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In Memoriam: Paul A. Volcker

December 9, 2019

We are saddened by the passing of former Federal Reserve Board of Governors Chair and New York Fed President, Paul A. Volcker, who helped shape American economic policy for more than six decades.

“I am deeply saddened by the passing of Paul Volcker,” Fed Chair Jerome Powell said in a statement. “He 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.”

Volcker was born on Sept. 5, 1927, in Cape May, N.J. He earned a bachelor of arts degree, summa cum laude, from Princeton in 1949, and a master of arts degree in political economy and government from the Harvard University Graduate School of Public Administration in 1951.

He was named chair of the Board of Governors of the Federal Reserve System by President Carter, and was sworn in on Aug. 6, 1979. He became well known for successfully curbing inflation by sharply raising interest rates in 1979. He served until Aug. 11, 1987.

The flags at our Dallas, El Paso, Houston and San Antonio offices will be flown at half-staff in memorial.