Alan Greenspan, former chairman of the U.S. Federal Reserve, has died at the age of 100. He led the central bank for nearly 19 years from 1987 to 2006, serving under four presidents—Ronald Reagan, George H.W. Bush, Bill Clinton, and George W. Bush. Greenspan was widely recognized as the "helmsman of crises" for his steady hand during financial turmoil.
Greenspan took office just before the 1987 stock market crash and quickly acted to provide liquidity, stabilizing the system. He subsequently steered monetary policy through the Asian financial crisis of 1997-98 and the 9/11 attacks. His approach gave rise to the "Greenspan put"—the market belief that the Fed would intervene in times of distress. His low-interest-rate, deregulatory policies are credited with fueling the economic boom of the 1990s. However, following the 2008 financial crisis, Greenspan came under heavy criticism for his loose oversight of financial derivatives and for failing to address the buildup of asset bubbles.
Greenspan's death marks the end of an era in central banking. His legacy—a mix of celebrated crisis management and controversial regulatory philosophy—continues to shape debates on the role of central banks in financial stability.