Bernanke, Ben Shalom (1953-...), an American economist, became chairman of the Board of Governors of the Federal Reserve System in 2006. The Federal Reserve System, commonly called the Fed, is an independent federal agency that directs the United States banking system and helps control the nation's interest rates and money supply. President George W. Bush appointed Bernanke to succeed Alan Greenspan, who retired after serving as Fed chairman for 18 years.