Former head of U.S Federal Reserve, Paul Volcker is dead

Paul A. Volcker, former head of the United States Federal Reserve died on Sunday in New York.

The 92-year-old financier’s death was confirmed by his daughter, Janice Zima.

Volcker helped shape American economic policy for more than six decades, most notably by leading the Federal Reserve’s brute-force campaign to subdue inflation in the late 1970s and early ’80s.

In his last official post, as chairman of President Barack Obama’s Economic Recovery Advisory Board, formed in response to the 2008 financial crisis, he persuaded lawmakers to impose new restrictions on big banks — a measure known as the “Volcker Rule.”

Mr. Volcker interlaced his long stretches of public service with a lucrative career on Wall Street, most prominently as chief executive of the investment bank Wolfensohn & Company.