WASHINGTON—Two of the most influential figures in modern U.S. financial regulation, former Federal Reserve Chairman Alan Greenspan and former Federal Deposit Insurance Corp. Chairman William M. Isaac, have died within days of one another, marking the loss of leaders whose policies helped shape the nation’s banking and financial systems for decades.
Greenspan, who led the Federal Reserve from 1987 to 2006 under four presidents, died at age 100 from complications of Parkinson’s disease, according to statements from the Federal Reserve and his wife, journalist Andrea Mitchell. During his nearly two decades at the Fed, Greenspan became one of the most recognizable central bankers in history, overseeing periods of economic expansion, the 1987 stock market crash, the dot-com boom and the aftermath of the Sept. 11 attacks.
Widely hailed during much of his tenure as “The Maestro,” Greenspan was later criticized for policies that some economists argued contributed to the housing bubble and the financial crisis of 2007-09. He subsequently acknowledged mistakes in his belief that financial institutions could effectively regulate themselves.
Was at FDIC During Bank Crisis
Isaac, who chaired the FDIC from 1981 to 1985 after first joining the agency’s board in 1978, died June 19 at age 83, according to his obituary. He was widely credited with helping maintain stability in the banking system during the banking and thrift crises of the 1980s, when thousands of financial institutions failed.
Appointed to the FDIC board by President Jimmy Carter and later named chairman by President Ronald Reagan, Isaac became the youngest chairman in the agency’s history. During his tenure, he dealt with widespread bank failures, soaring interest rates and the collapse of major financial institutions, including Continental Illinois.
After leaving government service, Isaac founded a financial-services consulting firm, served on numerous corporate boards and remained an influential commentator on banking and regulatory issues.
