Bernanke Says Fed in ‘Finest Hours’ Stood Up to Pressure

Federal Reserve Chairman Ben S. Bernanke said a willingness to resist political encroachment has been a key strength of the Fed during its first century as the U.S. central bank.

“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.