Bernanke hopes greater transparency at Fed will be a legacy

Federal Reserve chairman Ben Bernanke speaks at a meeting of the National Bureau of Economic Research in Cambridge, Massachusetts, on July 10, 2013. Eyeing the end of his term as Fed chief, Mr Bernanke said on Wednesday that he hopes his commitment t
Federal Reserve chairman Ben Bernanke speaks at a meeting of the National Bureau of Economic Research in Cambridge, Massachusetts, on July 10, 2013. Eyeing the end of his term as Fed chief, Mr Bernanke said on Wednesday that he hopes his commitment to making what the central bank does more transparent will be one of his legacies. -- PHOTO: REUTERS

CAMBRIDGE, Massachusetts (REUTERS) - Eyeing the end of his term as chairman of the United States Federal Reserve, Mr Ben Bernanke said on Wednesday that he hopes his commitment to making what the central bank does more transparent will be one of his legacies.

Mr Bernanke, who joined the Fed in 2002 and was originally named as the Fed chief in 2006 by President George W Bush, guided the central bank during the worst financial crisis in recent memory. He said the Fed has changed dramatically over the last decade.

"I came as a governor some 11 years ago with an interest in communication and transparency," Mr Bernanke said at a conference sponsored by the National Bureau of Economic Research. "And the Fed has made significant strides in that area," he added.

Ultimately it will be for others to determine his legacy, said Mr Bernanke, who is expected to step down from the Fed when his current term as chairman expires in January. But he also pointed to the work the central bank is doing to stimulate the economy and monitor risks and vulernabilities more broadly in order to prevent the recurrence of a crisis similar to that of 2008 .

At the end of the event the crowd gave him a standing ovation.