From CNN Money
A Republican appointed to the Fed by President George W. Bush, Bernanke stood by then Treasury Secretary Henry Paulson in 2008 to urge Congress to act swiftly to stabilize financial markets.
Other than those emergency efforts to address the crisis, he has largely refrained from supporting fiscal proposals from either Republicans or Democrats.
That stands in stark contrast to his predecessors, who were often more outspoken. Some were even praised for their advice.
Alan Greenspan enthusiastically backed the Bush tax cuts in 2001 — a move Greenspan himself has since admitted was a mistake.
While Republicans are now wagging their finger at the Fed’s thoughts on housing, back then, lawmakers were glad to have Greenspan’s comments on fiscal policy.
And that’s nothing new. Congress has often sought the advice of Fed chairmen. In the early 1980s, Paul Volcker urged Congress to support deficit cuts even deeper than those planned by President Reagan.
A Democrat appointed by Jimmy Carter, Volcker later opposed financial deregulation and was passed over by President Ronald Reagan for a second appointment to the Fed. Greenspan, who took his place, advocated for deregulation openly before Congress.