Paul Volcker

Paul Volcker was an American economist who served as the 12th chairman of the Federal Reserve from 1979 to 1987 under Presidents Carter and Reagan. He is best known for aggressively raising interest rates to combat the double-digit inflation of the late 1970s and early 1980s, a set of measures known as the Volcker shock. He later chaired President Obama's Economic Recovery Advisory Board from 2009 to 2011, during which he advocated for banking restrictions that became known as the Volcker Rule. He died on December 8, 2019, at the age of 92.