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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 19, 1983
Page
6
President Reagan's renomination of Paul A. Volcker as Fed chair is seen as fostering a stronger recovery this year and into 1984. Economists note Volcker's balance of monetarist targets with pragmatic policy aimed at inflation control and recession reversal, with broad support across Fed officials, academia, and business sectors.
President Reagan's decision to reappoint Paul Volcker as Federal Reserve Board chairman drew praise from business groups and AFL-CIO critics from labor. Senators Hart and Dole offered diverging views with Hart warning of disaster for recovery and Dole calling it good news for inflation fighting.
The administration announced Volcker’s four year term as Fed chair ending in 1993, denying private understandings with Reagan. Officials cited Volcker’s experience and backing in business and finance, noting inflation fell and recovery gained ground. The move shapes both economics and politics for Reagan’s re election bid.
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