Jimmy Carter's presidency was marked by economic turmoil, with high inflation and a falling dollar. In 1979, Carter made the decision to replace the chairman of the Federal Reserve, G William Miller, with Paul Volcker. Volcker implemented a series of measures to combat inflation, including raising interest rates and imposing a surcharge on credit card transactions. While these actions helped to stabilize the economy and save the dollar, they also led to a deep recession. Carter's handling of the economy ultimately contributed to his defeat in the 1980 presidential election.