THANKS, W:

Bernanke, then head of the Fed, teamed up with the Treasury Department to prop up major banks and ease a shortage of credit, the lifeblood of the economy.

He slashed short-term interest rates to zero, directed the Fed's purchases of Treasury and mortgage investments and set up unprecedented lending programs. Collectively, those steps calmed investors and fortified big banks.

They also pushed long-term interest rates to historic lows and led to fierce criticism of Bernanke, particularly from some 2012 Republican presidential candidates, that the Fed was hurting the value of the dollar and running the risk of igniting inflation later.

The Fed's actions under Bernanke extended the authority of the central bank into unprecedented territory. They weren't able to prevent the longest and most painful recession since the 1930s. But in hindsight, the Fed's moves were credited with rescuing the banking system and avoiding another depression.

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