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Paul Volcker

Paul Volcker served as the twelfth chairman of the Federal Reserve, from 1979 to 1987. Inflation was running at 12% when he was appointed to office, on its way to 15%. Volcker courageously raised interest rates to 20%, despite fierce political, business, and financial opposition. When he left office, inflation was 4.3%. Volcker was Chairman of the President’s Economic Recovery Board from 2009 to 2011 and supported rules to prevent banks from trading for their own accounts. He famously commented: “the only useful banking innovation was the invention of the ATM.”

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