The Federal Reserve issued rules Tuesday that limit what its top officials can say to the business news media and others.
Pedro Nicolaci da Costa of Reuters writes, “The Fed — the U.S. central bank — has come under fire for speaking with a dissonant voice and sometimes allowing details of its highly market-sensitive policy meetings to leak to the media or former staffers.
“‘To the fullest extent possible, Committee participants will refrain from describing their personal views about monetary policy in any meeting or conversation with any individual, firm, or organization who could profit financially from acquiring that information,’ the Fed said in a statement.
“Last year, the Fed announced Vice Chair Janet Yellen would chair a subcommittee on communications aimed at clarifying policy on the matter. The report was a result of that effort.
“In September 2010, Reuters chronicled a tendency for former employees to get special — and lucrative — access in a special report entitled ‘The Ties That Bind at the Federal Reserve.’ It can be found at link.reuters.com/xux36p.”
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