Paul A. Volcker, 92, former chairman of the Federal Reserve, died Sunday at his home in New York, according to the Volcker Alliance, a non-partisan, non-profit organization he founded in 2013.
Mr. Volcker led the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan from 1979 to 1987, a critical period in bringing a high level of inflation to an end. He also served as undersecretary of the Treasury in the 1970s, a period of historic change in international monetary arrangements, the Volcker Alliance noted in a tribute posted on its website Monday.
"Paul A. Volcker was a giant among American public servants," said Thomas W. Ross, president of the Volcker Alliance, in a statement Monday. "He was a man of great courage and integrity who committed most of his working life to the public good. He believed in the importance of an effective government to our democracy. He cared deeply about the future of America and those who serve in our government."
In the midst of the Great Recession, President Barack Obama tapped Mr. Volcker to head the newly formed Economic Recovery Advisory Board, which he did from 2009 to 2011. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Volcker rule was adopted, which prohibits federally backed financial institutions from engaging in proprietary trading or having interests in private equity or hedge funds. Federal regulators approved changes to the Volcker rule earlier this year, loosening some of the regulation's requirements.
"Mr. Volcker leaves an amazing legacy of leadership, service and impact," Mr. Ross said in his statement. "Mr. Volcker was admired by people with differing political views for his courageous decision-making often under great pressure. His advice was widely trusted."
Federal Reserve Chairman Jerome Powell said in a statement that Mr. Volcker "believed there was no higher calling than public service. His life exemplified the highest ideals — integrity, courage and a commitment to do what was best for all Americans. His contributions to the nation left a lasting legacy. My colleagues and I at the Federal Reserve mourn this loss and send our condolences to his family."