BEN BERNANKE

Under the George W. Bush administration, Ben Bernanke was sworn in as the Chairman and one of the board governors of the Fed or the US Federal Reserve System. He also served as the Head of the Federal Open Market Committee, the Fed’s main monetary policy-making body. His tenure on the Board of Governors will last until January 31, 2020 and his Chairmanship of the Fed will last up to January 31, 2010.

CAREER

Ben Bernanke, born December 13, 1953, is an established American economist even before he was appointed to the Fed. Affiliated with the Republican Party, Bernanke had a brief tenure as the chairman of President Bush’s Council of Economic advisers. He succeeded Alan Greenspan for the Federal Reserve’s chairmanship in February 1, 2006.

In 2009 and with a new administration well on its way, President Barack Obama nominated Bernanke for the Fed’s Chair for a second term.

Bernanke had a long and established career in the academe before he served in the US government. He taught at the Stanford Graduate School of Business from 1979 up to 1985 and was a visiting lecturer at NYU. He then became a professor at Princeton University’s Department of Economics where he chaired that department from 1996 to 2002.

He left Princeton in 2005 to serve under the Bush administration until he was eventually nominated and elected as the Chairman of the US Federal Reserve. Firm and steady, Ben Bernanke has been one of the main forces that has stirred and kept the US economy afloat in the worst economic slump since the Great Depression. It was also during his first terms as Chairman of the Fed that Bernanke oversaw the biggest power increase for the bank since the Fed’s establishment in 1913.

Due to his excellent work in chairing the Fed, President Obama declared in August of 2009 that he wants Bernanke to chair the US Fed for another term. Bernanke was declared by TIME magazine as its Person of the Year for 2009 because of his excellent work amidst all the obstacles that the world economy has faced in the past year.

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