I’m honored (and a little surprised) to be the first to leave feedback for Paul Volcker’s memoir, KEEPING AT IT. This book was originally scheduled for release next month, but due to Volcker’s declining health, the release date has been moved to October 30. I received an advance reading copy through NetGalley in exchange for an unbiased review. All opinions expressed are my own.

Ninety-one-year-old Volcker, the former chairman of the Board of Governors of the Federal Reserve System from 1979-1987, is a somber reminder that very few dedicated public servants like him remain. Therefore, when someone who is widely known as a banking legend, decides to write a memoir because he is concerned about the changes that have taken place in society, government, and the economy, people would be wise to pay attention. In his biography, he laments, “We have for some time been experiencing a breakdown in the effective governance of the United States” and blames “polarization between (and even within) political parties, accompanied by the ever-growing influence of highly concentrated wealth” for “paralyzing key elements of public policymaking…” He also believes that “attacks on the press and on science" or "on any kind of expertise or established fact ... have hampered our capacity to lead.”

Some parts of the book can get a little dry unless you’re an economist (I’m not), but it is an informative read for anyone interested in government, politics, and public affairs or anyone interested in learning more about banking and the Federal Reserve. Volcker shares how he ended up working at the Fed (he started at the FRB of NY), the issues and dilemmas he faced in his role as chairman (specifically, severe inflation in the ‘80s which he is credited with getting under control although his methods were controversial), and what he did with his time after he handed over the reins to his successor, Alan Greenspan. I thought his life after the Fed was the most interesting part of the book. He was 60 when he retired, but he went on to have a “second” career doing many things, one of which was founding the nonpartisan Volcker Alliance to help rebuild trust in government and encourage people to pursue public service careers.

Details about his personal life are also scattered throughout the story, which add some humor. When he was young, he asked his mother why they didn’t have a Chris-Craft boat like their neighbor, and she responded, “They have a mortgage. We don’t.” He writes, “There in six words was the definitive expression of the Volcker family fiscal instincts. They have stayed with me all my life.” The final chapter of the book does an excellent job of summarizing his life, career, and explaining the legacy he hopes to leave behind. It also sets out three key lessons learned from decades of working with both Republicans and Democrats. He calls them the three verities – stable prices, sound finance, and good government. If you don’t read anything else in the book, read the last chapter. It is very good.