Word: volckerism
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Since becoming Federal Reserve Board chairman in 1979, Paul Volcker has built a daunting political power base. When his term was running out last summer, Volcker's clout in Congress and the financial community helped him survive a campaign by Treasury Secretary Donald Regan to prevent his reappointment. Now the Federal Reserve chairman has again shown his strength. In a battle among top Government officials, Volcker has blocked a plan that would have diminished the Federal Reserve's powers over U.S. banks as part of an effort to centralize the regulation of financial institutions in a new federal...
...latest challenge to Volcker stemmed from a debate over who should rule U.S. banking. Authority over some 4,700 national banks is shared by the Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC). In addition, Volcker's board regulates about 1,000 state-chartered banks that are members of the Federal Reserve System, while the FDIC supervises nearly 8,800 state banks that do not belong...
...Volcker's term in office was scheduled to end in August, and the question of whether Reagan would reappoint the chairman generated more excitement and suspense than Billy Martin's fate as manager of the New York Yankees. For a while, Presidential Counsellor Edwin Meese and Treasury Secretary Donald Regan urged Reagan to choose his own man to replace Volcker, a Carter appointee. The anti-Volcker group, though, never came up with a serious candidate, and the business community rallied around the chairman because of his record as an inflation fighter. Finally on June 18 the President interrupted...
...hoopla surrounding Volcker's nomination heightened his status as the staid financial community's first superstar. At his congressional confirmation hearing, so many lawmakers, reporters and visitors were eager to hear the chairman that the session had to be moved from the Senate Banking Committee hearing room to the huge Caucus Room, where Senators had once interrogated the Watergate conspirators. Yet despite his power and prestige, Volcker retains his austere personal style. He still lives in a cubbyhole apartment near his office, bums cheap cigars from colleagues and brags about his watch, which looks exactly like...
...their battle against inflation, Reagan and Volcker had good fortune on their side. With the world awash in an oversupply of oil, the once mighty Organization of Petroleum Exporting Countries could no longer dictate the cost of crude. The group's new powerlessness moved Mani Said al-Oteiba, Oil Minister of the United Arab Emirates, to compose a doleful poem that began...