Former Fed Chairman Paul Volcker is UD's newest alumnus

Paul A. Volcker, the man credited for ending spiraling inflation in the U.S., received an honorary Doctor of Laws degree from the University of Delaware in a ceremony held Monday in Mitchell Hall.

Earlier that day, Volcker delivered the 2001 Hutchinson Lecture to a standing-room-only audience in the same location.

UD President David P. Roselle called Volcker "an extraordinary individual" who took the time to meet with students and faculty throughout the day.

Roselle said he wanted to use the prestigious occasion to describe the "learning environment" at UD that is enhanced by contact with people the stature of Volcker.

"The drive and direction of our students to actively pursue 'hands-on, real-world' experience within their undergraduate programs is something of which we are very proud at the University of Delaware," he said. Research apprenticeships with faculty mentors give talented students the chance to take part in "what is happening on the front lines of discovery" and every college, department and research center provides students that opportunity, he said.

He described the College of Business and Economics' Blue Hen Investment Club as giving students valuable investment and general business experience. Student-managed with one of the 10 largest club portfolios in the country, the club began with $500,000 that they've turned into $1 million.

Roselle said the University's participation in the statewide campaign to make Delaware a nationally known center of information technology and business expertise is led by the business school, which has seen a doubling of the number of students enrolled in the management information systems minor in the last two years.

A new Center for Corporate Governance, under the direction of Charles Elson, Woolard Chair of Corporate Governance, has given students extraordinary opportunities to witness corporate decision-making at the highest level of companies that operate in the U.S. and globally. And, he said, the Center for Economic Education and Entrepreneurship has brought economics education to elementary and secondary school children around the world.

In presenting the degree to Volcker, William T. Allen, chairman of the trustees committee on honorary degrees and awards, said that it is the highest honor the University bestows, and is presented to those whose contributions to the "public good" warrant special recognition. Since the first honorary degree was awarded 160 years ago, recipients have included Andrew Wyeth, U.S. Supreme Court Justice Sandra Day O'Connor and former President George Bush.

With Volcker standing next to him at the podium, Allen read from the citation saying, "Paul A. Volcker, exemplary public servant, your life has been marked by dedication and service to your country."

He said that almost all of Volcker's life has been devoted to public service. Serving under five U.S. presidents in the capacity of under secretary of the U.S. Treasury for monetary affairs and as chairman of the Federal Reserve Board, Allen said he played "an historic role in ending a period of unprecedented and dangerous inflation and restored a base for unprecedented and sustained growth...

"You are well known as thoughtful, erudite and nonpartisan in leading the country through a most difficult and complex economic crisis to economic prosperity and stability," Allen said. "You have stated some simple rules for us to stay the course–work hard, save prudently and invest wisely."

Howard E. Cosgrove, chairman of the Board of Trustees, then placed the doctoral hood on Volcker's shoulders, and Allen presented him with his diploma.

"Today, the University of Delaware broadcasts to the world the high value it places upon public service and the wise administration of public power by conferring honor upon one whose life reflects a very deep commitment to service to his fellow citizens," Allen said.

"This is the kind of day that restores one's faith in the world. The sun is shining, the sky is clear and I am standing in the middle of one of the great state universities," Volcker said.

He urged the students in the audience to consider public service as they approach graduation.

Volcker said he understands how the considerable rewards of the private sector can be very powerful incentives to keep people from choosing public service. But, government provides safety, protects the environment, supports education, watches over the economy, and creates and maintains the nation's infrastructure, all essential to everyday life, he said.

Today, there's a cynicism about government, about what goes on in Washington, D.C., and in state capitals. "Government has not been in good repute," he said. Campaign finance, the Vietnam War, the inherent complexities of government have helped to make people skeptical.

"We have to do better to restore some of the spirit that we had when I graduated in 1949," he said. There is hope that the problems that led to this cynicism about government will be addressed, he said, citing campaign and civil service reform being considered by the Congress.

"Until attitudes change," Volcker said, "we'll have trouble attracting the best and the brightest to government." But, he said he hoped that more and more young people would realize that there's nothing like the special satisfaction that comes from doing a job in the public interest.

–Barbara Garrison

Photo by KATHY FLICKINGER