Federal Reserve Board chairs Ben Bernanke and Janet Yellen receive the Paul H. Douglas Award for Ethics in Government

Wednesday, November 8, 2017

Federal Reserve Board chairs Ben Bernanke and Janet Yellen receive the Paul H. Douglas Award for Ethics in Government

The past and current chair of the Federal Reserve Board were honored with the University of Illinois System’s Paul H. Douglas Award for Ethics in Government for their commitment to transparency in setting monetary policy. Past Chair Ben Bernanke and current Chair Janet Yellen were presented with the Douglas Medallion at a Washington, D.C., ceremony on Nov. 7.

Read Chair Yellen's remarks.

They were selected in recognition of their principled and effective leadership of the Federal Reserve System through and immediately after the recession of 2007-2009. Both have advocated that transparency in the Fed’s decision-making process adds to the effectiveness of monetary policy. The national selection committee also noted that Yellen and Bernanke have demonstrated the highest standards of professional and ethical conduct throughout their careers.

The Paul H. Douglas Award for Ethics in Government is presented annually by the University of Illinois System. Administered by the U of I System’s Institute of Government and Public Affairs, the award honors the legacy of the late Illinois senator, who was known as the “conscience of the Senate” during his three terms, from 1949-1967.

The Douglas Award was first presented in 1994 to Senator Michael J. Mansfield. Other recipients include, among others, Senators John McCain, Paul Sarbanes, Paul Simon, Richard Lugar, Barbara Mikulski and Olympia Snowe; retired Supreme Court Justices Sandra Day O’Connor and John Paul Stevens; Judge Abner Mikva; and Representative John Lewis.