Ben Bernanke was sworn in today for his second term as Fed chief after last week’s controversial Senate vote. He ended up being confirmed with 70 votes, well over the number needed, but still far fewer than even unpopular central bankers are used to receiving.
So, are we looking at a new Fed chair, one humbled by his actions in the lead up to the financial crisis?
It’s hard to say. But he is willing to make at least one concession. Mr Bernanke called for the Fed to become more transparent.
The Federal Reserve is already one of the most transparent and accountable central banks in the world, providing voluminous information and explanation concerning all of its activities. However, I believe that we should be prepared to do even more, to become even more transparent. It is essential that the public have the information it needs to understand and be assured of the integrity of all our operations, including all aspects of our balance sheet and our financial controls.
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