I’m All for More Openness

The Federal Reserve floated the idea of holding press conferences, reported today in the Wall Street Journal.  http://online.wsj.com/article/SB123975237751018765.html#mod=djemalertNEWS

“The Fed’s policy makers already make and disclose economic forecasts four times a year. The Fed chairman gives detailed reports on the economy and monetary policy to congressional committees twice a year. And Fed officials speak regularly on the outlook and give frequent testimony to Congress. Press conferences would be a significant further step toward more openness.”

I am all for more openness.  So much of the current financial conundrum stems from lack of financial transparency.  Having the Federal Reserve take the lead towards openness, just might encourage others to follow suit.  Well, actually the European Central Bank is really the leader here because they already hold press conferences.  At any rate, I encourage the move — just in case they care what I think.