Alan Greenspan, the longtime chairman of the Federal Reserve who helped shape US economic policy for nearly two decades and guided the central bank through a prolonged period of economic expansion, died on Monday at his home in Washington, D.C. He was 100.
His wife, NBC News correspondent Andrea Mitchell, said Greenspan died from complications of Parkinson’s Disease.
Greenspan served as the 13th chair of the Federal Reserve from August 1987 until January 2006, a tenure that spanned five presidential terms under four US presidents. During that period, he emerged as one of the most influential economic policymakers in the United States and one of the most recognizable economists in the world.
Often viewed as a central architect of modern American economic policy, Greenspan presided over what became known as the “Great Moderation,” a period marked by low inflation, sustained economic growth and rising stock markets. His years at the Federal Reserve also coincided with what was described as the longest sustained stretch of US economic growth in a generation.
Greenspan’s influence extended well beyond the Federal Reserve. Financial markets closely monitored his public remarks, while his reputation for guarded communication became a defining feature of his leadership. Described by some as the “God in the machine” of American finance, he rarely granted interviews during his time as chairman. A sign displayed in his office read simply: “the buck starts here.”
For many supporters, Greenspan came to symbolize a post-Cold War economic model built on confidence in free markets, technological innovation and limited regulation. His tenure was associated with a period of prosperity that made him a dominant figure in economic policymaking.
His record also attracted criticism. Opponents pointed to policies they said contributed to financial deregulation, particularly in banking and on Wall Street. Critics also cited the loss of American jobs linked to free trade and raised concerns about speculative bubbles in housing and equity markets.
In 2005, then-President George W. Bush awarded Greenspan the Presidential Medal of Freedom.
By the time he left office in 2006, Greenspan had become one of the longest-serving and most influential leaders in the history of the Federal Reserve, leaving a legacy that continued to shape debates over economic policy long after his tenure ended.
