As confirmed by Managing Editor Richard Stengel, who said that the man has been the "most-powerful, least-understood government force shaping our lives", Federal Reserve Chairman Ben Bernanke has been given the honor of being named Time Magazine's "Person of the Year".

"He was the great scholar of the Depression, and he saw what looked like another depression coming and he decided he would do whatever it takes to forestall that. And I think he did. It could have been a lot worse; there were things he could have done better. One of his responsibilities is to put full employment in society and he hasn't really stepped up on that. But in terms of influence and how the economy went this year, Bernanke was the guy", said Mr. Stengel.

56 year old Mr. Bernanke was picked over other powerful nominees for his efforts to safely try and lead the US out of one of the biggest financial crisis the world has ever seen.

A former Princeton University professor, Mr. Bernanke is an expert on the Great Depression.

In all, there were 6 finalists for the magazine's honor including President Obama, Steve Jobs, Nancy Pelosi and Usain Bolt.