U.S. economic policies underwent a shift of seismic proportions from late 1979 through the early 1980s. The Federal Reserve, under Chairman Paul Volcker, redirected monetary policy away from targeting interest rates to controlling money supply as a means of conquering inflation. At the same time, the Reagan Administration sought to revitalize the American economy by reducing the size and influence of government and by redirecting resources to the private sector through major reductions in marginal tax rates, government spending and government regulation.