WASHINGTON -- The Federal Open Market Committee has agreed to release transcripts of its meetings to the public, but only those that are more than five years old, the Federal Reserve Board announced yesterday.

The transcripts also will be edited to omit sensitive information, Fed Chairman Alan Greenspan said in a letter to House Banking Committee Chairman Henry Gonzalez, D-Tex., who has been pressuring the Fed to release transcripts of the meetings in which monetary policy is decided.

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