Abstract
In response to the economic and financial crisis of 2008–2009, the Federal Reserve greatly expanded the scale and scope of its activities. Though lauded by many experts for its actions, the Fed and its chairman, Ben Bernanke, faced harsh criticism from some public commentators and members of Congress. This document summarizes that criticism and Chairman Bernanke's responses to it, highlighting the tension between congressional oversight of the Fed and the Fed's independence from political influence.
Keywords: Financial Crisis;
Central Banking;
Governance Controls;
Policy;
Crisis Management;
Power and Influence;
Public Administration Industry;
United States;
Citation:
Iyer, Lakshmi, and Matthew C. Weinzierl. "Ben Bernanke: Person of the Year?" Harvard Business School Case 710-051, March 2011. (Revised from original January 2010 version.)