1. Remarks for Chairman Bernanke
25-Year Service Awards Program
Tuesday, April 17, 2012
12:30 p.m. – Atrium
Thank you, Dick. I am pleased to have this opportunity to recognize the invaluable
contributions that each of these award recipients has made to the Federal Reserve
Board. Their 25 years of service demonstrate a level of dedication and commitment that
impresses, as well as inspires.
In preparation for the recent series of lectures I delivered at George Washington
University, I had the opportunity to ponder the remarkable history of the Federal
Reserve. The service of our honorees comprises more than a quarter of that history. To
place your achievement in historical perspective, consider that the tenures of the two
longest-serving chairmen--William McChesney Martin, who served for nearly 19 years,
and Alan Greenspan, who served for nearly 18-1/2--both fell short of the quarter-
century mark.
When marking a milestone, I think it’s worth taking a moment to reflect on the long and
winding road traveled. When today’s honorees began working at the Board, the
Minnesota Twins had won the World Series for the first time, the music charts were
topped by “La Bamba” by Los Lobos and “Bad” by Michael Jackson, the Iran Contra
hearings were in full swing, and, incidentally, the world was recovering from a 23
percent one-day decline in the stock market. Here at the Fed, rookie chairman
Greenspan was taking the reins from Paul Volcker, just in time for said stock market
crash.
Next year, the Board will mark a milestone of its own. Our centennial celebration will
recognize the Federal Reserve’s notable accomplishments and celebrate our values--

2. public service, integrity, professionalism, openness, and political independence. It will
be a time to reflect on our proud history and to recognize that our accomplishments
would have been unattainable without the contributions of individuals like the group
we honor today.
Challenges surely lie ahead. Yet, we can feel secure in the knowledge that among us are
experienced, dedicated professionals who possess the knowledge and skills to help us
navigate a rapidly changing economic and financial landscape. Ultimately, the
performance and reputation of America’s central bank depend on the people who make
this institution work.
In closing, I’d like to congratulate you on your 25 years of exemplary service to the
Federal Reserve and to your country, and to thank you for your important contributions
to the Board's work during an extraordinary period in U.S. history.