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Economy

xchrom

(108,903 posts)

15. BERNANKE: PUBLIC TRANSPARENCY VITAL TO FED POLICY

Reply to Tansy_Gold (Original post)

Wed Nov 20, 2013, 07:39 AM

Nov 2013

http://hosted.ap.org/dynamic/stories/U/US_BERNANKE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-19-20-28-31

WASHINGTON (AP) -- Ben Bernanke offered a broad defense Tuesday of the Federal Reserve's policies under his leadership a little over two months before his eight-year tenure ends.

Bernanke said the Great Recession made it essential for the Fed to become more publicly transparent so it could explain why record-low interest rates were needed to support the economy.

The recession meant that the Fed's communications had to evolve in ways he didn't envision when he became chairman in 2006, Bernanke said. Still, he became leader with a long-held view that a less secretive Fed was in the public's interest.

"I believed then, as I do today, that transparency in monetary policy enhances public understanding and confidence," Bernanke said in his remarks at the annual dinner of the National Economists Club.

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