Former US Federal Reserve Chairman Paul Volcker dies at 92: Reports

In this file photo taken on March 25, 2009 former Chair of the Federal Reserve Paul Volcker participates in a panel on multilateralism and global issues in New York. (File photo: AFP)

Former US Federal Reserve Chairman Paul Volcker, who tackled American inflation in the 1970s and ‘80s and later gave his name to landmark Wall Street reforms, died Sunday, according to media reports.

Volcker, who headed the US central bank from 1979 to 1987, was 92. The cause was complications from prostate cancer, the reports said, citing his daughter Janice Zima.

In a career spanning the immediate post-War decades to the 2008 financial crisis, Volcker advised US leaders from Richard Nixon to Barack Obama, Volcker persuaded lawmakers following the financial meltdown to impose tighter restrictions on the conduct of banks.

A grandson of German immigrants, Volcker was born in 1927 in Cape May, New Jersey, and developed a love of fly-fishing.

After leaving the Fed in 1987, he became chief executive of the investment bank Wolfensohn & Company.

A father of two, he remarried in 2010 at the age of 83, taking his long-serving assistant as his bride 12 years after the death of his wife Barbara.

Last Update: Wednesday, 20 May 2020 KSA 14:06 - GMT 11:06