Paul Volcker, who defeated runaway inflation as Fed chairman in the 1980s, establishing the importance of an independent central bank, has died
As Fed chair in 1980s, he faced down runaway inflation; later, his ‘Volcker Rule’ was controversial element of postcrisis regulation in Obama years
As banks step away from proprietary trading to comply with regulations, many have criticized the rules for drying up liquidity. Paul Volcker, who helped shaped many of these regulations, says the criticism hinges on the definition of liquidity.
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