Making the Fed more transparent was an important goal for him when he took over in 2006. He cited his participation in more television interviews, his efforts to hold more town hall meetings and his visits to universities. Bernanke also added a quarterly news conference after four of the Fed's eight policy meetings.

"We took extraordinary measures to meet extraordinary economic challenges and we had to explain those measures to earn the public's support and confidence," Bernanke said.

He said while the financial crisis has passed, "the Fed's need to educate and explain will only grow."

Bernanke also used his speech to make some pointed remarks at Congress. He said "excessively tight" budget policies had been counterproductive.

"With fiscal and monetary policy working in opposite directions, the recovery is weaker than it otherwise would be," Bernanke said.

Bernanke also defended the central bank against critics who say the Fed's massive bond purchases have had little effect on jump-starting the recovery.

"Economic growth might well have been considerably weaker, or even negative, without substantial monetary policy support," Bernanke said. He noted economic research that supported the benefits of the Fed's bond purchases.