The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for what purposes those tools are being used.

Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.

At the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds.

Ben Bernanke Quotes