Alan Greenspan. Photo by Brooks/Glogau Photographers.

Alan Greenspan, chairman of the Board of Governors of the Federal Reserve System, has accepted Harvard's invitation to be the speaker at Afternoon Exercises during Harvard University's 348th Commencement, on Thursday, June 10.

Greenspan, who took office in 1987, is also chairman of the Federal Open Market Committee, the Federal Reserve System's principal monetary policymaking body. He has been chairman of the Federal Reserve during the administrations of Presidents Reagan, Bush, and Clinton.

Called "one of the world's most influential men" (by Time magazine), Greenspan heads an organization that sets U.S. short-term interest rates and determines the amount of money in circulation. For nearly 12 years he has maintained a delicate balance: keeping inflation at an 11-year low, the unemployment rate at the lowest in nearly 25 years, and consumer confidence at a 30-year high.

"Alan Greenspan has for many years played a vital role in steering the United States through a period of profound changes in the global economy," said President Neil L. Rudenstine. "He is a person of genuine wisdom and great knowledge, and his qualities have earned the confidence of three presidents and the respect of people around the world. We very much look forward to his timely visit in June."

"I can speak for the Harvard Alumni Association," said Corlis Ware, president of the Harvard Alumni Association, "when I say that we're all looking forward to hearing from the man who tamed inflation and whose every word has the power to move global markets."

Following Harvard tradition, Greenspan will deliver his speech on the afternoon of June 10 at the annual meeting of the Harvard Alumni Association, to an audience of alumni, faculty, graduates and their families, and others. Degrees are conferred during Morning Exercises.

Greenspan joins a distinguished list of Harvard Commencement speakers, including last year's speaker, former president of the Republic of Ireland Mary Robinson. Other recent speakers include Madeleine K. Albright, U.S. Secretary of State in 1997; Harold Varmus, director of the National Institutes of Health in 1996; Vaclav Havel, president of the Czech Republic in 1995; and Vice President Albert Gore in 1994.