The failure of Lehman Brothers demonstrated that liquidity provision by the Federal Reserve would not be sufficient to stop the crisis; substantial fiscal resources were necessary.

The Federal Reserve cannot solve all the economy's problems on its own.

Fostering transparency and accountability at the Federal Reserve was one of my principal objectives when I became Chairman in February 2006.

It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.

When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve... mustered the moral courage to do what was necessary.

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.