WASHINGTON — Alan Greenspan, who served as chairman of the United States Federal Reserve for more than 18 years, died on Monday at his home at the age of 100, according to a statement from his wife, NBC News correspondent Andrea Mitchell.
Greenspan died from complications of Parkinson’s disease, Mitchell said in the statement. “Alan passed away this morning at home,” she wrote. “He was a great man who helped shape the American economy across Democratic and Republican administrations over decades, while always acknowledging his mistakes.”
Born in New York City on March 6, 1926, Greenspan earned bachelor’s, master’s, and doctoral degrees in economics from New York University. He served as chairman of the Council of Economic Advisers under President Gerald Ford in the 1970s.
In 1987, President Ronald Reagan appointed Greenspan to succeed Paul Volcker as Federal Reserve chairman. He was reappointed by Presidents George H.W. Bush, Bill Clinton, and George W. Bush, serving until January 2006. His tenure of 18 and a half years made him the second-longest-serving Fed chairman in history.
During his leadership, Greenspan oversaw the Fed’s response to major financial crises, including the 1987 stock market crash, the Asian financial crisis, the dot-com bubble burst, and the September 11 terrorist attacks. The U.S. economy experienced a decade-long expansion during his tenure.
However, his legacy faced increasing scrutiny following the 2008 financial crisis and subsequent recession. Critics attributed the crisis partly to Greenspan’s monetary policies and his stance on financial market deregulation.
