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Former Federal Reserve Chairman Paul Volcker has died

Former Chairman of Federal Reserve Paul Volcker (Photo by Alex Wong/Getty Images)

Former Federal Reserve Chairman Paul Volcker has died at age 92.

Volcker headed the central bank from 1979 to 1987.

When he took over, the economy was suffering from runaway inflation. Volcker pushed interest rates to historic highs to tame it, triggering a recession.

More recently, President Barack Obama made him an economic adviser when he took office after the financial crisis of 2008.

Volcker took charge of the Fed in August 1979, when the U.S. economy was slipping into the grip of runaway inflation. Consumer prices skyrocketed 13 percent in 1979 and then by the same amount again in 1980.

Volcker worked relentlessly to bring prices under control.

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