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That was Dallas General Manager Jim Savage's recommendation for the Federal Reserve Bank today in the Dallas Morning News. Following news last month that Federal Reserve Bank of Richmond President Jeffrey Lacker disclosed confidential information to an analyst in 2012, the Fed once again found itself under attack for a lack of accountability and perceived unconcern for public opinion.
In analyzing the Fed's years-long struggle with transparency as well as its recent efforts to create more open communication throughout the organization, Savage urged Fed officials against taking a more tight-lipped, reserved stance in reaction to the Richmond incident.
"In the last decade the Fed has made huge efforts to address critics, promote transparency and explain its actions as clearly as possible," said Savage. "The Dallas Fed has been especially good at breaking through various ceilings, becoming more public through media interaction and better community engagement. But to a media-savvy outside world, this remains thin gruel."
Savage added: "I hope the trend toward openness prevails. If the Fed regresses into formality and masterful silence it will only serve critics and jeopardize its future independence."
You can read the full article in the Dallas Morning News online as well as in Monday's print edition.