If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.

Bernanke's mother gave up her job as a school teacher when her son was born and worked at the family drug store. Bernanke also pointed out that deficit reduction will necessarily consist of either raising taxes cutting entitlement payments and other government spending or some combination of both. Starr Center for Applied Economics.

Bush's Council of Economic Advisers before President Bush appointed him on February 1 2006 to be chairman of the United States Federal Reserve. From 2002 until 2005 he was a member of the Board of Governors of the Federal Reserve System proposed the Bernanke Doctrine and first discussed "the Great Moderation"—the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy particularly increases in the economic stability of developing nations diminishing the influence of macroeconomic (monetary and fiscal) policy. Bernanke was confirmed for a second term as chairman on January 28 2010 after being re-nominated by President Barack Obama.