In memory of Paul Volcker, former Fed Chairman and 30-year Assembly trustee

The American Assembly mourns the loss of Paul Volcker (1927 – 2019), who served on our board from March 1988 to February 2018.

Mr. Volcker worked in the Federal Government for almost 30 years, serving in high office under five presidents. Before becoming Chairman of the Board of Governors for the Federal Reserve System in 1979, he spent more than four years as President of the Federal Reserve Bank of New York.

From 2000-2005, Mr. Volcker served as Chairman of the Board of Trustees for the newly formed International Accounting Standards Committee, where he oversaw development of consistent and high-quality international accounting. In 2004, he was asked by UN Secretary General Kofi Annan to chair the Independent Inquiry into the United Nations Oil-for-Food Program. The inquiry found substantial corruption and malfeasance.

Three years later, Mr. Volcker was asked by the President of the World Bank to chair a panel of experts to review the operations of the Department of Institutional Integrity. That effort culminated in broad reforms to the Bank’s anti-corruption efforts. In November 2008, President Obama chose Mr. Volcker to head the President’s Economic Recovery Advisory Board, which operated until February 2011. 

Mr. Volcker led or participated in a number of Assembly programs on topics ranging from corporate governance to accounting and auditing practices. The Assembly honors the life and achievements of this dedicated public servant.