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Paul Volcker, who shaped U.S. monetary policy for decades had roots in Lyons

Paul Volcker is known as being one of the last ‘truly independent’ Federal Reserve chairs.

Volcker died in December at 92 in New York City. He was credited with taming inflation in the 1970s, who did it by pushing Federal Reserve interest rates as high as 20 percent.

Bob Schick, chief executive officer and chairman of Lyons National Bank told the Finger Lakes Times that it was the kind of ‘tough medicine’ Volcker believed was necessary.

Inflation rates had reached nearly 15 percent by 1980, and within three years – it was down to 3 percent.

Volcker continued to shape monetary policy in the U.S. decades after – even being involved in President Barrack Obama’s administration.

Volcker’s mother, Alma Klippel Volcker, was a Lyons native who met Paul Volcker Sr. while he was overseeing the construction of locks and bridges on the Erie Barge Canal in the early 1900s, according to the Times report.

Learn more about Volcker’s time leading the Reserve on a recent episode of The Journal.

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