Alan Greenspan, former chairman of the Federal Reserve from 1987 to 2006, has died at the age of 100. This was reported by Qazaqyia.kz citing Associated Press.
Greenspan served as chairman of the Federal Reserve from 1987 to 2006. He was a major influence on U.S. economic policy. Under his leadership, the Fed kept inflation in check and promoted economic growth.
Greenspan was born in 1926 in New York City. He became a renowned economist and served as chairman of the Council of Economic Advisers from 1974 to 1977. In 1987, President Ronald Reagan appointed him as chairman of the Federal Reserve.
During his tenure, the U.S. economy faced several crises, including the 1987 stock market crash, the 1990-1991 recession, and the dot-com bust of 2000-2001. Greenspan pursued a policy of low interest rates to stimulate growth.
However, his policies later drew criticism. Some economists argue that his low interest rates contributed to the 2008 financial crisis. In 2010, Greenspan testified before the Financial Crisis Inquiry Commission.
Further details about Greenspan's death have not been released. His family and loved ones have confirmed the sad news.