Paul Volcker, who as chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan helped tame inflation with 22% interest rates that also crunched American manufacturing, farming, and real estate but led the way to two decades of expansion, has died. He was 92. He died on Sunday, according to The New York Times and The Washington Post.
Years after the Great Recession, Volcker headed President Barack Obama’s Economic Recovery Advisory Board and pushed to create a namesake regulation, the Volcker rule, which sought to rein in commercial banks by prohibiting them from making the risky investments that helped spark the 2007 financial collapse. More