Former Presidents Carter, Clinton, and Obama Pay Tribute to Paul A. Volcker

In statements released on December 9, 2019, former Presidents Jimmy Carter, Bill Clinton, and Barack Obama expressed their appreciation and admiration for Paul A. Volcker's extraordinary contributions to public service.

“Rosalynn and I are deeply saddened to learn of the passing of Paul Volcker, whose economic acumen made him a giant of public service. Paul was as stubborn as he was tall, and although some of his policies as Fed chairman were politically costly, they were the right thing to do. His strong and intelligent guidance helped to curb petroleum-driven inflation, easing a strain on all Americans’ budgets. We are grateful for his service to our country. We extend our condolences to his loved ones.”

- President Jimmy Carter

"Hillary and I mourn the passing of Paul Volcker, an extraordinary public servant whose intelligence, integrity, and independence as Chairman of the Federal Reserve helped break the back of inflation and stabilize America’s economy in the late ’70s and early ’80s.  His decisions were based on data, not dogma, and once he reached them he had the determination to see them through, no matter how unpopular they might be in the short term. We should all be grateful for the legacy he left as Chairman of the Federal Reserve, his work with President Obama to avert depression, and his leadership in obtaining overdue financial justice for the families of Holocaust victims.  Our thoughts and prayers are with his family."

- President Bill Clinton and Secretary Hillary Clinton

"Paul Volcker believed not just in the power of markets but in the corresponding power of the government's duty to make sure those markets work for everyone. Serving in Republican and Democratic administrations and as Chair of the Federal Reserve, he wielded his uncommon understanding of the American economy to make sure that families' hard work was rewarded and secured. In the '70s and '80s, it was his visionary leadership that finally brought runaway inflation under control. Decades later, as we staved off a second Great Depression, he was by my side, helping to rescue our economy and put in place tough rules of the road to prevent another similar crisis from ever happening again—rules like the one that bears his name, which makes sure big banks can't make risky bets with their customers' deposits. Because of Paul, our financial system is stronger, safer, and more accountable to those who matter most—the American people.

I'll remember Paul for his consummate wisdom, untethered honesty, and a level of dignity that matched his towering stature. To me, he was the very definition of integrity, and I'm proud to have called him not just an adviser, but a friend. Michelle and I send our warmest condolences to his wife, Anke, his children and grandchildren, and those who served with him throughout his six decades of distinguished service to the American people."

- President Barack Obama