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Yellen Hails Bernanke's Courage In Crisis

Wed, 05/21/2014 - 12:39pm
Martin Crutsinger, AP Economics Writer

WASHINGTON (AP) -- Federal Reserve Chair Janet Yellen is paying tribute to the man she succeeded three months ago, saying Ben Bernanke demonstrated the courage and grit that were needed to stabilize the financial system and restore economic growth.

Yellen is telling graduates at New York University's commencement that a willingness to stand up for principles is a crucial trait. She says Bernanke showed such courage in responding to the 2008 financial crisis and the Great Recession.

The Fed chair says Bernanke faced "relentless criticism, personal threats and the certainty that history would judge him harshly if he was wrong."

"I hope you never are confronted by challenges this great, but you too will face moments in life when standing up for what you believe can make all the difference," Yellen says.

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