Paul Volcker, now officially an economic adviser to the incoming Obama administration, is famous as a fierce inflation fighter. But he also has strong views on accounting topics that might soon become mainstream economic issues.
Google Paul Volcker, and most of the results will focus on the former Fed chairman's role as a hardnosed inflation fighter. In the late 1970s, Volcker jacked up interest rates, successfully taming runaway inflation, but also sparking the severe 1981-82 recession.
In a news conference today, President-elect Barack Obama named Volcker, now 81, as head of a special Economic Recovery Advisory board that will regularly brief the President.
At first blush, given the macroeconomic crisis facing the United States, it seems unlikely that the board would be dealing with seemingly esoteric issues such as accounting standards and auditing procedures. But biographical sketches of Volcker frequently overlook his deep background in accounting issues in favor of his roles at Treasury, at the Federal Reserve, and, more recently, as the lead investigator into corruption in the Iraqi Oil for Food program.
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