The increasing hostility of the Republicans to the Fed and to me personally troubled me, particularly since I had been appointed by a Republican president who had supported our actions during the crisis. I tried to listen carefully and accept thoughtful criticisms. But it seemed to me that the crisis had helped to radicalize large parts of the Republican Party.
Of course, some would say it was the radical expansion of the Fed’s powers in recent years — Representative Scott Garrett has characterized it as acting like an unelected “Fourth Branch of Government” — that fueled the criticism. But Bernanke takes a different view, and the Fed doesn’t seem to be in any hurry to surrender its new power or influence anytime soon.