Alan Greenspan, former chair of the U.S. Federal Reserve, has died at the age of 100, NBC News reported today.
A Record-Setting Tenure
Greenspan served five terms as head of the Federal Reserve under four U.S. presidents, beginning with Ronald Reagan, who appointed him in 1987. His tenure ended in 2006 during George W. Bush’s presidency. He held the position for 18.5 years—the second-longest term in the central bank’s history.
Announcement by His Wife
His death was announced in a statement by his wife, Andrea Mitchell, an NBC News journalist. “Alan passed away this morning at our home at the age of 100 from complications of Parkinson’s disease,” she said. “He was a towering figure who helped shape the American economy for decades under presidents of both parties—but he was always candid in acknowledging his own mistakes.”
Early Career and Public Service
Born in New York City, Greenspan taught economics at New York University in the 1950s. He also co-founded and led the economic consulting firm Townsend-Greenspan & Co. for 21 years.
In 1968, he served as director of economic research for Richard Nixon’s presidential campaign and later advised Nixon without pay after his election. In 1974—Nixon’s final year in office—Greenspan became chairman of the White House Council of Economic Advisers, a role he continued under President Gerald Ford. After Ford’s 1976 election loss, Greenspan returned to the private sector until his appointment to the Fed.
Leadership Through Crisis
Just two months into his first term, Greenspan faced one of the most dramatic market crashes in history: on October 19, 1987—‘Black Monday’—the Dow Jones Industrial Average plunged 22%, its largest single-day percentage drop ever. The next day, Greenspan declared the Fed stood ready “to serve as a source of liquidity to support the economic and financial system,” a decisive move widely credited with helping markets rebound swiftly.