Ben Bernanke is Time's person of the year.

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke was named Person of the Year by Time magazine on Wednesday, giving him a high-profile boost as he tries to fend off proposals that might weaken the Fed's independence.

PEOPLE

The selection puts the mild-mannered Bernanke, a former professor, in the company of U.S. President Barack Obama, Pope John Paul II and Russian President Vladimir Putin, among other prominent world figures the magazine has picked in past years.

The Senate is considering his nomination to a second term to head the Fed -- the U.S. central bank, and while he is expected to win confirmation, criticism of the Fed among the public and members of Congress is at its highest in decades.

The Fed's role in bailouts of Wall Street has prompted criticism from both Republicans and Democrats. Some lawmakers are pushing proposals to curb its regulatory powers and bring the central bank under more scrutiny.