Who was chairman of the U.S. Federal Reserve when the 1987 Black Monday crash occurred?

Alan Greenspan was chairman of the U.S. Federal Reserve when the 1987 Black Monday crash occurred.

Greenspan had taken office as the Fed’s chairman in August 1987, only about two months before October 19, when the Dow Jones Industrial Average suffered its largest one-day percentage loss. The sudden collapse affected markets worldwide and raised fears of a broader financial breakdown.

In the aftermath, the Federal Reserve issued a statement saying it stood ready to serve as a source of liquidity to support the economic and financial system. The central bank’s response helped reassure banks and market participants that payment and credit systems would continue functioning.

Greenspan remained Fed chair until 2006. Paul Volcker was his predecessor, while Ben Bernanke succeeded him. The crash also encouraged later reforms involving market-wide trading halts, often called circuit breakers.