Alan Greenspan, Former Federal Reserve Chair, Dies at 100

Alan Greenspan, the economist who chaired the U.S. Federal Reserve for nearly two decades, died Monday at his home at the age of 100. His wife, NBC journalist Andrea Mitchell, announced his death, citing complications from Parkinson’s disease.

Greenspan served five terms as the head of the Federal Reserve, the world’s most influential central bank, from 1987 to 2006. He was appointed Fed chair in August 1987 by President Ronald Reagan and subsequently led the institution under Presidents George H.W. Bush, Bill Clinton, and George W. Bush.

Shaping Economic Policy

During his tenure, the Federal Reserve was credited with fostering a sustained period of price stability that supported economic growth and bolstered public confidence. The Fed stated that Greenspan brought rigorous analytical discipline to monetary policymaking and helped establish the institution’s credibility. He was often regarded in Washington as a financial “wizard,” “rock star,” and “maestro” of the U.S. economy.

Greenspan's leadership coincided with the period known as the Great Moderation, from the mid-1980s to 2007, characterized by low economic volatility, low unemployment, and relatively low inflation. He was widely praised for allowing the economy to grow robustly in the 1990s, leading to one of the nation’s longest economic expansions. In 1996, he famously warned of “irrational exuberance” in the stock market, a prescient observation that preceded the dot-com bubble burst and the later housing bubble.

President George W. Bush awarded Greenspan the Presidential Medal of Freedom in 2005, calling his era one of “phenomenal economic growth, high productivity, and unprecedented innovation and opportunity for all our citizens.”

Challenges and Criticisms

Greenspan's leadership, however, also preceded the 2008 Great Recession. Critics have pointed to his belief in a light regulatory touch for banks, which they argue facilitated financial industry consolidation and potentially contributed to the crisis. In 2008, Greenspan acknowledged that he had been mistaken in his assumption that banks would self-regulate, stating, “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief.”

Some economists, like John Taylor, have argued that the Fed’s low interest rates in the years following the dot-com bubble and the Sept. 11 terrorist attacks made borrowing too easy. Others, like former Fed Vice Chair Alan Blinder, defended Greenspan’s monetary policy but suggested the central bank should have addressed the lax regulation of major banks leading up to the crisis.

In response to critics, Greenspan authored a paper published by the Brookings Institution in 2010, asserting that the crisis was not the Fed's responsibility.

Early Life and Career

Born in New York on March 6, 1926, Greenspan's early career included a stint as a professional jazz musician playing saxophone and clarinet. After attending the Juilliard music conservatory briefly, he pursued economics at New York University, earning a bachelor’s degree in 1948 and a master’s in 1950, followed by a Ph.D. in 1977.

His introduction to Washington came in the mid-1970s when he served as chair of the Council of Economic Advisers under President Gerald Ford. Prior to his Fed appointment, he headed his economic consulting firm, Townsend-Greenspan & Co. A Republican, Greenspan was influenced by the libertarian writer Ayn Rand and her ideas on free market economic policy.

Later Years

After retiring from the Fed in 2006, Greenspan continued to work as a private consultant, authored books, and appeared on news programs to discuss economic matters. In January 2026, he was among 12 former Fed chairs and economists who signed a statement criticizing then-President Donald Trump's investigation into Federal Reserve Chair Jerome Powell, calling it an attempt to undermine the central bank’s independence.

Alan Greenspan's legacy is marked by his significant influence on U.S. economic policy over several decades, encompassing periods of substantial growth alongside significant challenges.