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A More Transparent Fed

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Thursday, November 15, 2007

A More Transparent Fed

The Federal Reserve Board has been gradually becoming more open about its decision making. Here are some of the steps it has taken:

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1975: Chairman begins practice of testifying before Congress twice a year.

1979: Starts releasing semiannual economic projections.

1983: Begins publishing the "beige book," an anecdotal summary of current business conditions.

1994: Begins announcing policy actions it decides to take, such as interest-rate cuts.

2000: Starts issuing a statement after each meeting of the policymaking committee explaining rationale for its decision.

2002: Begins releasing votes of board members so Fed watchers could tell whether decisions are unanimous.

2005: Speeds up the release of the minutes of policy meetings, changing to three weeks after a meeting from six or seven weeks.

SOURCE: Federal Reserve Board


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