February 10, 2009

Fed will review disclosure policies

U.S. Federal Reserve Chairman Ben Bernanke said the central bank would review its public disclosure policies due to increased interest in Fed actions.

Recent developments have understandably lead to a substantial increase in the public's interest in the Fed's balance sheet and programs, Bernanke told members of the House Committee on Financial Services Tuesday.

Bernanke defended his track record on transparency, but said he would push for further clarity and pubic communication, because many of our policies are likely to be more effective if they are well understood by the market and the public.

Bernanke said he would form a committee led by the bank's Board Vice Chairman Donald Kohn to review the bank's publications and its disclosure policies. Staff at the central bank are also developing a new Web site that will bring together in a systematic and comprehensive way the full range that the Federal Reserve already makes available, he said.

The new site would include new explanations, discussions and analyses, he said, noting the Web site would be operational within a few weeks.