Former U.S. Fed Chief Paul Volcker passes away

Former U.S. Fed Chief Paul Volcker passes away

Former U.S. Federal Reserve chairman credited with bringing down sky-high U. S. inflation in the early 1980s, Paul Volcker, died on Monday at the age of 92, according to his daughter Janice Zima.

Volcker served as chairman of the Federal Reserve from 1979 to 1987. 

Born Sept. 5, 1927, in New Jersey, Volcker was educated at Princeton, Harvard and the London School of Economics. He was an undersecretary at the Treasury Department during the Nixon administration and president of the Federal Reserve of New York before taking over the Fed chairmanship.

In 2009, Volcker began serving as a key financial adviser to President Barack Obama, Reuters recalls.

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