Soros is chairman of Soros Fund Management and the Open Society Institute and a former member of the Board of Directors of the Council on Foreign Relations. He played a significant role in the peaceful transition from Communism to Capitalism in Hungary, and provided Europe's largest ever higher education endowment to Central European University in Budapest. Later, his funding and organization of Georgia's Rose Revolution was considered by Russian and Western observers to have been crucial to its success. In the United States, he is known for having donated large sums of money in an effort to defeat President George W. Bush's bid for re-election in 2004. He helped found the Center for American Progress.
Former Federal Reserve Chairman Paul Volcker wrote in 2003 in the foreword of Soros' book The Alchemy of Finance: