Change Wished at Federal Reserve: Provisional Search Begins for Volcker Replacement at the Fed
ÐÊ	( Board Chairman Paul A. Volcker 7 in.case President Reagan chooses ÐÊ7 not to reappoint hirri when his 7. term expires in August.</br></br>ri "No one has Geen approached, ' no one has been asked about the j job,Û a senior administration of-ficial said last week, but a ÛÏlow-keyÛ searchÛÓwith which Reagan so far has had no involvementÛÓis ÛÏThe president has to consider it (asking Volcker to stay] and he also has to consider alternative candidates and then see whether [they] match or better the proven record that Volcker has, warts and all,Û said the senior official, who. asked not to be named.</br></br>From an economic standpoint the reappointment decision could be the most important Reagan makes this year, but it will be an important political decision as</br></br>well. Volcker is a symbol of the high interest rates and recession of the last few years. Democrats lustily attack him for this, and Republicans flinch; House Minority Leader Robert H. Michel (R-111.) is one of several who has said Volcker should not be reappointed. Yet the same tight money-high interest rate policies that produced recession also helped bring down inflation. For this reason Volcker is also a symbol, and a reassuring one, in the financial See VOLCKER, A7, Col. 1</br></br>-.world. Some in the administration think Volcker could have squeezed out the infla-, tion with less recession.