In the course of his career, Paul Volcker has served almost 30 years in the Federal Government, including 8 years as the Chairman of the Board of Governors of the Federal Reserve System from 1979 to 1987, and prior to that more than four years as President of the Federal Reserve Bank of New York. In addition, Mr. Volcker served two tours of duty as an official of the U.S. Treasury, serving as Under Secretary for Monetary Affairs. After completion of his second term of Chairman of the Federal Reserve, Mr. Volcker returned to private life. He retired as Chairman and Chief Executive Officer of Wolfensohn & Co., Inc. in 1996, and now serves as director of or consultant to a number of corporations and non-profit organizations .