UNITED STATES (OBSERVATORY NEWS) — Former US Federal Reserve Chairman Paul Volcker, famous for tackling the inflation crisis in the United States in the late 1970s and 1980s, died on Sunday.
Volcker headed between 1979 and 1987 the central bank and died at the age of 92 years as a result of prostate cancer, his daughter Janice Zima confirmed to AFP.
Volcker’s career spanned the post-Cold War era through to the 2008 financial crisis. He advised Presidents Richard Nixon all the way to Barack Obama.
He succeeded in persuading deputies after the financial crisis to adopt stronger controls on the work of banks.
Volcker, the grandson of a German immigrant, was born in Cape May, New Jersey in 1927, and fishing was one of his favorite hobbies.
After leaving his position on the Federal Reserve Board in 1987, he took over as chief executive officer of investments in the “Wolfensohn & Company” bank.
Wolker has two sons, and he married in 2010 for the second time, when he was 83 years old, from his long-term help, 12 years after the death of his first wife Barbara.
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