WASHINGTON, D.C. – Oregon’s Senator Jeff Merkley released the following statement after Paul Volcker, the former Chairman of the Federal Reserve, died at age 92. Merkley worked with Volcker and former Sen. Carl Levin (D-MI) to pass the Volcker Rule as part of the 2010 Dodd-Frank financial reform bill.
“Paul Volcker was a giant, both literally and figuratively, of the financial world. He understood it inside and out, and was never afraid to go toe-to-toe with some of the most powerful leaders on Wall Street and in the world to fight for a better and more stable financial system.
“I had the privilege of seeing his determination and fight firsthand in 2009 and 2010, when we worked together to secure his Volcker Rule in the Wall Street reform bill and shut down the Wall Street casino. Pundits and big bank lobbyists said we would never get it done—that Wall Street would never let it see the light of day. Chairman Volcker never cared about who would be happy or how many special interests he ticked off. He used his powerful voice to advocate for the right thing for America, and he was determined to win the fight.
“This was just one of many accomplishments throughout a remarkable career. Today, we’ve lost a tremendous American. It was a true honor to work with Chairman Volcker, and we will greatly miss his insights and his integrity.”