Bernanke named Time magazine's Person of the Year

Federal Reserve Chairman Ben Bernanke was named Person of the Year by Time magazine on Wednesday, giving him a high-profile boost as he tries to fend off proposals that might weaken the Fed's independence.

The selection puts the mild-mannered Bernanke, a former professor, in the company of US President Barack Obama, Pope John Paul II and Russian President Vladimir Putin, among other prominent world figures the magazine has picked in past years.

The Senate is considering Bernanke's nomination to a second term to head the Fed the US central bank and while he is expected to win confirmation, criticism of the Fed among the public and members of Congress is at its highest in decades.

The Fed's role in bailouts of Wall Street has prompted criticism from Republicans and Democrats.

Some lawmakers are pushing proposals to curb the Fed's regulatory powers and open its interest rate decision to congressional audits.

The Fed worries that congressional second-guessing of its policy decisions would compromise its fiercely-guarded independence. WASHINGTON, Reuters