Alan Greenspan, the influential former chairman of the Federal Reserve who passed away in June at the age of 100, was honored this week in a widely attended memorial service in Washington, D.C. The event, held at the Shakespeare Theater Company’s Sidney Harman Hall, drew a diverse audience that included political figures from both parties, former government officials, economists, and longtime colleagues, reflecting on a career that spanned several decades and multiple administrations.

Greenspan, a staunch Republican, chaired the Federal Reserve from 1987 until 2006 and was known for his emphasis on economic data and policy deliberation. His tenure, marked by efforts to maintain price stability and foster economic growth, coincided with some of the most consequential periods in recent U.S. economic history. Despite widespread partisanship during much of his service, Greenspan was recognized for working across party lines, with Presidents Nixon, Ford, Reagan, both Bushes, and Clinton all reappointing him. Notably, President Joe Biden attended the memorial, while the current Republican president was absent.

Speakers at the event highlighted Greenspan’s commitment to the independence of the Federal Reserve, a principle his successor Ben Bernanke described as vital to the stability of the U.S. economy and the country’s global economic leadership. This independence, some speakers suggested, has come under strain in recent years amid contentious political pressures, in contrast to Greenspan’s era when policy decisions were guided by expertise rather than political expediency.

While the memorial was largely celebratory, it did not overlook historical controversies associated with Greenspan’s legacy. Eulogists acknowledged his role in the conditions leading to the dot-com bubble, the subprime mortgage crisis, and his support for policies such as the Iraq invasion and tax cuts during the George W. Bush administration, which contributed to budget deficits. Donald E. Graham, former publisher of The Washington Post and a longtime friend of Greenspan, remarked that although Greenspan’s record was not flawless, his errors were not driven by partisanship or self-interest.

Robert E. Rubin, Treasury secretary under Clinton, recalled the bipartisan and collegial relationship he shared with Greenspan and others who advised successive administrations. Rubin emphasized that party affiliations were secondary to a shared commitment to public service and sound economic policy. Greenspan’s openness to insights also extended beyond senior officials, as noted by Bernanke, who recounted how Greenspan valued input from experts throughout the Federal Reserve’s ranks.

The service also touched on Greenspan’s personal life, including longstanding friendships spanning political divides, such as with Representative Barney Frank, a liberal Democrat and former House banking committee chair, whom Greenspan greatly respected.

The tone of the tribute underscored nostalgia for a period when expertise, consensus, and public service were prioritized over partisanship and personal gain. Speakers implicitly contrasted Greenspan’s approach with what they described as the current political climate, suggesting a loss of those values in recent years. The gathering reflected a hope that the dedication to principled governance exemplified by Greenspan might serve as a model in efforts to “make America great again.”