The Federal Reserve chairman, Ben Bernanke was Wednesday morning on the Today show named TIME Person of the Year.

TIME Managing Editior, Rick Stengel, came on the show to make the announcement.

The winner is Ben Bernanke, Chairman of the Federal Reserve, the most powerful, least understood government force shaping our lives, Stengel said.

The recent TIME cover featuring Bernanke was described by Stengel as a throwback cover, like a Person of the Year cover from the '40s or '50s.

The new TIME issue will hit newstands on Friday.

Watch video:

Ben Bernanke Video