre Dame) (ˌnoʊtɚˈdeɪm is a private Roman Catholic Research university located in 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, U New York University ( NYU) is a private, Nonsectarian, Coeducational Research University in New York City. Fairleigh Dickinson University is an American Private university founded in 1942 Bryant University is a four-year highly selective private University located in Smithfield Rhode Island. Adelphi University is a private Nonsectarian university located in Garden City, in Nassau County New York. Lamar University is a four-year university located in Beaumont Texas, and a member of The Texas State University System. Bates College is a private liberal arts college located in Lewiston Maine, in the United States. Rensselaer Polytechnic Institute, or RPI, is a Nonsectarian private Research University located in Troy, New York Brown University is a highly esteemed private University located in Providence, Rhode Island and is a member of the Ivy League. Georgetown University is a Jesuit Private university located in Georgetown Washington D
Career
In 1952 he joined the staff of the Federal Reserve Bank of New York as a full-time economist. The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States. An economist is an expert in the Social science of Economics. He left that position in 1957 to become a financial economist with the Chase Manhattan Bank. Chase is the consumer and commercial banking division of JPMorgan Chase. 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. The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. He returned to Chase Manhattan Bank as vice president and director of planning in 1965.
From 1969 to 1974 Mr. Volcker served as under-secretary of the Treasury for international monetary affairs. The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. 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. Convertibility is the quality of paper Money substitutes which entitles the holder to redeem them on demand into money proper The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states 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 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
Paul Volcker, a Democrat[2], was appointed Chairman of the Federal Reserve in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan. James Earl "Jimmy" Carter Jr (born October 1 1924 was the thirty-ninth President of the United States, serving from 1977 to 1981 and the recipient of the 2002 [3] 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. The United States of America —commonly referred to as the Stagflation is an economic situation in which Inflation and Economic stagnation occur simultaneously and remain unchecked for a period of time In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time Inflation, which peaked at 13. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 5% in 1981, was successfully lowered to 3. 2% by 1983. [1]
However, 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, and 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. The Marriner S Eccles Federal Reserve Board Building houses the main offices of the Board of Governors of the Federal Reserve System in Washington D [4]
Post-Fed
In 1975 he had become a senior fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University. Princeton University is a private Coeducational research university located in Princeton, New Jersey. After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, J. Rothschild, 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. James David Wolfensohn KBE, AO (born December 1, 1933) was the ninth president of the World Bank Group. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e
He was appointed as a member of the Hong Kong Chief Executive's Council of International Advisers in the years of 1998-2005. The Chief Executive of Hong Kong ( is the head of Hong Kong Government and the principal representative of the Hong Kong. [2]
In April 2004, the United Nations assigned Volcker to research possible corruption in the Iraqi Oil for Food program. 2004: January - February - March - April - May - June - July - August - September The United Nations ( UN) is an International organization whose stated aims are to facilitate cooperation in International law, International security The Paul Volcker Committee (Independent Inquiry Committee was formed to investigate alleged corruption and Fraud in the United Nations Oil-for-Food Political corruption is the use of governmental powers by government officials for illegitimate private gain For a topic outline on this subject see List of basic Iraq topics. The Oil-for-Food Programme, established by the United Nations in 1995 (under UN Security Council Resolution 986) and terminated in late 2003 was intended 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. Kojo Annan (born July 1973 in Geneva, Switzerland) is the son of ex- UN Secretary-General Kofi Annan. The Secretary-General of the United Nations is the head of the Secretariat, one of the principal organs of the United Nations. Kofi Atta Annan, GCMG (born 8 April 1938 is a Ghanaian Diplomat who served as the seventh Secretary-General of the United Nations Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation However, he concluded in his March 2005 report that “there is no evidence that the selection of Cotecna in 1998 was subject to improper influence of the Secretary General in the bidding or selection process”. [5] 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. The United Nations Association of the United States of America or UNA-USA is a not-for-profit membership organization dedicated to building understanding of and support
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. October 2006 was a month that began on a Sunday The month was marked by a nuclear test by North Korea that prompted that passing of Resolution 1718 Trustee is a Legal term that refers to a holder of property on behalf of a beneficiary. Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D G30 redirects here For other uses see G30 (disambiguation. The Group of Thirty, often abbreviated to G30, is an international The Trilateral Commission is a private organization established to foster closer cooperation between America Europe and Japan 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. The Rockefeller family, the renowned Cleveland family of John D (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. Rockefeller Center is a complex of 19 commercial buildings covering 22 acres between 48th and 51st streets in New York City. 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. The Trilateral Commission is a private organization established to foster closer cooperation between America Europe and Japan
On April 8, 2008, he was the featured speaker at "The Economic Club of New York" and spoke about the issues and causes of the 2008 US recession, and critiqued the 2008 US financial system and the 2008 Federal Reserve policies. [6]
Personal Life
Volcker married Barbara Bahnson, the daughter of a physician, on September 11, 1954; after suffering from lifelong diabetes, as well as rheumatoid arthritis, she died on June 14, 1998. Events 9 - The Battle of the Teutoburg Forest ends 506 - The Bishops of Visigothic Gaul Year 1954 ( MCMLIV) was a Common year starting on Friday (link will display full 1954 Gregorian calendar) Events 1276 - While taking exile in Fuzhou in southern China, away from the advancing Mongol invaders, the remnants of the Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) They had two children, Janice and James, who was born with cerebral palsy, and four grandchildren. [7][8][9]
Volcker is also known for his impressive height of 6 feet 7 inches (2. 0 m)[10], standing exactly a foot taller than his wife when he first met her. [7]
Volcker is an avid fly-fisherman, once recounting that the "greatest strategic error of [his] adult life was to take [his] wife to Maine on [their] honeymoon on a fly-fishing trip. [11][12]
In January 2008, Volcker endorsed Democratic Presidential Candidate Barack Obama for President. [13]
References
- ^ Treaster, Joseph B. "Paul Volcker: The Making of a Financial Legend", Accessed July 6, 2007. Events 1044 - The Battle of Ménfő takes place 1189 - Richard the Lionheart is crowned King of England Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. "Donald W. Maloney, another Teaneck High School graduate, entered Princeton along with Volcker. Although they had been in the same homeroom at Teaneck High for several years and had been high achievers, they had not been especially close. "
- ^ The main philosophical difference between Mr. Volcker, a Democrat, and Mr. Greenspan, a Republican, appears to be in their views of the structure and regulation of the banking system.
- ^ Paul A. Volcker - Council on Foreign Relations
- ^ Shull, Bernard. 2005. The Fourth Branch: The Federal Reserve's Unlikely Rise To Power And Influence. Praeger/Greenwood. ISBN 1567206247. p. 142.
- ^ Independent Inquiry Committee into the United Nations Oil-for-Food Programme - Second Interim Report (29 March 2005) p. 77
- ^ The Economic Club of New York: 8 April 2008 Transcript 101st Year, 395th Meeting, (8 April 2008) p. 2, and pp. 5-8
- ^ a b Treaster, Joseph B. (2004-04-27). "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Events 1124 - David I becomes King of Scotland. 1296 - Battle of Dunbar: The Scots are defeated Paul Volcker: The Making of a Financial Legend. New York: John Wiley and Sons, 83, 110. ISBN 0471428124.
- ^ "Paid Notice: Deaths", The New York Times, The New York Times Company, 1998-06-16. The New York Times Company ( is an American media company It is Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 1487 - Battle of Stoke Field, the last dying breath of the Wars of the Roses. Retrieved on 2008-03-26. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1026 - Pope John XIX crowns Conrad II as Holy Roman Emperor.
- ^ Speakers Platform Speakers Bureau: Paul Volcker, Keynote Speaker On: Economics, Global Affairs, Finance / Tax. Speakers Platform. Retrieved on 2008-03-25. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1199 - Richard I is wounded by a crossbow bolt while fighting France which leads to his death on April 6.
- ^ Cuff, Daniel F. . "BUSINESS PEOPLE; Of Volcker's Laundry And Fiscal Restraint", The New York Times, The New York Times Company, 1987-09-03. The New York Times Company ( is an American media company It is Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) Events 36 BC - In the Battle of Naulochus, Marcus Vipsanius Agrippa, Admiral of Octavian, defeats Sextus Pompeius Retrieved on 2008-03-25. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1199 - Richard I is wounded by a crossbow bolt while fighting France which leads to his death on April 6.
- ^ Lyons, Nick. "GONE OFF FLY-FISHING", The New York Times, The New York Times Company, 1987-05-03. The New York Times Company ( is an American media company It is Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) Events 1491 - Kongo monarch Nkuwu Nzinga is baptised by Portuguese missionaries adopting the baptismal name of João Retrieved on 2008-03-25. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1199 - Richard I is wounded by a crossbow bolt while fighting France which leads to his death on April 6.
- ^ Russell, George. "The New Mr. Dollar", Time Magazine, Time Inc. , 1987-06-15, p. Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) Events 763 BC - Assyrians record a Solar eclipse that will be used to fix the Chronology of Mesopotamian history 4. Retrieved on 2008-03-19. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1279 - A Mongolian victory in the Battle of Yamen ends the Song Dynasty in China.
- ^ Volcker Joins List of Obama Backers
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
| Preceded by Alfred Hayes | President of the Federal Reserve Bank of New York 1975–1979 | Succeeded by Anthony M. Solomon |
| Preceded by G. William Miller | Chairman of the Federal Reserve 1979–1987 | Succeeded by Alan Greenspan |
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