This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bernanke Praises Fed's Move To Transparency

By MARTIN CRUTSINGER

WASHINGTON (AP) a¿¿ Federal Reserve Chairman Ben Bernanke said Wednesday that increasing the Fed's openness and accountability has been a top priority of his during the eight years he has been leader of the central bank.

Bernanke said the central bank, which is marking its centennial this year, was reluctant during its early years to explain its actions or otherwise engage with the public. But he said that began to change in the 1990s and the process has accelerated during his time as chairman.

Bernanke's comments came at a town hall meeting the Fed held Wednesday night with teachers gathered in Washington and participating by webcast around the country. It was the third teacher town hall meeting for Bernanke, who will be stepping down as Fed chairman on Jan. 31.

"Increasing the Fed's transparency, openness and accountability has been one of my top priorities as chairman," Bernanke said in his remarks. "A more open Fed, in my view, is both a more effective and more democratically legitimate institution."

Bernanke has pushed for a number of changes to make the Fed more open, including expanding the information provided in the policy statements it issues after its meetings. Bernanke also started the practice of holding news conferences after four of the eight meetings each year to answer questions about the Fed's policy moves.

Bernanke is leaving the Fed when his second four-year term ends. Before coming to the Fed, Bernanke had been a highly regarded economics professor at Princeton.

In his comments, Bernanke said that it is important for teachers to educate their students about economic matters, including how the Fed's actions can influence the economy through the central bank's control over interest rates.

Bernanke said that to help in that effort, the Fed had prepared a series of three lesson plans that examine the Fed's first 100 years.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,733.53 -17.86 -0.10%
S&P 500 2,107.34 -1.23 -0.06%
NASDAQ 5,128.6250 +16.8920 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs