Systemic Risk Council Mourns Passing of Senior Advisor, Paul Volcker, Former Chair of the Federal Reserve Board

Washington, D.C. December 11, 2019

It is with the most enormous sadness that members of the Systemic Risk Council have heard that Paul Volcker has passed away.

His contributions to public life, for the US and the world, are beyond measure. While most famous for taming inflation, Paul’s commitment to a stable financial system was equally deep — from his initiation of the first Basel Accord in the mid-1980s, to the reforms after the 2008/09 crisis, and his long-standing efforts to persuade legislators to overhaul the architecture of the US regulatory system.

As a founding spirit of the Systemic Risk Council, where he served as Senior Advisor for seven years, Paul gave weight to our words, and brought wisdom to our deliberations. The world will be less safe without him.

Paul Tucker, chair of the SRC said, “To know Paul Volcker was to touch greatness. To work with him, the most enormous privilege. To have his active help and backing, a true blessing. He stood for everything the SRC exists to promote, and he was an inspiration to us all. Our deepest condolences to Paul’s family.”

Sheila Bair, founding chair of SRC, said, “Given his long, distinguished career and premiere list of affiliations, Paul hardly needed to lend his name and good counsel to the Systemic Risk Council at our formation, but he did so to help us become a powerful credible voice for financial stability. Paul stood for regulatory independence, courage, and the highest standards of public service. As public trust in government continues to decline, we would do well to remember his inspirational example of government at its best.”