Leaders of the Federal Reserve Remember Paul A. Volcker

The Chairman and Vice Chairman of the United States Federal Reserve, three former Federal Reserve Board Chairs, and the President of the New York Federal Reserve remember Paul A. Volcker for his courage and devotion to public service. Read their tributes, below.

“Paul Volcker believed there was no higher calling than public service. His life exemplified the highest ideals -- integrity, courage, and a commitment to do what was best for all Americans. His contributions to the nation left a lasting legacy.”

• Jerome Powell, Chairman of the Federal Reserve

“Paul Volcker embodied the values we hold most dear: devotion to public service, the courage to do the right thing, even when it’s immensely unpopular, a commitment to strong and effective regulation of the banking system and the highest ethical standards. We have Paul Volcker to thank for taming inflation and ushering in a long period of macroeconomic stability.”

• Janet Yellen, Former Chair of the Federal Reserve

“He came to represent independence. He personified the idea of doing something politically unpopular but economically necessary.”

• Ben Bernanke, Former Chair of the Federal Reserve

“Paul Volcker was the most effective chairman in the history of the Federal Reserve.”

• Alan Greenspan, Former Chair of the Federal Reserve

“Paul Volcker was and always will be a personal hero of mine. An autographed photo of him hangs in my Fed office. He was a role model for anyone aspiring to service and set the highest standard for integrity, courage and leadership as a central banker. He was truly one of the giants of modern economic policy.”

• Richard Clarida, Vice Chairman of the Federal Reserve

“Paul Volcker is truly a hero of the Fed’s history. He is a towering role model for central bankers the world over. A lifelong public servant, he was ready to do what was in the best interest of the country, and faced every challenge, no matter how difficult, head on. We owe him a great debt of gratitude for his dedication to public service.”

• John C. Williams, President of the New York Federal Reserve