Career
In 1952 he joined the staff of the Federal Reserve Bank of New York as a full-time economist. He left that position in 1957 to become a financial economist with the Chase Manhattan Bank. In 1962, Robert Roosa, who had been his mentor at the Federal Reserve, hired him at the Treasury Department as director of financial analysis. In 1963, he became deputy under-secretary for monetary affairs. He returned to Chase Manhattan Bank as vice president and director of planning in 1965.
From 1969 to 1974, Volcker served as under-secretary of the Treasury for international monetary affairs. He played an important role in the decisions leading to the U.S. suspension of gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the U.S. Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979, leaving to become the chairman of the Federal Reserve in August 1979.
In 1975, Volcker also became a senior fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University.
Read more about this topic: Paul Volcker
Famous quotes containing the word career:
“I restore myself when I’m alone. A career is born in public—talent in privacy.”
—Marilyn Monroe (1926–1962)
“He was at a starting point which makes many a man’s career a fine subject for betting, if there were any gentlemen given to that amusement who could appreciate the complicated probabilities of an arduous purpose, with all the possible thwartings and furtherings of circumstance, all the niceties of inward balance, by which a man swings and makes his point or else is carried headlong.”
—George Eliot [Mary Ann (or Marian)
“I seemed intent on making it as difficult for myself as possible to pursue my “male” career goal. I not only procrastinated endlessly, submitting my medical school application at the very last minute, but continued to crave a conventional female role even as I moved ahead with my “male” pursuits.”
—Margaret S. Mahler (1897–1985)