Paul Volcker, the former Federal Reserve chairman known for his battles against inflation in the late 1970s and early 1980s, dies at 92
He passed away at his home in New York Sunday from complications related to his prostate cancer, said his daughter, Janice Zima. Volcker served as Fed chairman from August 1979 through 1987. He returned to public service more than 20 years later in the wake of the financial crisis, serving as an economic adviser to President Barack Obama during the early days of his administration. "Paul A. Volcker was a giant among American public servants.
Volcker was reportedly surprised to discover Obama had given the ban his name.The Volcker Rule passed as a part of the Dodd-Frank bill of Wall Street reforms, but remains one of the most contested measures by banks and Republicans. Volcker had vigorously defended it. But the limits were loosened on smaller banks in 2018 under a bipartisan bill signed by President Donald Trump. There were further changes put in place by Federal regulators in August 2019.
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