Former Chair of the Federal Reserve
Facts of Paul Volcker
|Full Name:||Paul Volcker|
|Age:||95 years 2 months|
|Birth Date:||September 05, 1927|
|Profession:||Former Chair of the Federal Reserve|
|Best Match for Marriage:||Taurus, Capricorn|
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Paul Adolph Volcker Jr. was an American economist and a musician. He was Chairman of the Federal Reserve under U.S. presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with having ended the high levels of inflation seen in the United States during the 1970s and early 1980s. He was the chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009 until January 2011. Volcker died in New York City on December 8, 2019, at age 92. He had reportedly been treated for prostate cancer since being diagnosed the year prior.
Paul Volcker’s address is unknown.
Volcker was born Paul Adolph Volcker Jr. on September 5, 1927, in Cape May, New Jersey, the son of Alma Louise (née Klippel, 1892–1990) and Paul Adolph Volcker (1889–1960). Volcker was born and raised in Teaneck, New Jersey, where his father served as the township’s first mayor. Ruth (1916–1991), Louise (1918–1966), Elinor (1922–1923), and Virginia Streitfeld (1924–2011) were Paul Jr.’s older sisters. He grew up going to his mother’s Lutheran church. As a result, we can conclude he is a Christian. Paul Volcker is a citizen of the United States. His grandparents were all German immigrants, so he has a lot of German ancestors. He is of mixed ancestry (German-American). Virgo is his zodiac sign. In terms of schooling, Volcker graduated from Teaneck High School in 1945. In 1949, he earned his bachelor’s degree from Princeton University. Paul Volcker also graduated from Harvard University with a master’s degree in political economy in 1951. From 1951 to 1952, Volcker studied at the London School of Economics.
What is Paul Volcker credited for?
Paul Volcker, an American economist, Central banker and chairman of the board of governors of the U.S. Federal Reserve System (1979–87) is best credited or playing a significant role in stabilizing and shaping American economic policy for more than six decades particularly a big moment in the American economy during the 1970s and 1980s. He is accounted for overcoming emerged inflation in the late 1970s and early 1980s by moderating the Monetary Policies to double the fed Funds rate from 10.25% to 20% termed as Volcker Shock which did end the financial crisis at the time.
What was Paul Volcker’s role in all of this?
Volcker began his career as an economist in 1952, when he was hired as a full-time economist by the Federal Reserve Bank of New York. In 1957, he left that job to work for Chase Manhattan Bank as a financial economist. He was employed as director of financial analysis at the Treasury Department in 1962. He was named deputy undersecretary for monetary affairs in 1963. In 1965, he was hired back at Chase Manhattan Bank as vice president and director of planning. From 1969 to 1974, Volcker was the Treasury’s undersecretary for international monetary affairs. He spent a year as a senior fellow at Princeton’s Woodrow Wilson School after leaving the US Treasury (his alma mater). In 1975, he was named president of the Federal Reserve Bank of New York, a position he held until August 1979, when he was named Federal Reserve Chair. On July 25, 1979, President Jimmy Carter chose Paul Volcker to be chairman of the Federal Reserve Board of Governors. He brought a major overhaul in US monetary policy at the time to minimize inflation, which worked at the expense of doubling the fed funds rate from 10.25 percent to 20 percent from March to December 1980, and keeping it above 16 percent until May 1981. The word “Volcker Shock” was coined to describe a sharp and sustained increase in interest rates.
In 1982, inflation was brought to a halt, and US monetary policy was relaxed, allowing for the resumption of economic growth. Volcker was renominated for a second term by President Ronald Reagan in 1983. Following his departure from the Federal Reserve in 1987, he became chairman of Wolfensohn & Co., a business consulting and investment company in New York. In the years that followed, he held many high-ranking positions in several large corporations and as a trustee. President Barack Obama’s economic adviser, Volcker, led the President’s Economic Recovery Advisory Board in 2009. He proposed the Volcker Rule, which forbids large banks from trading with consumer deposits for their own gain. However, they are only permitted to act on behalf of their clients. Volcker held the job until February 6, 2011, when he stepped down. He worked to improve the rule of law for the advancement of communities of opportunity, education, public service, and equality during his post-advisory days. Several universities and organisations awarded him honorary degrees in recognition of his achievements. In 1983, he was awarded the United States Senator John Heinz Award for Outstanding Public Service by an Elected or Appointed Official.
What is the value of Paul Volcker?
Volcker has a net worth of $1.5 billion dollars as the former chairman of the US Economic Recovery Advisory Board. During the 1970s and 1980s, he is widely credited with rescuing and reshaping the better economic environment. Being Chairman of the Federal Reserve in 1987 and Chairman of the Economic Recovery Advisory Board from 2009 to 2011 were his main sources of income. He has worked as a full-time economist for a number of other companies and financial institutions before being given the authority to change the US monetary policy. At this time, no information about his vehicles or homes is available.
What was the name of Paul Volcker’s wife?
On September 11, 1954, Volcker married Barbara Bahnson, the daughter of a physician. Janice, a nurse and a Georgetown University graduate, and James, a research assistant and a New York University graduate, were their two children. They had four grandchildren as well. Barbara died on June 14, 1998, after a long battle with diabetes and rheumatoid arthritis. He married Anke Dening, a long-time assistant, over Thanksgiving in 2009. They tied the knot in February of 2010. Before his death on December 8, 2019, at the age of 92, Volcker was a resident of New York.
What is Paul Volcker’s age?
Paul Volcker, one of the most well-known figures in US history during the 1970s and 1980s financial crisis, died on December 8, 2019, at the age of 92, in New York City. He had been treated for prostate cancer after being diagnosed the previous year, according to reports. In the 1980s, the chairman of the Federal Reserve was 6feet 7inches tall. Volcker was a fly-fishing enthusiast. His height, weight, and body dimensions, as well as his dress and shoe sizes, are all undisclosed.