Paul Volcker, former chairman of the Federal Reserve and eponym to the Volcker rule of the Dodd–Frank Wall Street Reform and Consumer Protection Act, died Sunday. He was 92.
The Volcker Alliance, founded by Volcker in 2013, confirmed his death.
Volcker served as Fed chair from 1979-87 and is known best for his successful fight against runaway inflation during his tenure. He brought the inflation rates down from nearly 15 percent at its peak in the early 1980s to around 3 percent by the end of his first term. He earned a second term under the Reagan administration after first serving under President Jimmy Carter.
Prior to his time as Fed chair, Volcker was president of the Federal Reserve Bank of New York.
In 2009, Volcker was named chairman of the newly established Economic Recovery Advisory Board under President Barack Obama, a position he held until 2011. During that time, the Volcker rule was proposed—aimed at preventing federally insured banks from engaging in proprietary trading or controlling hedge funds or private equity funds.
The rule is one of the most controversial elements of the Dodd-Frank Act and seen as a massive compliance burden for banks. In October, the agencies that oversee the rule–the Federal Reserve Board, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities and Exchange Commission—announced finalized revisions designed to simplify requirements.
Volcker is survived by his second wife, Anke Dening, and two children.