We are a fact-finding body, not a law enforcement agencyInquiry accuses former U.N. oil-food chief Aug 08, 2005
If at the end of the day we need to raise taxes, we should raise taxesEconomic Outlook: The chairmen Apr 08, 2010
The banks are there to serve the public and that is what they should concentrate on. These other activities create conflicts of interest. They create risks, and if you try to control the risks with supervision, that just creates friction and difficultiesVolcker pushes for separate banks Oct 21, 2009
The key issue is that institutions that are getting a backstop from the taxpayer shouldn't be able to make a profit off their own investingEconomic Outlook: Another line in the sand Jan 22, 2010
There has been, and remains, a strong public interest in providing a safety net ... for commercial banks carrying out essential services. There is not, however, a similar rationale for public funds -- taxpayer funds -- protecting and supporting essentially proprietary and speculative activitiesVolcker pushes to rein in banking Feb 02, 2010
Paul Adolph Volcker, Jr. (born September 5, 1927) is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and early 1980s. He was the Chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009 until January 2011.
Volcker was born in Cape May, New Jersey, the son of Alma Louise (née Klippel) and Paul Adolph Volcker. His grandparents were all German immigrants. Volcker grew up in Teaneck, New Jersey, where his father was the township's first municipal manager. As a child, he attended his mother's Lutheran church, while his father went to an Episcopal church. Volcker graduated from Teaneck High School.
Volcker's undergraduate education was at Princeton University; he graduated in 1949. He earned his M.A. in political economy from Harvard University's Graduate School of Arts and Sciences and Graduate School of Public Administration in 1951 and then attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow, under the Rotary's Ambassadorial Scholarships program.