Tonight we honor a man with a distinguished career and remarkable achievements in banking and finance. Trained as an economist, he served in official positions with The Federal Reserve Bank of New York, The Chase Manhattan Bank. the United States Treasury as Under Secretary for Monetary Affairs, and as President of the Federal Reserve Bank of New York. His experience in these positions could hardly have been better designed to prepare him for the high responsibilities he assumed in August 1979 as Chairman of the Board of Governors of the Federal Reserve System.
In that position, with the support of his colleagues, he exercises supervision over interest rates, credit, and the money supply providing a vital influence on the economy that is second only to that of the President and the Congress. He has pursued independently policies considered best for the economic welfare of the nation. His achievements in helping to curb inflation and to facilitate recovery have been notably successful and admired both here and abroad.
In this period of economic distress, Paul Volcker has exhibited great wisdom, leadership, and effectiveness. He has resolutely urged and pursued financial policies in the interest of the American people. He has remained unruffled by praise or criticism. He has been steadfast in resisting political and other pressures. And he has been firm in defending the independence of the Federal Reserve System.
We are proud to add to the many honors Paul Volcker has received by conferring on him the Cosmos Club Award of 1984.
