Bernanke to be honored in Charlotte for actions during financial crisis

Former Federal Reserve Chairman Ben Bernanke will be in Charlotte this fall when the Echo Foundation honors him for his efforts at steering the nation through one of its worst financial crises.

The foundation, which brings world-renowned humanitarians to Charlotte to deliver messages promoting social justice, will award Bernanke with the first Sandra and Leon Levine Medal for Life at 6 p.m. Sept. 17 at the McGlohon Theater at Spirit Square in uptown.

The award honors people who “have chosen to take risks within their own sphere of influence – to challenge, nurture, and give life to productive change,” according to the foundation.

Bernanke, 61, who grew up in Dillon, S.C., and has family ties to Charlotte, led the nation’s central bank from 2006 to 2014, when he was succeeded by Janet Yellen.

During the financial crisis, he and other top financial regulators took unprecedented actions to shore up the tottering banking system, including engineering government bailouts for the biggest banks. Critics have said the rescues were unfair handouts to institutions that helped cause the crisis, but Bernanke has defended those actions as necessary to avert economic catastrophe.

Both of Charlotte’s big banks were embroiled in the crisis. Wachovia was sold to Wells Fargo, and Bank of America received two bailouts after losses mounted following big acquisitions.

“The link between finance and humanitarianism may not be immediately evident. ... But without a stable economy, people suffer,” Echo Foundation President Stephanie Ansaldo said in a news release. “Ben Bernanke helped reduce the impact of the global financial crisis in 2008. Without his vision and leadership, the impact could have been far worse.”

Each year, Echo picks students to create a curriculum based on the life of a well-respected global leader or humanitarian, Ansaldo said. The Bernanke curriculum includes chapters offering information about the Federal Reserve, economic downturn and an overview on financial literacy for teenagers.

At the Sept. 17 ceremony, the Echo Foundation will also give its annual Echo Award Against Indifference to Thomas Ross, the president of the 17-campus University of North Carolina System, for his “unwavering commitment to justice, equality, and open access to excellent education.” Ross, the former Davidson College president, is stepping down early next year under pressure from the UNC system’s Board of Governors.

Tickets to the Echo Foundation event, which go on sale mid-summer, are $300 per person. Sponsorships, ranging from $10,000 to $25,000, are available now by calling 704-347-3844. A limited number of tickets for the keynote address and awards ceremony only are available for $85 per person. Staff writer Rick Rothacker contributed.

This story was originally published May 18, 2015 at 5:10 PM with the headline "Bernanke to be honored in Charlotte for actions during financial crisis."