The George Washington University celebrated the inauguration of the Paul A. Volcker Scholarship program on May 22 with a ceremony and question-and-answer session at the Jack Morton Auditorium. Two scholarships honoring Mr. Volcker, a former chairman of the Board of Governors of the Federal Reserve System, will be awarded to GW law students who seek to pursue public service careers in financial regulation starting next fall.
A private luncheon followed the ceremony, featuring a speech from E. Gerald Corrigan, a co-chair of the scholarship, the managing director of Goldman, Sachs & Co. and the former president of the Federal Reserve Bank of New York.
Mr. Volcker’s illustrious career received praise during opening remarks from Arthur E. Wilmarth Jr., professor of law and the executive director of the GW Center for Law, Economics & Finance (C-LEAF), and Eugene Ludwig, CEO of the Promontory Financial Group and former comptroller of the currency. Appointed chairman of the Board of Governors of the Federal Reserve System by former President Jimmy Carter, Mr. Volcker served in the federal government for nearly three decades under six presidents—most recently working for President Barack Obama as chair of the Economic Recovery Advisory Board. The scholarships set up under his name will allow GW students to follow in his footsteps.
“The Volcker Scholarship program is going to take an enormous step in the right direction. It’s going to give promising, enthusiastic students a chance to study regulation as a profession and put the skills they’ve learned to use in public service,” Mr. Ludwig said.
Senior Associate Dean for Academic Affairs Christopher Bracey welcomed former and current students Seth Hunter, J.D. ’13, second-year student Loyal Horsley and Matthew Bornfreund, J.D. ’12, to talk about how Mr. Volcker and scholarships like his can impact students’ careers.
“Paul Volcker’s dedication to ensuring competent financial governance stands as a beacon for many of us just entering the field of financial regulation,” Ms. Horsley said. “He is notable, especially in today’s incredibly partisan environment, for rising above the politics and simply thinking about the best way to provide a stable economy for all.”
Mr. Bracey introduced Mr. Volcker onstage to participate in an interview session with Donald Kohn, a senior fellow at the Brookings Institution and the former chairman of the Board of Governors of the Federal Reserve System.
“One of our university’s core missions is to encourage our students to go into the public service that Paul Volcker felt so deeply about. It’s important to know that Mr. Volcker did not just commit to being a public servant. He went further and became the acknowledged leader of efforts to improve the quality and attractiveness of government service,” Mr. Bracey said before calling Mr. Volcker to the stage.
Mr. Volcker and Mr. Kohn reflected on the importance of careers in public service and approaches for attracting and retaining new professionals to the field. They also discussed creating a flexible and stable international monetary system—something Mr. Volcker focused on through much of his career—and the future direction of the Federal Reserve.