“One value that strikes me as having been at least as important as any other has been the Federal Reserve’s willingness, during its finest hours, to stand up to political pressure and make tough but necessary decisions,” Bernanke said today in Washington at a celebration of the 100th anniversary of the Fed. He didn’t discuss the outlook for monetary policy or the near-term prospects for the U.S. economy.
"The financial crisis of 2008 was “analogous to the panics that central banks have faced for centuries” and the Fed “found ways to carry out its traditional central bank functions in this environment,” Bernanke said today.
The Fed faces the continued challenge of explaining and defending its actions to the public, he said. Its ability to respond to crisis “depends on the public’s understanding and acceptance of our actions.”
“Of course, we will continue to talk to economists and market participants, but that is not enough,” he said. “Ultimately, the legitimacy of our policies rests on the understanding and support of the broader American public, whose interests we are working to serve.”"
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