The President will nominate Paul A. Volcker as Chairman of the Federal Reserve Board. Mr. Volcker has been President of the Federal Reserve Bank of New York since 1975.
The President said, in making the announcement, "Mr. Volcker has broad economic and financial experience and enjoys an outstanding international reputation. He shares my determination to vigorously pursue the battle against inflation at home and to ensure the strength and stability of the dollar abroad."
Mr. Volcker served as Deputy Under Secretary of Treasury for Monetary Affairs, 1963 to 1965, and Under Secretary of Treasury for Monetary Affairs, 1969 to 1974. Mr. Volcker is a 1949 graduate of Princeton University. He received master's degree in political economics from Harvard and did postgraduate work at the London School of Economics. He was vice president and director of planning for the Chase Manhattan Bank from 1965 to 1969.