Paul Volcker

Topics include globalization and the financial world, globalization and the international financial system, global markets and emerging economies, and the opportunities and responsibilities of the United States' foreign policy at the turn of the century. Paul Volcker served as an economic advisor to then US President Barack Obama until 2011, leading the US President's Economic Recovery Advisory Committee. During the 2008-2010 financial crisis, Volcker severely criticized major banks, believing that their response to the crisis was insufficient and that they should strengthen supervision. Specifically, he called for the dissolution of the largest banking group in the United States and believed that it was necessary to re implement most of the provisions of the Glass Steel Act, which aimed to prevent commercial banks from engaging in investment banking activities such as securities trading. Currently, Volcker serves as the head or consultant of many companies and non-profit organizations. Volcker served as the Chairman of the Federal Reserve Board from 1979 to 1987 and was highly praised for his outstanding achievements in ending long-term high inflation and restoring sustained economic growth. At the beginning, President Jimmy Carter appointed him as Chairman of the Federal Reserve for a four-year term. After the end of his first term, President Reagan reappointed him as Chairman of the Federal Reserve in 1983. After the end of his second term, Volcker resigned from public office and joined James Wolfensen Investment Company as chairman. The company mainly provides investment banking services to domestic and foreign companies. In 1996, James Wolfensohn Investment Company merged with Bankers Trust Company, and Walker, as Chairman and CEO of James Wolfensohn Investment Company, also retired. Throughout his career, Volcker worked for the federal government for 30 years, serving five presidents - John F. Kennedy, Lyndon Johnson, Richard Nixon, Jimmy Carter, and Ronald Reagan. Prior to becoming the Chairman of the Federal Reserve in 1979, Volcker served as the President of the New York Federal Reserve Bank for over four years, with the New York Federal Reserve Bank being the main operating department of the Federal Reserve. In his early years, Volcker served twice in the US Treasury Department, serving as the Deputy Secretary of the Treasury responsible for financial affairs from 1969 to 1974. As the Deputy Minister, he is primarily responsible for researching and implementing the Treasury's debt management and federal credit policies. During the transition from the Bretton Woods fixed exchange rate system to a more flexible floating interest rate system that began to prevail in the early 1970s, he represented the United States in international currency negotiations. In the domestic financial sector, among other measures, Volcker has also initiated treasury bond auctions, which are now quite common not only in the United States but also in many other countries. After leaving Washington in 1987, he became Professor Frederick Schultz of International Economic Policy at Princeton University and is now an honorary professor. Volcker also took the initiative to assume the position of chairman in a newly established civil public service committee. The committee mainly studies the issues that arise in attracting, motivating, and retaining the talents needed to maintain the effective operation of the government. Both of these activities reflect Volcker's interest in improving the professionalism and efficiency of public services. Recently, Volcker served as a newly established director of the International Accounting Standards Board