Paul Volcker, who led the Federal Reserve during the Carter and Reagan administrations and was an influential figure in American economic policy for more than 60 years, died on Sunday at the age of 92. Most notably, he led the central bank’s aggressive campaign to lower inflation in the late 1970s and early 1980s.

In his last official job, he was chairman of President Barack Obama’s Economic Recovery Advisory Board, which was formed in response to the 2008 financial meltdown. As Congress debated the landmark Dodd-Frank financial reform law, he helped build the case for new restrictions on bank speculation with deposits insured by the federal government, a regulation subsequently known as the “Volcker Rule.”