View source for Paul Volcker

{{Short description|American economist (1927–2019)}}
{{About|the American central banker|the German general|Paul Völckers}}
{{Use mdy dates|date=March 2024}}
{{Infobox officeholder
| name                = Paul Volcker
| image               = Paul A. Volcker (James D. Wolfensohn) am 19. Symposium 1989-HSGH 022-000765 (cropped) (2).jpg
| office              = Chair of the [[President's Council on Jobs and Competitiveness|President's Economic Recovery Advisory Board]]
| president           = [[Barack Obama]]
| term_start          = February 6, 2009
| term_end            = February 6, 2011
| predecessor         = ''Position established''
| successor           = [[Jeffrey R. Immelt]] {{small|(Council on Jobs and Competitiveness)}}
| office2             = 12th [[Chair of the Federal Reserve|Chairman of the Federal Reserve]]
| president2          = [[Jimmy Carter]]<br />[[Ronald Reagan]]
| deputy2             = [[Frederick H. Schultz]]<br />[[Preston Martin]]<br />[[Manuel H. Johnson]]
| term_start2         = August 6, 1979
| term_end2           = August 11, 1987
| predecessor2        = [[G. William Miller]]
| successor2          = [[Alan Greenspan]]
| office3             = Member of the [[Federal Reserve Board of Governors]]
| president3          = [[Jimmy Carter]]<br />[[Ronald Reagan]]
| term_start3         = August 6, 1979
| term_end3           = August 11, 1987
| predecessor3        = [[G. William Miller|William Miller]]
| successor3          = [[Alan Greenspan]]
| office4             = [[List of presidents of the Federal Reserve Bank of New York|President of the Federal Reserve Bank of New York]]
| term_start4         = May 2, 1975
| term_end4           = August 5, 1979
| predecessor4        = [[Alfred Hayes (banker)|Alfred Hayes]]
| successor4          = [[Anthony M. Solomon]]
| birth_name          = Paul Adolph Volcker Jr.
| birth_date          = {{birth date|1927|9|05}}
| birth_place         = [[Cape May, New Jersey]], U.S.
| death_date          = {{death date and age|2019|12|8|1927|9|05}}
| death_place         = New York City, U.S.
| party               = [[Democratic Party (United States)|Democratic]]<ref>{{cite web |url=https://www.nytimes.com/1979/12/02/archives/can-volcker-stand-up-to-inflation-the-fed-the-fed.html |title=Can Volcker Stand up to Inflation? |first=Nicholas von |last=Hoffman |date=December 2, 1979 |work=The New York Times |access-date=November 30, 2017}}</ref><ref>{{cite news |url=https://www.nytimes.com/1987/11/08/magazine/volcker-on-the-crash.html |title=Volcker on the CRASH |first=Leonard |last=Silk |date=November 8, 1987 |work=The New York Times |access-date=November 30, 2017}}</ref>
| spouse              = {{plainlist|
* {{marriage|Barbara Bahnson|September 11, 1954|June 14, 1998|end=died}}
* {{marriage|Anke Dening|February 11, 2010}}
}}
| children            = 2
| education           = [[Princeton University]] ([[Bachelor of Arts|BA]])<br />[[Harvard University]] ([[Master of Arts|MA]])<br />[[London School of Economics]]
| caption             = Volcker in 1989
}}
'''Paul Adolph Volcker Jr.''' (September 5, 1927 – December 8, 2019) was an American economist who served as the 12th [[chair of the Federal Reserve|chairman of the Federal Reserve]] from 1979 to 1987. During his tenure as chairman, Volcker was widely credited with having ended the high levels of inflation seen in the United States throughout the 1970s and early 1980s,<ref name="To Treat the Fed as Volcker Did">{{cite news|title=To Treat the Fed as Volcker Did|work=The New York Times|date=November 4, 2008|url=https://www.nytimes.com/2008/11/05/business/05views.html|access-date=November 30, 2017| first=Martin|last=Hutchinson| url-status=live|archive-url=https://web.archive.org/web/20231005072127/https://www.nytimes.com/2008/11/05/business/05views.html | archive-date=2023-10-05}}</ref> with measures known as the ''Volcker shock''.<ref name="Statista 2022">{{cite web | title=Volcker Shock: key economic indicators 1979-1987 | website=Statista | date=October 10, 2022 | url=https://www.statista.com/statistics/1338105/volcker-shock-interest-rates-unemployment-inflation/ | access-date=October 3, 2023}}</ref><ref name="Matthews 2022">{{cite web | last=Matthews | first=Dylan | title=How the Fed ended the last great American inflation — and how much it hurt | website=Vox | date=July 13, 2022 | url=https://www.vox.com/future-perfect/2022/7/13/23188455/inflation-paul-volcker-shock-recession-1970s | access-date=October 3, 2023}}</ref><ref name="Wolf 2022">{{cite web | last=Wolf | first=Zachary B. | title=This kind of shock to the economy will have consequences | website=CNN | date=July 27, 2022 | url=https://www.cnn.com/2022/07/27/politics/fed-interest-rate-volcker-what-matters/index.html | access-date=October 3, 2023}}</ref> He previously served as the [[List of presidents of the Federal Reserve Bank of New York|president of the Federal Reserve Bank of New York]] from 1975 to 1979.

President [[Jimmy Carter]] nominated him to succeed [[G. William Miller]] as Fed chairman and President [[Ronald Reagan]] renominated him once. Volcker did not seek a third term at the Fed and was succeeded by [[Alan Greenspan]]. After his retirement from the Board, he chaired the [[Economic Recovery Advisory Board]] under President [[Barack Obama]] from 2009 to 2011 during the [[subprime mortgage crisis]].<ref>{{cite press release|url=https://obamawhitehouse.archives.gov/the-press-office/obama-announces-economic-advisory-board|title=Obama Announces Economic Advisory Board|date=February 6, 2009|publisher=White House Press Office}}</ref>

==Early life and education==
Volcker was born in [[Cape May, New Jersey]], the son of Alma Louise (née Klippel, 1892&ndash;1990) and Paul Adolph Volcker (1889&ndash;1960).<ref name="PVbook">Treaster (2004), pp. 87–92.</ref> All his grandparents were of [[German Americans|German origin]]. Volcker grew up in [[Teaneck, New Jersey]], where his father was the township's first [[City manager|municipal manager]].<ref>{{Cite web |date=February 19, 1950 |title=Teaneck Pays Tribute to its Town Manager |url=https://archive.teanecklibrary.org/Manager/Volcker_Pages%20from%201950-02-19.pdf |website=archive.teanecklibrary.org}}</ref> Paul Sr. thrived in the role for 20 years as he improved the burgeoning town's economic stability and the local government's effectiveness.<ref>{{cite web|url=http://www.teaneck.org/virtualvillage/centennial/teaneckhistory.htm|title=Looking Back on the History of Teaneck|publisher=Teaneck Public Library|first=Robert|last=Griffin|access-date=September 16, 2018|archive-date=September 17, 2018|archive-url=https://web.archive.org/web/20180917105211/http://www.teaneck.org/virtualvillage/centennial/teaneckhistory.htm|url-status=dead}}</ref> Paul Jr. had four older sisters: Ruth (1916&ndash;1991), Louise (1918&ndash;1966), Elinor (1922&ndash;1923) and Virginia Streitfeld (1924&ndash;2011). As a child, he attended his mother's [[Lutheranism|Lutheran]] church, while his father went to an [[Episcopal Church (United States)|Episcopal]] church. Volcker graduated from [[Teaneck High School]] in 1945,<ref name="PVbook"/> where he participated in several student groups and impressed his peers and teachers with his knowledge of politics.<ref>{{cite web|website=Ancestry.com|url=https://www.ancestry.com/search/collections/1265/records/115234146|title=Teaneck High School Yearbook|date=1945|page=118|url-access=subscription}}</ref>

Volcker attended [[Princeton University]] as an undergraduate student and graduated with highest honors from the Woodrow Wilson School of Public and International Affairs (now the [[Princeton School of Public and International Affairs]]) in 1949. In his senior thesis, titled "The Problems of Federal Reserve Policy since [[World War II]]", Volcker criticized the Federal Reserve's post-WWII policies for failing to curb inflationary pressures, writing, "a swollen money supply presented a grave inflationary threat to the economy. There was a need to bring this money supply under control if the disastrous effects of a sharp price rise were to be avoided."<ref>{{cite thesis |first=Paul |last=Volcker |title=The Problems of Federal Reserve Policy since World War II |date=1949 |url=http://arks.princeton.edu/ark:/88435/dsp019019s3255}}</ref><ref>{{Cite web|url=https://www.dailyprincetonian.com/article/2020/01/the-integrity-and-will-of-ten-men-the-life-of-paul-volcker-49-obit|title='The integrity and will of ten men': the life of Paul Volcker '49|website=The Princetonian}}</ref><ref>{{Cite thesis|url=https://catalog.princeton.edu/catalog/dsp019019s3255|title=The Problems of Federal Reserve Policy since World War II |first=Paul Adolf (Jr.)|last=Volcker|date=1949|via=catalog.princeton.edu|publisher=Princeton University}}</ref> Following a summer as a research assistant at the [[Federal Reserve Bank of New York]], he moved to [[Harvard University]] to earn an [[Master of Arts|M.A.]] in [[political economy]] from its [[Harvard Graduate School of Arts and Sciences|Graduate School of Arts and Sciences]] and [[Harvard Kennedy School|Graduate School of Public Administration]]. He worked a second summer as a New York Fed research assistant before graduating in 1951. After Harvard, Volcker attended the [[London School of Economics]] from 1951 to 1952 as a [[Rotary International|Rotary Foundation]] Ambassadorial Fellow under Rotary's [[Ambassadorial Scholarships]] program.<ref>{{cite web |title=Paul A. Volcker |url=https://www.newyorkfed.org/aboutthefed/PVolckerbio.html |publisher=Federal Reserve Bank of New York |access-date=September 16, 2018}}</ref>

==Career==
In 1952, Volcker joined the staff of the [[Federal Reserve Bank of New York]] as a full-time economist. He left that position in 1957 to become a financial economist with the [[Chase Manhattan Bank]]. In 1962, [[Robert Roosa]], who had been his mentor at the Federal Reserve, hired him at the [[United States Department of the Treasury|Treasury Department]] as director of financial analysis.<ref>Treaster (2004), p. 38.</ref> In 1963, he became deputy under secretary for monetary affairs. He returned to Chase Manhattan Bank as vice president and director of planning in 1965.<ref name=walk>{{cite book|last=Santow|first=Leonard Jay|date=2009|title=Do They Walk on Water?: Federal Reserve Chairmen and the Fed|url=https://books.google.com/books?id=TNRziBivjOQC&q=paul+volcker+Chase+Manhattan+Bank+vice+president+and+director+of+planning&pg=PA95|publisher=ABC-CLIO|page= <!-- or pages= -->95-105|isbn=9780313360336}}</ref>

Appointed by the [[Presidency of Richard Nixon|Nixon Administration]], Volcker served under secretary of the Treasury for international monetary affairs from 1969 to 1974. He played an important role in President [[Richard Nixon]]'s [[Nixon shock|decision to suspend gold convertibility of the dollar]] on August 15, 1971, which resulted in the collapse of the [[Bretton Woods system]]. Volcker considered the suspension of [[Convertibility|gold convertibility]] "the single most important event of his career."<ref>Silber (2012) p. 2.</ref> Because of his position as under secretary, Volcker served as a board member for [[Overseas Private Investment Corporation|OPIC]] and [[Fannie Mae]].<ref>{{cite report |title=Nomination of Paul A. Volcker Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-Sixth Congress, First Session, on the Nomination of Paul A. Volcker, to Be Chairman, Board of Governors, Federal Reserve System |date=July 30, 1979 |page=52}}</ref> Across the policies he worked on, he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems and acting as a negotiator with other nations' policymakers.<ref>{{cite news |title=Balm for Business: Volcker's Nomination As Chairman of the Fed Is Being Widely Hailed |publisher=Wall Street Journal |first1=Greg |last1=Conderacci |first2=Richard F. |last2=Janssen |author-link2=Richard F. Janssen |date=July 26, 1979}}</ref> After leaving the U.S. Treasury, he spent a year as a senior fellow at [[Princeton University|Princeton]]'s [[Woodrow Wilson School of Public and International Affairs|Woodrow Wilson School]] (his alma mater). In 1975, he became [[President of the Federal Reserve Bank of New York]], and he retained that role until he became [[Chair of the Federal Reserve|Federal Reserve Chairman]] in August 1979.<ref name=walk/>

===Chairman of the Federal Reserve===
[[File:Portrait of Paul A. Volcker by Luis Alvarez Roure.jpg|thumb|Portrait of Paul A. Volcker by [[Luis Alvarez Roure]]]]
After [[G. William Miller]]'s confirmation as Secretary of the Treasury, President [[Jimmy Carter]]'s confirmation of Vice Chairman of the Federal Reserve [[Frederick H. Schultz]]'s role as Acting Chairman sent markets panicking. Carter resultingly sought a reassuring, qualified nominee who would confront inflation head-on, and nominated Paul Volcker to serve as chairman of the [[Board of Governors of the Federal Reserve System]] on July 25, 1979.<ref>{{cite book |last1=Greider |first1=William |title=Secrets of the Temple: How the Federal Reserve Runs the Country |date=1989 |publisher=Simon & Schuster}}</ref><ref>{{cite web|author=President [[Jimmy Carter]]|title=Federal Reserve System Nomination of Paul A. Volcker To Be Chairman of the Board of Governors|url=http://www.presidency.ucsb.edu/ws/?pid=32648|date=July 25, 1979|access-date=November 30, 2017|archive-date=December 7, 2017|archive-url=https://web.archive.org/web/20171207173645/http://www.presidency.ucsb.edu/ws/?pid=32648|url-status=dead}}</ref> He was confirmed by the U.S. Senate on August 2, 1979, and took office on August 6, 1979.<ref>{{cite web|url=https://www.nytimes.com/1979/08/03/archives/senate-confirms-miller-and-volcker.html|title=Senate Confirms Miller and Volcker|date=August 3, 1979|work=The New York Times|access-date=November 30, 2017}}</ref> President [[Ronald Reagan]] renominated Volcker to a second term in 1983.<ref>{{cite news| author=Robert D. Hershey Jr. |url=https://www.nytimes.com/1987/06/03/business/volcker-out-after-8-years-as-federal-reserve-chief-reagan-chooses-greenspan.html|title=Volcker Out after 8 Years as Federal Reserve Chief; Reagan Chooses Greenspan|work=The New York Times|date=June 3, 1987|access-date=November 30, 2017}}</ref><ref>{{cite web|url=https://www.cfr.org/experts/paul-volcker|title=Paul A. Volcker – Council on Foreign Relations|publisher=Cfr.org|access-date=March 12, 2011}}</ref>

Inflation emerged as an economic and political challenge in the United States during the 1970s. The [[monetary policy|monetary policies]] of the Federal Reserve board, led by Volcker, were widely credited with curbing the rate of inflation and expectations that inflation would continue. US inflation, which peaked at 14.8 percent in March 1980, fell below 3 percent by 1983.<ref>{{cite web|url=http://data.bls.gov/timeseries/CUUR0000SA0?output_view=pct_12mths|title=Bureau of Labor Statistics Data|access-date=November 30, 2017}}</ref><ref name="To Treat the Fed as Volcker Did"/> The Federal Reserve board led by Volcker raised the [[federal funds rate]], which had averaged 11.2% in 1979, to a peak of 20% in June 1981. The [[prime rate]] rose to 21.5% in 1981 as well, which helped lead to the [[Early 1980s recession in the United States|1980–1982 recession]],<ref>NBER, [https://www.nber.org/cycles/  ''US Business Cycle Expansions and Contractions'']  {{webarchive|url=https://web.archive.org/web/20071012231548/https://www.nber.org/cycles/ |date=October 12, 2007 }}</ref> in which the national [[Unemployment in the United States|unemployment rate]] rose to over 10%. In addition to the rises in key interest rates, the so-called 'Volcker shock' included [[Monetarism|monetarist-inspired policies]], such as targeting the [[money supply]]. Despite the fact that monetarist economists did not recognize Volcker policies to be totally monetarist, some members of the [[Federal Open Market Committee]] (FOMC) claimed to follow monetarist principles.<ref>Reichart Alexandre & Slifi Abdelkader [2016], '[https://www.cairn.info/revue-cahiers-d-economie-politique-1-2016-1-page-107.htm?ref=doi The Influence of Monetarism on Federal Reserve policy during the 1980s]', ''Papers in Political Economy/Cahiers d'Économie Politique'', 70 (1), pp. 106-150</ref>

Volcker's Federal Reserve board elicited the strongest political attacks and most widespread protests in the history of the Federal Reserve (unlike any protests experienced since 1922), due to the effects of high interest rates on the construction, farming, and industrial sectors, culminating in indebted farmers driving their tractors onto C Street NW in Washington, D.C. and blockading the [[Eccles Building]].<ref>Shull, Bernard. 2005. ''The Fourth Branch: The Federal Reserve's Unlikely Rise To Power And Influence''. Praeger/Greenwood. {{ISBN|1-56720-624-7}}. p. 142.</ref> Aggrieved [[homebuilder]]s mailed the Fed pieces of [[dimensional lumber|2x4 lumber]] in protest.<ref>{{cite news|last=Matthews|first=Dylan|title=How the Fed ended the last great American inflation — and how much it hurt|work=Vox|date=July 13, 2022|url=https://www.vox.com/future-perfect/2022/7/13/23188455/inflation-paul-volcker-shock-recession-1970s|access-date=2024-07-17}}</ref> The 'Volcker shock' also entailed strong disturbances within the European Monetary System and has therefore been deeply criticized in Europe.<ref>Reichart Alexandre [2024], '[https://www.researchgate.net/profile/Alexandre-Reichart/publication/380211993_Managing_Monetary_Policy_facing_US_External_Constraint_and_Internal_Macroeconomic_Divergences_the_Case_of_the_Western_European_Central_Banks_in_the_1980s/links/6631a5d97091b94e93e9d80e/Managing-Monetary-Policy-facing-US-External-Constraint-and-Internal-Macroeconomic-Divergences-the-Case-of-the-Western-European-Central-Banks-in-the-1980s.pdf Managing Monetary Policy facing US External Constraint and Internal Macroeconomic Divergences: the Case of the Western European Central Banks in the 1980s]', ''The'' ''Journal of European Economic History'', 53(1), pp. 47-96.</ref> [[Monetary policy of the United States|US monetary policy]] eased in 1982, helping lead to a resumption of economic growth.

In July 1984, Volcker was summoned to a meeting with [[Ronald Reagan|President Reagan]] and then [[White House Chief of Staff]] [[James Baker]].<ref name=":0">{{Cite book |last1=Volcker |first1=Paul A. |title=Keeping at it: the quest for sound money and good government |last2=Harper |first2=Christine |date=2018 |publisher=PublicAffairs |isbn=978-1-5417-8831-2 |edition=First |location=New York |pages=117–122}}</ref> In the meeting, Baker ordered him not to raise rates in the lead-up to the 1984 presidential election. Volcker wrote in his memoir that he was "stunned," but since he had not intended to raise rates and felt the White House wouldn't publicize it, he did not speak of the meeting to the press.<ref name=":0" />

The US current account was in permanent deficit by the 1990s. Volcker himself tried to remedy the situation by the [[Plaza Accord]] in 1986, which called for Germany and Japan to revalue relative to the [[United States dollar|US dollar]].<ref>Paul Volcker and Toyoo Gyohten (1992). Changing Fortunes.</ref>

The combination of the Fed's tight money policies and the expansive [[Fiscal policy of the United States|fiscal policy]] of the [[Presidency of Ronald Reagan|Reagan Administration]] ([[Trickle-down economics|large tax cuts]] and a major increase in [[Military budget of the United States|military spending]]) produced large [[United States federal budget|federal budget deficits]] and significant macroeconomic imbalances in the [[Economy of the United States|U.S. economy]]. The combination of growing federal debt and high interest rates led to a substantial rise in federal net interest costs. The sharp rise of interest costs and large deficits led [[United States Congress|Congress]] to take some steps towards fiscal constraint.<ref>"Volcker: The Triumph of Persistence (Bloomsbury Press; 2012) 454 pages, p. 8."</ref>

Nobel laureate [[Joseph Stiglitz]] said about him in an interview:

<blockquote style="font-size:100%">Paul Volcker, the previous Fed Chairman known for keeping inflation under control, was fired because the Reagan administration didn't believe he was an adequate [[Deregulation|de-regulator]].<ref>Gardels, Nathan. [https://www.huffingtonpost.com/nathan-gardels/stiglitz-the-fall-of-wall_b_126911.html?page=3 Stiglitz: The Fall of Wall Street Is to Market Fundamentalism What the Fall of the Berlin Wall Was to...], ''[[HuffPost]]'', September 16, 2008. Retrieved November 30, 2017.</ref></blockquote>

This statement by Joseph Stiglitz is technically inaccurate, as the “firing” was simply neither nominating nor appointing Paul Volcker for another term, unlike Ronald Regan’s actual firing of the air traffic controllers.


Congressman [[Ron Paul]], well known as a [[Political positions of Ron Paul#Inflation and the Federal Reserve|harsh critic of the Federal Reserve]], offered qualified praise of Volcker:

<blockquote style="font-size:100%">Being in Congress in the late 1970s and early 1980s and serving on the [[House Banking Committee]], I met and got to question several Federal Reserve chairmen: [[Arthur Burns]], [[G. William Miller]], and Paul Volcker. Of the three, I had the most interaction with Volcker. He was more personable and smarter than the others, including the more recent board chairmen [[Alan Greenspan]] and [[Ben Bernanke]].<ref>Chan, Sewell (December 11, 2010). [https://www.nytimes.com/2010/12/12/weekinreview/12chan.html "The Fed? Ron Paul's Not a Fan"]. ''[[The New York Times]]''. Retrieved November 30, 2017.</ref></blockquote>

In 1983, Volcker received the U.S. Senator John Heinz Award for Greatest Public Service by an Elected or Appointed Official, an award given out annually by [[Jefferson Awards for Public Service|Jefferson Awards]].<ref>{{cite web|url=http://www.jeffersonawards.org/pastwinners/national|title=Jefferson Awards Foundation|access-date=November 30, 2017|archive-url=https://web.archive.org/web/20101124043935/http://jeffersonawards.org/pastwinners/national|archive-date=November 24, 2010|url-status=dead}}</ref>

==Post–Federal Reserve==
[[File:Alan Greenspan, Paul Volcker and Ben Bernanke - 2014 (13896577879).jpg|thumb|right|Volcker in 2014 with [[Alan Greenspan]] and [[Ben Bernanke]]]]

After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, Wolfensohn & Co., a corporate advisory and investment firm run by [[James D. Wolfensohn]] (who later became [[President of the World Bank Group|President of the World Bank]]).<ref name=obit>{{cite web|url=https://www.nytimes.com/2019/12/09/business/paul-a-volcker-dead.html|title=Paul A. Volcker, Fed Chairman Who Waged War on Inflation, Is Dead at 92|last1=Appelbaum|first1=Binyamin|last2=Hershey|first2=Robert D. Jr.|date=December 9, 2019|website=[[The New York Times]]|access-date=December 12, 2019}}</ref><ref>{{cite web|url=https://www.ibtimes.com/paul-volcker-us-fed-chief-who-led-war-inflation-dead-92-2882103|title=Paul Volcker, US Fed Chief Who Led War On Inflation, Dead At 92|last=Montet|first=Virginie|date=December 9, 2019|website=IBTimes.com|access-date=December 12, 2019}}</ref>

In 1992, Volcker was elected to the [[American Academy of Arts and Sciences]].<ref name="Paul A. Volcker">{{Cite web|title=Paul A. Volcker|url=https://www.amacad.org/person/paul-volcker|access-date=December 6, 2021|website=American Academy of Arts & Sciences|language=en}}</ref>

In 1993 he chaired the Group of 30 Report on the Derivatives market entitled "Derivatives: Practices and Principles"<ref>{{cite web|url=http://group30.org/images/uploads/publications/G30_Derivatives-Surveys.pdf|title=Derivatives Practices and Principles|access-date=November 30, 2017}}</ref> with several appendices and a survey on how practices may have changed since the original 1993 report.<ref>{{cite web|url=http://www.group30.org/rpt_27.shtml|title=Derivatives: Practices and Principles: Follow-up Surveys of Industry Practice|archive-url=https://web.archive.org/web/20150924023818/http://www.group30.org/rpt_27.shtml|archive-date=September 24, 2015|url-status=dead}}</ref> The Group of 30 is a "consultative group on international economic and monetary affairs." Volcker was their Chairman ''emeritus.''<ref>{{cite web|url=http://group30.org/members|title=Group of 30 Current Members|access-date=November 30, 2017}}</ref>

In 1996, he took up the chair of the Independent Committee of Eminent Persons ([[Volcker Commission]]) to look into the dormant accounts of [[Holocaust victims|Jewish victims of the Holocaust]] lying in [[Banking in Switzerland|Swiss banks]]. This included a "massive accounting of Swiss bank records." In the midst of a contentious process (the committee was formed by three Jewish representatives and three representatives of Swiss banks), he was able to bring about an agreement among the parties for a settlement of $1.25 billion.<ref>Treaster (2004), p. x.</ref>

Volcker was elected to the [[American Philosophical Society]] in 1992.<ref name="Paul A. Volcker"/>

In 2000 he accepted the Chairmanship of the IFRS Trustees, the not-for-profit funding arm of the [[International Accounting Standards Board]] (later the IFRS Foundation). The IFRS Foundation is a private sector enterprise based in London which seeks to develop a single global accounting model, subject to adoption country by country under their rules of law.<ref>{{cite web|url=http://www.ifrs.org/About-us/IFRS-Foundation/Oversight/Annual-reports/Documents/1Trustees_AR_2011.pdf|title=Annual Report of the IFRS Trustees Foundation|url-status=dead|archive-url=https://web.archive.org/web/20150911225341/http://www.ifrs.org/About-us/IFRS-Foundation/Oversight/Annual-reports/Documents/1Trustees_AR_2011.pdf|archive-date=September 11, 2015}}</ref>

In 2001 Paul Volcker joined The Conference Board, an economic and business think-tank based in NY, as a senior advisor supporting research on corporate governance, analysis of business cylcles and economic policy. His activities there primarily focused on guiding the research staff and engaging global business leaders to support The Conference Board's activities promoting free-markets, economic analysis and responsible corporate governance. Other Federal Reserve Chairs affiliated with The Conference Board include Alan Greenspan, who was a researcher there from 1948 to 1953, when it was known as the National Industrial Conference Board.

In April 2004, the United Nations [[Paul Volcker Committee|assigned]] Volcker to research possible corruption in the Iraqi [[Oil for Food program]]. In the report summarizing its research, Volcker criticized [[Kojo Annan]], son of then-[[UN Secretary-General]] [[Kofi Annan]], and the Swiss company Cotecna Inspection SA, Kojo's employer, for trying to conceal their relationship. He concluded in his March 2005, report that "there is no evidence that the selection of Cotecna, in 1998, was subject to improper influence of the Secretary General in the bidding or selection process."<ref>Independent Inquiry Committee into the United Nations Oil-for-Food Programme – [http://www.iic-offp.org/documents/InterimReportMar2005.pdf Second Interim Report (29 March 2005)] {{webarchive|url=https://web.archive.org/web/20090805032019/http://www.iic-offp.org/documents/InterimReportMar2005.pdf |date=August 5, 2009 }} p.77.</ref> While Volcker did not implicate the Secretary General in the selection process, however, he did cast serious doubt on Kofi Annan, whose "management performance ... fell short of the standards that the United Nations Organization should strive to maintain."<ref>[[Traub, James]]. 2006. ''The Best Intentions: Kofi Annan and the UN in the Era of American Power.'' New York: Picardor, n.d., p. 420.</ref> Volcker was a director of the [[United Nations Association of the United States of America]] between 2000 and 2004,<ref>{{cite news|last1=Miller|first1=Judith|last2=Preston|first2=Julia|title=2 Inquiries on Iraq Aid Are at Odds|date=January 31, 2005|newspaper=The New York Times|url=https://www.nytimes.com/2005/01/31/world/middleeast/2-inquiries-on-iraq-aid-are-at-odds.html|access-date=December 16, 2019|quote=In a report last week, the conservative Heritage Foundation contended that Mr. Volcker had a conflict of interest that 'threatens his credibility' as head of the commission because he had not disclosed that he was a director of the United Nations Association of the United States of America, which the report called 'a pro-U.N. advocacy group.'}}</ref><ref>{{cite web|title=The Volcker Investigation into the U.N. Oil-for-Food Scandal: WhyIt Lacks Credibility|date=February 1, 2005|publisher=The Heritage Foundation|url=https://www.heritage.org/node/17485/print-display|archive-url=https://web.archive.org/web/20170315062623/http://www.heritage.org/node/17485/print-display|url-status=unfit|archive-date=March 15, 2017|access-date=December 16, 2019|quote=When Volcker was appointed to head the Oil-for-Food investigation in April 2004, it was not widely known by the public, the world's media, and the U.S. Congress that he was a director of the United Nations Association of the United States of America (UNA-USA) and the Business Council for the United Nations (BCUN). Volcker is listed as a director in the 2003-2004 UNA-USA annual report,[12] as well as in the annual reports for 2001-2002 and 2000-2001.[13]}}</ref> prior to his being appointed to the [[Volcker Commission|Independent Inquiry]] by Kofi Annan.<ref>{{cite web|title=The Volcker Interim Report on the United Nations Oil-for-Food Program: Hearing Before the Subcommittee on Oversight and Investigations of the Committee on International Relations, House of Representatives, One Hundred Ninth Congress, First Session, February 9, 2005|publisher=U.S. Government Printing Office|year=2005|url=https://www.govinfo.gov/content/pkg/CHRG-109hhrg98601/pdf/CHRG-109hhrg98601.pdf|page=11|access-date=December 16, 2019|quote=It is inconceivable that Kofi Annan was unaware of Mr. Volcker’s close ties to the United Nations Association when he appointed him to head the Oil-for-Food investigation, and it could well have been an important factor influencing his decision.}}</ref>

As of October 2006, he was the chairman of the board of trustees of the influential [[Washington D.C.|Washington]]-based financial advisory body, the [[Group of Thirty]], and a member of the [[Trilateral Commission]]. He had a long association with the [[Rockefeller family]], not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the trust committee of [[Rockefeller Group|Rockefeller Group, Inc]]., which he joined in 1987. That entity managed, at one time, the [[Rockefeller Center]] on behalf of the numerous members of the [[Rockefeller family]]. He was a chairman and an honorary trustee of [[International House of New York|International House]], the cultural exchange residence and program center in New York City. He was a founding member of the [[Trilateral Commission]] and a long-time member of the [[Bilderberg Group]].{{Citation needed|date=December 2019}}

In January 2008, he endorsed [[Democratic Party (United States)|Democratic Party]] presidential candidate [[Barack Obama]] in the upcoming [[2008 United States presidential election|presidential election]].<ref>{{cite news|last=Calmes|first=Jackie|title=Volcker Joins List of Obama Backers|department=Washington Wire|work=The Wall Street Journal|date=January 31, 2008|url=https://blogs.wsj.com/washwire/2008/01/31/volcker-joins-list-of-obama-backers/|access-date=November 30, 2017}}</ref>

On April 8, 2008, he was the featured speaker at [[The Economic Club of New York]]. Volcker discussed "what appears to be in substance a direct transfer of mortgage and mortgage-backed securities of questionable pedigree from an investment bank to the Federal Reserve," and offered his detailed analysis and evaluation of interrelationships among the U.S. capital markets, Federal Reserve policies, and the economy as whole.<ref>The Economic Club of New York: April 8, 2008, Transcript [https://www.econclubny.org/documents/10184/109144/2008VolckerTranscript.pdf 101st Year, 395th Meeting, (8 April 2008)] p. 2, and pp. 5–8.</ref>

Paul Volcker appeared in the [[Charles H. Ferguson|Charles Ferguson]]'s movie ''[[Inside Job (2010 film)|Inside Job]]''. He was interviewed about current Wall Street CEO pay, claiming it is "excessive."<ref>[http://econclubny.org/files/Transcript_Volcker_April_2008.pdf#PDF 101st Year, 395th Meeting, (8 April 2008)] {{webarchive|url=https://web.archive.org/web/20081031090245/http://econclubny.org/files/Transcript_Volcker_April_2008.pdf |date=October 31, 2008 }} pp. 2, 5–8.</ref>

Volcker was an economic advisor to President Barack Obama, heading the [[President's Economic Recovery Advisory Board]].<ref>{{cite web|url=http://finance.townhall.com/columnists/larrykudlow/2008/06/27/wheres_bernankes_inner_volcker?page=full&comments=true|last=Kudlow|first=Lawrence|title=Where's Bernanke's Inner Volcker?|website=Townhall.com|date=June 27, 2008|access-date=November 30, 2017|url-status=bot: unknown|archive-url=https://archive.today/20120918201946/http://finance.townhall.com/columnists/larrykudlow/2008/06/27/wheres_bernankes_inner_volcker?page=full&comments=true|archive-date=September 18, 2012}}</ref><ref>{{cite news|date=October 15, 2008|title=Transcript of Third Presidential Debate|url=http://elections.nytimes.com/2008/president/debates/transcripts/third-presidential-debate.html|access-date=November 30, 2017}}</ref><ref>{{cite web|url=http://change.gov/newsroom/entry/president_elect_barack_obama_establishes_presidents_economic_recovery_advis/|title="President-elect Barack Obama establishes President's Economic Recovery Advisory Board" ''change.gov''|publisher=Change.gov|date=November 26, 2008|access-date=March 12, 2011|archive-url=https://web.archive.org/web/20110224144943/http://change.gov/newsroom/entry/president_elect_barack_obama_establishes_presidents_economic_recovery_advis/|archive-date=February 24, 2011|url-status=dead}}</ref> Volcker had also been Obama's first pick as [[United States Secretary of the Treasury]], but he was considered too old.<ref>{{Cite book|last=Tooze|first=Adam|url=|title=Crashed: How a Decade of Financial Crises Changed the World|date=2018|publisher=Viking|isbn=978-0-670-02493-3|location=New York, New York|pages=200|oclc=1039188461}}</ref> During the financial crisis, Volcker was extremely critical of banks, saying that their response to the financial crisis was inadequate, and that more regulation of banks is called for.<ref>{{cite news|last=Werdigier|first=Julia|title=Volcker Criticizes Calls to Limit Bank Regulation|work=The New York Times|date=December 8, 2009|url=https://dealbook.nytimes.com/2009/12/08/volcker-criticizes-calls-to-limit-financial-regulation/|access-date=November 30, 2017}}</ref><ref>{{cite news|last=Murray|first=Alan|title=Paul Volcker: Think More Boldly|work=The Wall Street Journal|date=December 14, 2009|url=https://www.wsj.com/articles/SB10001424052748704825504574586330960597134|access-date=November 30, 2017}}</ref><ref>{{cite news|last=Rose|first=Charlie|title=Paul Volcker: The Lion Lets Loose|work=Business Week|date=December 30, 2009|url=https://www.bloomberg.com/news/articles/2009-12-30/paul-volcker-the-lion-lets-loose|access-date=November 30, 2017}}</ref> Specifically, Volcker called for a break-up of the nation's largest banks, prohibiting deposit-taking institutions from engaging in riskier activities such as [[proprietary trading]], [[private equity]], and [[hedge fund]] investments (see [[Volcker Rule]]).<ref>{{cite news|last=Johnson|first=Simon|title=Paul Volcker Finds a Hammer|work=The New York Times|date=December 17, 2009|url=https://economix.blogs.nytimes.com/2009/12/17/paul-volcker-finds-a-hammer/|access-date=November 30, 2017}}</ref><ref>{{cite news|last=McGrane|first=Victoria|title='Big is bad' catches on in Congress|publisher=[[Politico]]|date=January 4, 2010|url=https://www.politico.com/story/2010/01/big-is-bad-catches-on-in-congress-031148|access-date=November 30, 2017}}</ref> Volcker left the board when its charter expired on February 6, 2011, without being included in discussions on how the board would be reconstituted.<ref>{{cite news|last=Onaran|first=Yalman|title=Volcker Sidelined as Obama Reshapes Economic Advisory Panel|publisher=[[Bloomberg L.P.|Bloomberg]]|date=January 6, 2010|url=https://www.bloomberg.com/news/articles/2011-01-06/volcker-sidelined-as-obama-reshapes-economic-panel-for-business-outreach|access-date=November 30, 2017}}</ref>

On January 21, 2010, President Barack Obama proposed bank regulations which he dubbed "The [[Volcker Rule]]," in reference to Volcker's aggressive pursuit of these regulations.<ref>{{cite news|url=https://www.washingtonpost.com/wp-dyn/content/article/2010/01/21/AR2010012104935.html|title=Obama's 'Volcker Rule' shifts power away from Geithner|author=David Cho, and Binyamin Appelbaum|date=January 22, 2010|newspaper=The Washington Post|access-date=November 30, 2017}}</ref> Volcker appeared with the president at the announcement. The proposed rules would prevent commercial banks from owning and investing in hedge funds and private equity, and limit the trading they do for their own accounts.<ref>{{cite news|last=Conway|first=Brendan|title='Volcker Plan' Bank Units Worth Tens Of Billions|publisher=[[Dow Jones & Company]]|date=January 26, 2010|url=https://online.wsj.com/article/BT-CO-20100126-712362.html?mod=WSJ_latestheadlines|access-date=January 27, 2010|archive-url=https://web.archive.org/web/20100130105043/http://online.wsj.com/article/BT-CO-20100126-712362.html?mod=WSJ_latestheadlines|archive-date=January 30, 2010|url-status=dead}}</ref> According to SEC Commissioner [[Luis A. Aguilar]], "[t]he success or failure of the Volcker Rule will depend on the manner in which banking entities comply with the letter and spirit of the rule, and on the willingness of regulators to enforce it."<ref>{{cite news|last=Aguilar|first=Luis|title=Statement on the Volcker Rule: Reducing Systemic Risk By Banning Excessive Proprietary Trading with Depositors' Money|date=December 10, 2013|url=https://www.sec.gov/news/public-statement/2013-spch121013laa|access-date=November 30, 2017}}</ref>

Volcker was known to defy the stereotype of a Wall Street insider. A profile in ''[[The Week]]'' for February 5, 2010, stated that Volcker does not agree with the conventional wisdom that "financial innovation" is necessary for a healthy economy. In fact, he likes to say, "the only useful banking innovation was the invention of the [[automated teller machine|ATM]]."<ref>"Spotlight" in ''The Week'', 2010 February 5 (Volume 10 Issue 449), p. 38.</ref>

On April 6, 2010, at the [[New-York Historical Society]]'s Global Economic Panel, Volcker commented that the United States should consider adding a national sales tax similar to the [[Value Added Tax]] (VAT) imposed in European countries, stating "If, at the end of the day, we need to raise taxes, we should raise taxes."<ref>{{cite news|author1=Geoff Earle |author2=Tony Davenport |url=https://nypost.com/2010/04/07/bam-man-pitching-national-sales-tax/ |title=Bam man pitching national sales tax|work=New York Post|date=April 7, 2010|access-date=November 30, 2017}}</ref>

In 2011, Volcker and former Secretary of State [[George Shultz]] authored an article in ''[[The Wall Street Journal]]'' voicing their opinion that the [[war on drugs]] had failed. They did not advocate for the legalization of drugs, but rather for a reexamination of the costs of drug prohibition in the United States.<ref>{{Cite news |last=Volcker |first=George P. Shultz And Paul A. |date=June 11, 2011 |title=A Real Debate About Drug Policy |language=en-US |work=Wall Street Journal |url=https://online.wsj.com/article/SB10001424052702304392704576377514098776094.html |access-date=June 17, 2022 |issn=0099-9660}}</ref>

In 2015, Volcker donated his public service papers to [[Princeton University]]'s [[Seeley G. Mudd Manuscript Library]].<ref>{{cite web|title=Former Federal Reserve chairman Volcker donates public service papers to Princeton|url=https://www.princeton.edu/main/news/archive/S44/35/41M54/index.xml?section=topstories|website=Princeton University|access-date=November 30, 2017}}</ref>

===World Justice Project===
Volcker served as an honorary co-chairman for the [[World Justice Project]]. The World Justice Project works to lead a global, multi-disciplinary effort to strengthen the [[rule of law]] for the development of communities of opportunity and equity.{{Citation needed|date=December 2019}}

=== Volcker Alliance ===
In 2013, Volcker founded the nonprofit organization the Volcker Alliance to address the challenge of effective execution of public policies and to rebuild public trust in government.<ref>{{Cite web|url=https://www.forbes.com/sites/miguelforbes/2015/05/12/paul-volcker-launches-volcker-alliance/|title=Paul Volcker Launches Volcker Alliance|date=May 12, 2015|website=Forbes}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2013/05/29/business/volcker-plans-to-restore-faith-in-government.html|title=Volcker Plans to Restore Faith in Government|last=Schwartz|first=Nelson D.|date=May 29, 2013|work=The New York Times|access-date=March 19, 2018|language=en-US|issn=0362-4331}}</ref> The nonpartisan Alliance works toward that objective by partnering with other organizations—academic, business, governmental, and public interest—to strengthen professional education for public service, conduct needed research on government performance, and improve the efficiency and accountability of governmental organization at the federal, state, and local levels.<ref>{{Cite news|url=https://www.volckeralliance.org/our-mission|title=Our Mission|date=November 4, 2014|work=The Volcker Alliance|access-date=March 19, 2018|language=en}}</ref>

===Committee for a Responsible Federal Budget===
Volcker served on the board of directors of the [[Committee for a Responsible Federal Budget]].<ref>{{Cite web|url=http://www.crfb.org/board-members/|title=Board Members|website=Committee for a Responsible Federal Budget|date=April 25, 2016|access-date=October 22, 2019}}</ref> The nonpartisan organization is "committed to educating the public on issues with significant fiscal policy impact."<ref>{{Cite web|url=http://www.crfb.org/about-us|title=About Us|website=Committee for a Responsible Federal Budget|date=August 4, 2009|access-date=October 22, 2019}}</ref>

== Personal life ==
Volcker married Barbara Bahnson, the daughter of a physician, on September 11, 1954. They had two children, Janice, a nurse and a Georgetown University graduate,<ref>{{cite news|title=Janice Volcker Is Married|work=The New York Times|date=September 20, 1981|url=https://www.nytimes.com/1981/09/20/style/janice-volcker-is-married.html|access-date=November 30, 2017}}</ref> and James, a research assistant and a [[New York University]] graduate<ref>{{cite news|title=WEDDINGS; Martha DeJong and James Volcker|work=The New York Times|date=August 1, 1993|url=https://www.nytimes.com/1993/08/01/style/weddings-martha-dejong-and-james-volcker.html|access-date=November 30, 2017}}</ref> who was born with [[cerebral palsy]]. They also had four grandchildren.<ref name=treaster>Treaster (2004), pp. 83, 86, 110.</ref><ref>{{cite news|title=Paid Notice: Deaths: VOLCKER, BARBARA|work=The New York Times|date=June 16, 1998|url=https://www.nytimes.com/1998/06/16/classified/paid-notice-deaths-volcker-barbara.html|access-date=November 30, 2017}}</ref><ref name="speakers platform">{{cite web|title=Speakers Platform Speakers Bureau: Paul Volcker, Keynote Speaker On: Economics, Global Affairs, Finance / Tax|publisher=Speakers Platform|url=http://www.speaking.com/speakers/paulvolcker.html|access-date=March 25, 2008|archive-url=https://web.archive.org/web/20080223095529/http://www.speaking.com/speakers/paulvolcker.html|archive-date=February 23, 2008|url-status=dead}}</ref> His younger sister died young, and two of his three older sisters, Louise and Ruth, never married. His other older sister, Virginia, was married to and divorced from Harold Streitfeld; they have five children.<ref>{{Cite book|url=https://books.google.com/books?id=t0y96IB9jsQC&q=divorce&pg=PT114|title=Paul Volcker: The Making of a Financial Legend|last=Treaster|first=Joseph B.|date=August 24, 2011|publisher=John Wiley & Sons|isbn=9781118160855|language=en}}</ref>

Volcker was an avid [[Fly fishing|fly-fisherman]],<ref>{{cite news|last=Faber|first=Eberhard|title=Fishing with Volcker|work=Fortune Magazine|page=4|agency=CNN|date=September 29, 1986|url=https://money.cnn.com/magazines/fortune/fortune_archive/1986/09/29/68064/index.htm|access-date=December 22, 2009}}</ref> who recounted in 1987, "The greatest strategic error of my adult life was to take my wife to Maine on our honeymoon on a fly-fishing trip."<ref>{{cite news|last=Lyons|first=Nick|title=Gone off fly-fishing|work=The New York Times|date=May 3, 1987|url=https://www.nytimes.com/1987/05/03/magazine/gone-off-fly-fishing.html|access-date=November 30, 2017}}</ref><ref name="the new mr">{{cite news|last=Russell|first=George|title=The New Mr. Dollar|work=Time Magazine|page=4|publisher=Time Inc.|date=June 15, 1987|url=http://content.time.com/time/magazine/article/0,9171,964650-4,00.html|access-date=November 30, 2017}}</ref> Volcker was known as "Tall Paul" for his height of {{convert|6|ft|7|in|m|2}},<ref>Freeland, Chrystia (April 11, 2008). Man in the News: Paul Volcker. Financial Times. Retrieved on November 27, 2008, from {{cite web |url=http://us.ft.com/ftgateway/superpage.ft?news_id=fto041120081500308382 |title=FT.com - Man in the News: Paul Volcker |access-date=November 27, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080513101533/http://us.ft.com/ftgateway/superpage.ft?news_id=fto041120081500308382 |archive-date=May 13, 2008  }}.</ref><ref name=cuff>{{cite news|last=Cuff|first=Daniel F.|title=BUSINESS PEOPLE; Of Volcker's Laundry and Fiscal Restraint|work=The New York Times|date=September 3, 1987|url=https://www.nytimes.com/1987/09/03/business/business-people-of-volcker-s-laundry-and-fiscal-restraint.html|access-date=November 30, 2017}}</ref> standing exactly a foot (30&nbsp;cm) taller than his first wife, Barbara, when they first met.<ref name=treaster/> She died on June 14, 1998, having suffered from lifelong diabetes, as well as rheumatoid arthritis. Over Thanksgiving, 2009, he became engaged to Anke Dening, a long-time assistant.<ref>{{cite news|title = Paul Volcker is Engaged!|url=https://money.cnn.com/2009/12/24/magazines/fortune/volcker_marriage.fortune/index.htm|agency=CNN|date=December 24, 2009|access-date=November 30, 2017|first=Carol|last=Loomis}}</ref> They married in February 2010.<ref>Caren Bohan, Kristina Cooke: {{cite news|url=https://www.reuters.com/article/idUSTRE62B2YN20100312?type=politicsNews|title=Cheap cigars, politics and the Volcker Rule|work=[[Reuters]]|date=March 12, 2010|access-date=November 30, 2017}}</ref>

===Death===
Volcker died in New York City on December 8, 2019, at age 92. He had reportedly been treated for [[prostate cancer]] since being diagnosed the year prior.<ref>{{cite news|url = https://www.nytimes.com/2019/12/09/business/paul-a-volcker-dead.html|title = Paul A. Volcker, Fed Chairman Who Waged War on Inflation, Is Dead at 92|work = [[The New York Times]]|last1 = Appelbaum|first1 = Binyin|last2 = Hershey|first2 = Robert D. Jr.|date = December 9, 2019|access-date = December 9, 2019}}</ref>

==Honorary degrees==
Volcker received honorary degrees from several educational institutions, including: [[Baytown Christian Academy]], [[Hamilton College (New York)|Hamilton College]] (1980), [[University of Notre Dame]], [[Princeton University]], [[Dartmouth College]], [[New York University]], [[University of Delaware]],<ref>{{cite web|url=http://www.udconnection.com/Awards/University/Honorary-Degrees|title=Honorary Degrees / UD Alumni Relations|publisher=Udconnection.com|access-date=March 12, 2011|archive-url=https://web.archive.org/web/20110716121313/http://www.udconnection.com/Awards/University/Honorary-Degrees|archive-date=July 16, 2011|url-status=dead}}</ref> [[Fairleigh Dickinson University]], [[Bryant College]], [[Adelphi University]], [[Lamar University]], [[Bates College]] (1989), [[Fairfield University]] (1994), [[York University]] (2001),  [[Williams College]] (2003),<ref>{{cite web|url=http://president.williams.edu/honorary-degrees/?ffp=2|title=Honorary Degrees|publisher=Office of the President}}</ref> [[Northwestern University]] (2004), [[Rensselaer Polytechnic Institute]] (2005), [[Brown University]] (2006), [[Georgetown University]] (2007), [[Syracuse University]] (2008),<ref>[https://web.archive.org/web/20130105005332/http://www.syr.edu/news/archive/story.php?id=4999 Syracuse University honorary degrees 2008]</ref> [[Queen's University at Kingston|Queen's University]] (2009), [[Amherst College]] (2011), and at the [[University of Toronto]] (2015).<ref>{{cite news|url=https://www.amherst.edu/aboutamherst/news/news_releases/2011/05/node/311439|title=Former Fed Chairman Paul Volcker to Be Honored at Amherst College Commencement May 22|publisher=Amherst College|date=May 3, 2011|access-date=November 30, 2017|archive-date=April 2, 2015|archive-url=https://web.archive.org/web/20150402102358/https://www.amherst.edu/aboutamherst/news/news_releases/2011/05/node/311439|url-status=dead}}</ref>

[[Maxwell School of Citizenship and Public Affairs]] at [[Syracuse University]], where Volcker served on the advisory board from 2001 until his death, established the "Paul Volcker Chair" in [[Behavioral economics]] in 2011.<ref>{{cite press release |last1=Leonhardt |first1=Jill |title=Maxwell School to Establish Paul Volcker Chair in Behavioral Economics |url=https://www.maxwell.syr.edu/news.aspx?id=77309419782 |access-date=September 6, 2021 |work=[[Maxwell School of Citizenship and Public Affairs]] at [[Syracuse University]] |date=September 20, 2011 |language=en |archive-date=September 6, 2021 |archive-url=https://web.archive.org/web/20210906181900/https://www.maxwell.syr.edu/news.aspx?id=77309419782 |url-status=dead }}</ref><ref>{{cite magazine |last1=Rodgers |first1=Jeffrey Pepper |title=Shared Priorities. Former Federal Reserve chairman Paul Volcker maintains a long-standing association with Maxwell because he thinks Maxwell does public service right. |magazine=Maxwell Perspective |date=July 11, 2017 |url=https://www.maxwell.syr.edu/news/perspective/shared-priorities/ |access-date=September 6, 2021 |language=en}}</ref>

==Works==
* ''Changing Fortunes'', Paul Volcker and Toyoo Gyohten, Crown, May 26, 1992, {{ISBN|978-1-58648-752-2}}
*''Forbes Great Minds Of Business'', Fred Smith, Peter Lynch, Andrew Grove, Paul Volcker (Author), Pleasant Rowland, John Wiley and Paul A. Volcker, Simon and Schuster Audio, October 1, 1997, {{ISBN|978-0-671-57722-3}}
* ''Good Intentions Corrupted: The Oil for Food Scandal And the Threat to the U.N.'', Paul Volcker, Jeffrey A. Meyer and Mark G. Califano, Public Affairs Gorgias Press, August 28, 2006, {{ISBN|978-1-58648-472-9}}
* ''Keeping at it: The Quest for Sound Money and Good Government'' (Memoir); Public Affairs 2018, {{ISBN|978-1541788312}}<ref>https://nytimes.com: [https://www.nytimes.com/2018/10/23/business/dealbook/paul-volcker-federal-reserve.html ''Paul Volcker, at 91, Sees {{'}}a Hell of a Mess in Every Direction{{'}}'']</ref>

==In popular culture==
The political rock band Volcker from [[Portland, Oregon]], formed in early 2015, was named after him.<ref>{{cite web| url = http://www.volcker.org/| title = สล็อต ฟรีเครดิต ไม่ต้องฝาก ต้อง แชร์ ถอนได้ 2020| access-date = April 13, 2018| archive-date = October 16, 2021| archive-url = https://web.archive.org/web/20211016161647/https://volcker.org/| url-status = dead}}</ref> It released an eponymous album on January 27, 2016.<ref>{{Cite web |url=https://volcker.bandcamp.com/album/gorge-on-fire |title=Gorge on Fire, by Volcker |publisher=Volcker |access-date=December 18, 2018 |archive-url=https://web.archive.org/web/20181218193514/https://volcker.bandcamp.com/album/gorge-on-fire |archive-date=December 18, 2018 |url-status=dead }}</ref> The band was featured on [[BBC Radio 4]]'s ''Economics with Subtitles'' on August 28, 2016.<ref>{{Cite web |url=https://www.bbc.co.uk/programmes/b0bg9zvb|title=Coffins Full of Car Keys, Series 1 |work=Economics with Subtitles |publisher=[[BBC Radio 4]] |language=en-GB |access-date=August 28, 2018}}</ref>

==See also==
*[[Distinguished German-American of the Year]]
*[[List of U.S. political appointments that crossed party lines]]
*[[Volcker Rule]]

==References==
{{Reflist}}

==Sources==
* {{cite book |last=Morris |first=Charles R. |author-link=Charles R. Morris |year=2009 |title=The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets |publisher=[[PublicAffairs]] |isbn=978-1-58648-752-2 |url=https://archive.org/details/sageswarrenbuffe00morr_0 }}
* {{cite book |last=Silber |first=William L. |author-link=William L. Silber |year=2013 |title=Volcker: The Triumph of Persistence |publisher=[[Bloomsbury Publishing|Bloomsbury Press]] |isbn=978-1-620-40292-4 |url=https://archive.org/details/isbn_9781608193929 }}
* {{cite book |last=Treaster |first=Joseph |year=2004 |title=Paul Volcker: The Making of a Financial Legend |publisher=John Wiley Sons |location=Hoboken, N.J. |isbn=978-0-471-42812-1}}
*{{cite book|last=Meltzer|first=Allan H.|author-link=Allan H. Meltzer|title=A History of the Federal Reserve – Volume 2, Book 2: 1970–1986|year=2009|publisher=[[University of Chicago Press]]|place=Chicago|pages=707–1243|isbn=978-0226213514}}

==External links==
{{wikiquote}}
*[https://www.youtube.com/watch?v=_8m1DPDXnxU Paul Volcker Interview]
*[http://www.newyorkfed.org/aboutthefed/PVolckerbio.html Official biography] from the [[Federal Reserve Bank of New York]]
*[https://web.archive.org/web/20180418134857/http://www.iic-offp.org/ The Independent Inquiry Committee into The United Nations' Oil-for-Food Program] official website
*{{C-SPAN|484}}
*{{Charlie Rose view|239}}
*{{IMDb name|1352862}}
*{{New York Times topic|people/v/paul_a_volcker}}
* [https://www.pbs.org/wgbh/commandingheights/shared/minitext/int_paulvolcker.html Interview transcript] from [[Public Broadcasting Service|PBS]] ''[[Commanding Heights]]'', September 26, 2000
*{{unfit|1=[https://web.archive.org/web/20060914144925/http://www.heritage.org/Research/InternationalOrganizations/wm729.cfm Time for Paul Volcker To Resign]}}, Nile Gardiner, PhD, [[The Heritage Foundation]], April 21, 2005
*[http://www.depauw.edu/news/index.asp?id=12977 Current Economic Recovery Fragile, Corporations Undergo "Healthy Changes," Former Fed Chair Paul Volcker Says in Ubben Lecture], Paul Volcker, [[DePauw University]], October 8, 2003
* [https://archive.today/20130105060854/http://www3.interscience.wiley.com/journal/120091942/abstract?CRETRY=1&SRETRY=0 Rethinking the Bright New World of Global Finance], Paul Volcker, ''[[International Finance (journal)|International Finance]]'', Spring 2008
*[https://www.nytimes.com/2010/01/31/opinion/31volcker.html How to Reform Our Financial System], Paul Volcker, ''[[The New York Times]]'', January 30, 2010
* [https://fraser.stlouisfed.org/title/451 Statements and Speeches of Paul A. Volcker] in [[FRASER]]
* [http://findingaids.princeton.edu/collections/MC279 Paul A. Volcker Papers at the Seeley G. Mudd Manuscript Library, Princeton University]
* [https://www.barrons.com/articles/a-q-a-with-paul-volcker-former-federal-reserve-chairman-51544634862 Former Fed Chairman Blasts McKinsey and Hedge-Fund Billionaires]
* [https://nplusonemag.com/issue-34/reviews/other-peoples-blood-2/ "Other People's Blood"], Tim Barker, ''[[n+1]]'', Spring 2019

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