Presenter accepts Paul Vulkar Public Integrity Award, praises Fed independence

A presenter accepting the Paul Vulkar Public Integrity Award thanked the American Society for Public Administration and praised former Federal Reserve Chairman Paul Vulkar for his integrity and independence.

The presenter said they "regret that I cannot be with you in person today," called the honor "humbling," and said it was meaningful to be ‘‘mentioned alongside Chairman Vulkar.’’ The remarks framed Vulkar as "a towering figure in economics and central banking" whose career exemplified "selfless, courageous" public service.

The presenter summarized Vulkar's public record, saying he served at the Treasury under Presidents Kennedy, Johnson and Nixon and later led the Federal Reserve from 1979 to 1987 after being nominated by President Carter and reappointed by President Reagan. The speaker highlighted a defining episode in Vulkar's tenure: confronting double-digit inflation in the early 1980s, including a May 19, 1982 speech delivered when unemployment exceeded 9 percent.

"Despite political pressure and a painful recession, he held firm in his commitment to bring inflation down," the presenter said, adding that Vulkar's actions opened the way to a period of "low and stable inflation and steady growth" later described as the "great moderation." The presenter argued that Vulkar's willingness to resist short-term demands demonstrated the courage and long-term perspective that define principled public service.

The speech emphasized the connection between independence and integrity at the Federal Reserve, saying "We need independence to do what is right. We need integrity to use that independence wisely." The presenter closed by urging public servants to look back on their careers and know they "did the right thing," and ended with another expression of gratitude: "Thank you again for this humbling honor."