Alan Greenspan
On June 2, 1987, President Ronald Regan nominated Alan Greenspan as Chairman of the Board of Governors of the Federal Reserve. Greenspan was confirmed by congress and served an unprecedented 5 terms as Chairman. His name is synonymous with the gold standard and laissez-fair capitalism. He champions low inflation and conservative monetary policies, showing economic restraint and limited government involvement in economics. He is also a famed supporter of Objectivism and the author Ayn Rand.
Greenspan was born March 6, 1926 in New York City. He attended New York University and received his B.A. in economics. He eventually received his M.A. from NYU as well as his Ph.D in 1977. Greenspan continued with economics and became an analyst for the New York business and industry think tank, The Conference Board.
Geenspan was not content to work with in the think tank, and in 1955 started his own economic consulting firm, Townsend-Greenspan & Co. Greenspan consulted for large federal organizations like the US Treasury and the Federal Reserve Board. With involvement in federal agencies, it was not long until President Gerald Ford called upon his services.
President Ford nominated Greenspan as Chairman of the Council of Economic Advisors in 1974. Greenspan remained at this post until 1977 when he returned to Townsend-Greenspan & Co. Greenspan did not remain in the private sector for long. President Ronald Regan nominated him to the position of, Chairman of the Board of Governors of the Federal Reserve.
Greenspan remained Chairman of the Board for 19 years. He has been appointed to the post by Presidents Ronald Reagan, George H.W. Bush, William Clinton, and George W. Bush. Over the course of his 5 terms, he became well known for his handling of the Black Monday stock market crash in the late 1980, and his handling of the “dot-com” economic boom and it’s crash in the late 1990’s and in 2000.
Ben Bernanke now serves as the Chairman of the Board of Governors of the Federal Reserve, but no one can deny Greenspan’s influence on the economy in America. He is considered the leading authority on American domestic, economic and monetary policy. Since, Greenspan has accepted an honorary position with the HM treasury in the United Kingdom. He also offers consulting services through his company, Greenspan Associates LLC.