Timeline Of Key Moments During Bernanke's Tenure

DANIEL WAGNER

WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke has been praised for averting another Great Depression and accused of acting too late to prevent the financial crisis. But most agree that many of his bold actions helped stabilize financial markets and prevent the crisis from deepening.

Bernanke initially was a supporter of his predecessor, Alan Greenspan, who believed in the ability of markets to right themselves, and pledged to continue his policies. Yet as the crisis erupted, Bernanke was forced to reconsider this view. Facing the prospect of financial collapse, he crafted radical government interventions in the private markets to prop up a global financial system.

A look at some key points in Bernanke's first term as Fed chairman:

—Oct. 24, 2005: President George W. Bush nominates Bernanke to lead the Fed. The nomination is widely praised, though some economists fear he lacks hands-on business, banking or policy-making experience. Observers recognize that bloated budget and trade deficits and an unsustainable housing surge will challenge the next Fed chairman.

—Feb. 1, 2006: Bernanke is sworn in as 14th Fed chairman after a speedy Senate confirmation.