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Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.

I introduced the Transparency in Government Act, a multi-faceted transparency bill that would bring unprecedented access and accountability to the federal government.

The Fed's policy choices can always be debated, but the quality and commitment of the Federal Reserve as a public institution is second to none, and I am proud to lead it.

I am committed to working towards a more transparent, accountable, and ethical federal government worthy of the public's trust.

Spending time at the Federal Reserve was a good learning opportunity for me. It helped me to understand economic philosophies and polices that I had not previously known about.

I accept that responsibility and ask only that I be judged by my performance as its chief executive.

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.

To stabilize the nation's public-employee pension systems and to prevent federal taxpayers from being billed for failed pension funds, I have introduced the Public Employee Pension Transparency Act in Congress.

By the time I became chairman and there was more of a feeling of urgency, there was a willingness to accept more forceful measures to try to deal with the inflation.