What it is:
How it works (Example):
Ben Shalom Bernanke was born in Georgia in 1953. His father was a pharmacist and a mother was teacher. A gifted student, he was valedictorian of his high school and went on to earn an A.B. degree in Economics from Harvard University and a Ph.D. in Economics from the Massachusetts Institute of Technology.
Between 1979 and 2002, Bernanke held full-time teaching positions at Stanford University and Princeton University as well as a visiting professorship at New York University. He left academia in 2002 after being elected to the Federal Reserve Board of Governors.
Why it Matters:
Ben Bernanke's role as Chairman of the Federal Reserve is to maintain stability in the United States economy through monetary policy. Bernanke works with members of the Board of Governors as well as the Federal Open Market Committee to determine interest rate adjustments and the sales and purchase of government securities.
To learn more about Bernanke and the Federal Reserve, click here to read 15 Insider Facts to Demystify the Federal Reserve.