Question

In the context of this section of the Republican Party platform, explain how the action to increase transparency and accountability described in part A would affect the Federal Reserve’s ability to make economic policy.

Answer 1

Increased transparency and accountability actions would enhance the Federal Reserve's ability to make economic policy in the following ways:

1. Establishing understandable rules and procedures.
2. Eliminating unnecessary market uncertainties and volatility.
3. Minimizing the costs of anti-inflation monetary policy.

What is increased transparency and accountability?

Increased transparency refers to the increased availability of information to judge or measure the performance of those in authority.  

Transparency eliminates power misuse.  It is the bedrock of accountability.

Accountability refers to the process of holding those in authority responsible for their decisions and actions.

Thus, transparency and accountability are essential ingredients of good governance.

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