Volcker, Paul Adolph
In 1999 an official panel he headed that investigated Swiss banks' handling of the accounts of Holocaust victims issued a report that was critical of the banks but did not recommend any changes in a settlement reached in 1998 (see Holocaust). Volcker was chairman of the International Accounting Standards Committee Foundation from 2000 to 2006 and, in the wake of the Enron bankruptcy, headed (2002) an independent oversight board at Arthur Andersen, the accounting firm that was responsible for auditing Enron. He also chaired (2004–5) the UN's investigation into wrongdoing in the UN oil-for-food program for Iraq. As the head (2009–11) of the Economy Recovery Advisory Board, he was critical of banking practices and proposed restricting banks from using deposits for high-risk investments, which was enacted into law and became known as the Volcker rule. Volcker is the author, with Toyoo Gyohten, of Changing Fortunes: The World's Money and the Threat to American Leadership (1992).
See his memoir (2018); biography by J. B. Treaster (2004); biography of his professional life by W. L. Silber (2012); study by W. Greider (1988).
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2023, Columbia University Press. All rights reserved.
See more Encyclopedia articles on: Economics: Biographies