Alan Greenspan was chairman of the U.S. Federal Reserve when the 1987 global stock-market crash began.
Greenspan became the Federal Reserve’s chairman on August 11, 1987, succeeding Paul Volcker. Only about two months later, stock markets around the world plunged, culminating in October’s severe sell-off. The Dow Jones Industrial Average dropped 22.6% on October 19, although that specific percentage is not the answer to this question.
On the morning after the crash, the Federal Reserve issued a statement saying it was ready to serve as a source of liquidity to support the economic and financial system. The central bank also encouraged banks to continue lending, helping reduce fears of a wider credit freeze.
Greenspan remained chair through later market episodes, including the 1990s technology boom and its subsequent decline. A frequent mix-up is identifying Volcker, who led the Fed during the early 1980s, or Ben Bernanke, who became chair in 2006.