Bernanke to detail 'The Courage to Act' in new memoir

Former Federal Reserve Chairman Ben Bernanke’s upcoming memoir of the financial crisis due out in October will be titled The Courage to Act.

Bernanke’s publisher, W.W. Norton & Co., announced the book title Wednesday, and described it as an “unequaled perspective on the American economy” that will provide new details on how Fed policymakers reacted to the financial collapse and resulting recession.

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“When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve, policymakers and staff alike, mustered the moral courage to do what was necessary, often in the face of bitter criticism and condemnation. I am grateful to all of them,” said Bernanke in a quote provided by the publisher.

The Associated Press previously reported that Bernanke, who stepped down from the Fed at the beginning of 2014, would receive $1 million for his story.

Under Bernanke’s watch, the Fed slashed interest rates to near-zero levels to try and keep the economy afloat after the crisis, and then launched several rounds of unprecedented bond-buying stimulus known as quantitative easing. The Fed, now under Janet Yellen, is in the process of unwinding that stimulus and preparing to hike rates for the first time in nearly a decade.