What Is a Federal Reserve Chairman?

American economist Paul Walker is a legend. He served as chairman of the Federal Reserve under President Reagan and Carter, ending high inflation in the United States from the 1970s to the early 1980s, and was widely praised.

Paul Walker

(Former Fed Chairman)

This entry lacks an overview map . Supplementing related content makes the entry more complete and can be upgraded quickly. Come on!

American economist Paul Walker is a legend. He served as chairman of the Federal Reserve under President Reagan and Carter, ending high inflation in the United States from the 1970s to the early 1980s, and was widely praised.

Chinese name

Paul Walker

place of birth

Cape May, New Jersey

graduated school

Princeton University

Sex

male

Biographies

Thirty years later, Walker came back again at the age of 83 to serve as chairman of the Economic Recovery Advisory Committee to help Obama advance economic recovery policies.

Walker, who moved with his parents to the small town of Tinak in 1930. His father was Tinak's first mayor. At that time, the Great Depression was approaching, and the town was on the verge of bankruptcy. Walker's father had multiple roles and began to rectify the local finances. Walker's parents love their children, but they do not reveal them. Walker inherited this character from his parents, which will benefit him in the future.

After graduating from Princeton University in 1949, Walker went to Harvard University to study for a master's degree in political economics. In the early 1950s, Walker won the Lottery Ambassador Scholarship with outstanding results and went to study at the famous London School of Economics and Political Science.

Walker's career has been smooth. After finishing his studies in London, he was offered the opportunity to serve in important government agencies. In 1952 he became an economist at the Federal Reserve Bank of New York. After serving the New York Federal Reserve for five full years, he joined the Chase Manhattan Bank to advise on it. In 1962, Walker became the chief financial analyst of the US Treasury. Three years later, Chase Manhattan Bank threw an olive branch to Walker, inviting him to become vice president of the bank.

From 1969 to 1974, Walker served as the Under Secretary of the Treasury for International Monetary Affairs. During this period, the US government formally decided to decouple the US dollar from gold. The main supporter of the decision at that time was Walker, and the "Bretton Woods System" collapsed.

Paul Walker is a Democrat. In August 1979, he was appointed Chairman of the Federal Reserve by then President Jimmy Carter. But when President Carter was looking for the Fed chairman at first, he never even thought about Paul Volcker. Anthony Solomon, then Deputy Treasury Secretary, recommended Volcker to the president. But the president's answer was: "Who is Paul Volcker?" On July 24, 1979, Volcker was invited to meet the Carter at the White House. During the one-hour meeting, most of the time was Walter. Grams are talking. After leaving the White House, Volcker said to himself, "He will never give me this position." But did not expect that the next day, Carter personally called for Volcker to take the position. At that time, public opinion held that Carter had chosen the right person. Indeed, Volcker's role in this position has changed the lives of Americans. Because of his outstanding performance in managing inflation, Walker was re-appointed by the then President Ronald Reagan as chairman of the Federal Reserve in 1983.

In the 1970s, the US economy experienced severe inflation, and Volcker believes that the source of the scourge is the excess supply of the dollar. Relying on his skill in the maze of administration and politics in the United States for many years, Walker found a way to solve the dilemma: the Fed no longer voted to determine the benchmark interest rate, but instead set the U.S. money supply target directly. The change in quantity determines the change in interest rates. In this way, Walker strongly reversed the fate of the United States swallowed by inflation.

Walker believes that the United States has too little investment in its economic operations and too much foreign debt. These foreign debts that keep Americans in their throats make real recovery at least 10 years away.