In 1979 Paul Volcker was nominated by President Jimmy Carter to fill the most powerful economic position in the U.S. government—chairman of the Federal Reserve Board. When Mr. Volcker took over in August 1979, inflation was running over 13 percent per year, the value of the dollar was falling, and financial markets were in a panic. He successfully combated inflation through a high interest rate policy that was deeply unpopular, however Mr. Volcker’s reforms ushered in an era of financial deregulation and innovation that spurred economic growth and prosperity. He remains one of the most influential and respected commentators on U.S. and global financial matters.