Paul Adolph Volcker Jr. (September 5, 1927 – December 8, 2019) was an influential American economist, banker, and public servant who served as the 12th Chairman of the Federal Reserve from 1979 to 1987, appointed by President Jimmy Carter and reappointed by Ronald Reagan. He is renowned for implementing aggressive tight monetary policies, known as the 'Volcker Shock,' to combat the high inflation plaguing the U.S. economy in the late 1970s and early 1980s. This involved dramatically raising interest rates, which induced a recession but successfully tamed inflation from double digits to stable levels, earning him widespread credit for restoring economic stability. Born in Cape May, New Jersey, and raised in Teaneck, New Jersey, he was the son of Paul Adolph Volcker Sr., a pioneering municipal manager in Teaneck, and Alma Louise Klippel, growing up in a family of German descent influenced by his father's dedication to public service. Volcker earned a Bachelor of Arts degree summa cum laude from Princeton University in 1949, a Master of Arts from Harvard University in 1951, and studied at the London School of Economics. His early career included roles in the U.S. Treasury Department, Chase Manhattan Bank, and as president of the Federal Reserve Bank of New York from 1975 to 1979. Post-Fed, he continued influencing economic policy through roles including chairman of the Economic Policy Council of the UN Association, board memberships, and developing the Volcker Rule under the Dodd-Frank Act to restrict banks from risky proprietary trading to prevent future financial crises. A Democrat, he founded the Volcker Alliance in 2011 to promote effective government and ethical public service. He was married twice—first to Barbara Bahnson (1954–1998) with whom he had two children, and later to Anke Dening (2010–2019)—and died in New York City at age 92. His legacy is marked by his principled approach to economic policy, often prioritizing long-term stability over short-term political pressures, leaving behind a profound impact on global finance and public administration.