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Former Fed Chair Paul Volcker, Known for “Shock Therapy” to Economy, Dies at 92

HeadlineDec 11, 2019

The former chair of the Federal Reserve, Paul Volcker, has died at the age of 92. He is best known for waging war on inflation during the 1980s — delivering a “shock therapy” that drove the economy into a deep recession and created widespread unemployment. Volcker’s dramatic increase in interest rates also created a debt crisis that devastated Latin America. Volcker later went on to serve as the chair of President Obama’s Economic Recovery Advisory Board, convincing lawmakers to impose minor restrictions on big banks — a measure known as the “Volcker Rule.” Leading Democratic presidential candidate Elizabeth Warren tweeted out condolences after his death, writing: “Few people have had more impact on our modern financial system than the great Paul Volcker.”

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