Crowdsourcing the Fed

Little known fact: there was a time when covering the Federal Reserve meant you stared at a photograph of Paul Volcker for a couple of hours and wrote 4000 words on it.  Back in those days the Fed gave nothing.  No insight into it’s decision making process, no timelines for programs, no color on internal debates, and definitely no indication of further policy.

Bernanke vowed to usher in a new era of transparency.  By most accounts he’s addressed all of the major complaints.  Meeting minutes are now released within weeks of the meeting rather than months.  The chairman holds a press conference immediately following FOMC meeting announcements and takes questions from interested parties, similar to a CEO on a quarterly conference call.  He even jumps on 60 Minutes when things get really heated to talk about his feelings.

The newest trend in transparency is enabling twitter users to ask the Chairman questions via #fordschoolbernanke.  Some worry that transparency has actually put more focus on the Fed.  I think what’s put more focus on the Fed is the fact that they spin over $80 billion in QE a month.   What do I know?

Wanna ask Bernanke a question?  Now’s your chance.

A Conversation with Federal Reserve Chairman Ben Bernanke: Policy Talks @ the Ford School


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