WASHINGTON - Is the Federal Reserve Board ready for prime time?
Maybe not, but House Banking Committee Chairman Henry B. Gonzalez wants it on videotape anyhow. The Texas Democrat said on Wednesday that the Fed's Open Market Committee meetings should be taped and the videos released 60 days later.
Rep. Gonzalez, one of the central bank's most vocal critics, said members of the Open Market Committee, which sets monetary policy, should be held "fully accountable for their actions to the American public."
The 12 presidents of the district banks should have their comments and votes recorded in the minutes of the meeting, he said, and the entire meeting captured on tape.
"The level of discussion at these meetings would be vastly improved, the rumor and leak industry would be sharply curtailed, and financial markets would more efficiently adjust to the correct information," he said.
"In these tough economic times, it is especially important that the public know whether the Federal Reserve is making monetary decisions in its best interest," he added.
A Fed spokesman declined to comment on Rep. Gonzalez's recommendation.