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PRESS RELEASE September 29, 1987

Paul Volcker to Advice World Bank

Barber B. Conable, President of the World Bank, today announced that Paul A. Volcker, former Chairman of the Federal Reserve Board of the United States, has agreed to be available to him and to others at the Bank as a consultant from time to time in the Bank's work in the area of international debt.

“Mr. Volcker will perform a general advisory role,” Mr. Conable said. He added, "Paul is one of the most respected voices in the fields of economics and international finance, and I am delighted that he will be devoting some of his time in the future to working with us."

Paul A. Volcker, 60, served as Chairman of the Federal Reserve Board from 1979 to 1987 and as President of the Federal Reserve Bank of New York from 1975 to 1979. He has held a number of important positions in the United States government and was Under Secretary of the Treasury for Monetary Affairs from 1969 to 1974.