“Stephanie Sajor “ - Federal Reserve System Makes Effort Towards Transparency
April 1, 2011 March 31, 2011
http://www.thirdage.com/news/federal-reserve-system-makes-effort-towards-transparency_3-31-2011
The Federal Reserve system chairman Ben S. Bernanke showed that he is making a commitment towards creating more transparency. Bernanke said he will meet regularly with reporters and the media to discuss the bank's decision-making process and will answer questions.
The Federal Reserve is seen as one of the most secretive of government divisions, and faced criticism particularly during the financial crisis.
“It was pretty clear that the Fed needed to do something to be seen as more open,” said Vincent Reinhart, a former Fed official, to the Los Angeles Times. Reinhart is now a resident scholar at the American Enterprise Institute for Public Policy Research.
“The introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication,” the central bank said, according to the Times. “The Federal Reserve will continue to review its communications practices in the interest of ensuring accountability and increasing public understanding.”