Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.
People in America get really angry at the Federal Reserve and at the "money system" in general during economic crises. The Fed draws hostility because of its power, its insulation from democratic accountability, its lack of transparency, and because of its historical and structural connections to finance.
I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96.
I introduced the Transparency in Government Act, a multi-faceted transparency bill that would bring unprecedented access and accountability to the federal government.
We own? the Federal Reserve. There is this misconception that the Federal Reserve is some private entity. But if I might give an analogy here, we - U.S. taxpayers - own all the stock in the Federal Reserve.
The Federal Reserve is incapable of accomplishing its stated objectives.
The Federal Reserve and other central banks have adopted broad public policy objectives to guide the development and oversight of the payments system. At the Fed, we have identified efficiency and safety as our most fundamental objectives, as set forth in our Policy on Payment System Risk.
We need to replace hyperbole with a reasonable, informed discussion about how to reinvent the federal budget with more transparency and better accountability.
The Federal Reserve Act requires the Federal Reserve to report annually on its operations and to publish its balance sheet weekly.
[On reporters trying to cajole a smile from her husband, Alan Greenspan:] For a Federal Reserve chairman, that was a smile.
Even when [Federal Reserve Chairman Ben] Bernanke said the recession was over ... you think that would have been a bigger boom somewhere, but it seems we just take everything in stride.
When it appears as though the governors of the Federal Reserve believe that the end of the rate increases is near, that's very good news for investors. A lack of ambiguity from the Federal Reserve is always a little bit of a shocker.
Well, the chairman of Federal Reserve just made his move to rescue Barack Obama. We're gonna have QE3. We're gonna print some more money.
I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve - it's taxpayer's money that's being used there.
Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
If Congress wanted to intervene with the Federal Reserve, well, we created the Federal Reserve. We could uncreate it. But would you want Congress regulating the money supply? We'd have drowned in inflation, or gone bankrupt, decades ago.