Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Initially when we started getting into circulating ideas about it before the meeting, I thought, “Oh, this is going to be chaotic and spin out of control.” I’ve been amazed at how thoroughly constructive it has been—that by the time we walk in here and have the statement, it has actually evolved a fair amount. I think it has always been an improvement, and we have been able to have drafting sessions, and they have worked out surprisingly well.

On the governance, I think this thing has accidentally fallen into a governance hole, and it needs to be cleaned up. The Committee should vote on the whole statement. That’s what the outside world thinks now; they just haven’t noticed that we don’t.

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