Former US Federal Reserve Chair Paul Volcker passed away on Sunday. He was 92.
Volcker was known for raising interest rates to exceptionally high levels around 1980 to fight inflation, and for tackling the 2008 financial crisis.
Born in 1927, Volcker served in key positions, including president of the Federal Reserve Bank of New York. He then headed the central bank's policy board from 1979 for eight years.
Volcker also stepped up oversight of financial institutions, strictly limiting their investments in hedge funds.
The aim was to keep banks from taking excessive risks, and to prevent another financial crisis.
This was known as the "Volcker Rule." It is the basis of many current financial regulations.
NHK
