Business Notes Appointments

"I'm here. I'm staying," said Paul Volcker last week to a relieved audience of international bankers. With those unequivocal words, the Federal Reserve chairman squelched rumors that he would leave his post to assume the presidency of the World Bank, which will become vacant when A.W. Clausen steps down next year. At a Washington conference sponsored by the American Stock Exchange, Volcker admitted that "the question arose" of his taking the World Bank job, but added, "My answer was no." Federal Reserve officials confirmed that the Administration had formally asked the chairman to replace Clausen.

Volcker's rejection of the job was the latest sign of his staunch independence of the White House. Time and again he has refused to bow to Administration complaints that the Federal Reserve should ease monetary policy and reduce interest rates. Some political experts think the World Bank offer was a White House ploy to move Volcker aside before the 1986 congressional elections, but the chairman's turndown is a strong indication that he intends to head the Federal Reserve until his term ends in 1987.