【行业报告】莫卡特斯中心-联邦储备银行的透明度（英）-2023.6_市场营销策划_2023年市场报告.docx

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1、PO1ICYBRIEFMERCATUSCENTERGeorqeMasonUniversityTransparencyatFedera1ReserveBanksJu1ieAndersenHi11June2023The12regiona1Federa1ReserveBanksp1aycrucia1ro1esinmonetarypo1icy,paymentsystemsoperations,banksupervision,andeconomicresearch.Thesepub1icwe1farero1eswereassignedtothembyCongressandcodifiedinstatut

2、es.Buta11toftentheReserveBankshoardinformationandoperateinsecrecy,1eavingthemunaccountab1etoCongressandthepub1ic.Thisbriefexaminessevera1measuresforincreasingtheirtransparency.Congresscou1drequirethattheReserveBankscomp1ywiththeFreedomofInformationAct(FOIA)z1astatutethata11owsmembersofthepub1icacces

3、stogovernmentrecords.Congresscou1drequirethattheReserveBanksre1easetheirdecisionsaboutaccesstoFedera1Reserveaccountsandpaymentservices.Congresscou1da1sorequirethattheReserveBanksrespondtoinformationrequestsfrommembersofCongressregard1essofwhethertheinformationrequestediscoveredbyaFOIAexemption.Fina1

4、1y,Congresscou1densurethatindependentinvestigationsareconductedwhenseriousquestionsariseaboutReserveBankactions.WHATARETHEFEDERA1RESERVEBANKS?TheFedera1ReserveSysteminc1udestwowe11-knownentities:theBoardofGovernors(theBoard),whichisthesystemsgoverningbody,andtheFedera1OpenMarketCommittee(FOMC),which

5、setsmonetarypo1icy.Incomparison,theothercomponentsoftheFedera1ReserveSystemtheFedera1ReserveBanksaremoreobscure.WhenCongressestab1ishedtheFedera1ReserveSystemin1913zitdividedthecountryinto12geographicdistricts,eachwithitsownFedera1ReserveBank.2TheReSerVeBanksoperateinastrangespacesomewherebetweenpri

6、vatecompaniesandgovernmenta1entities.A1thoughtheyhaveprivateshareho1ders,3theReserveBankshavecongressiona11ycreatedpub1icwe1farero1es.Pub1icro1esrequirepub1icaccountabi1ity.3434WashingthF1rzAr1in703-993-4930*www.mercatus.orgTheviewspresentedinthisdocumentdonotrepresentofficia1positionsoftheMercatusC

7、enterorGeorgeMasonUniversity.WHATARETHEFEDERA1RESERVEBANKS*PUB1ICRO1ES?TheFedera1ReserveBankshavefourpub1icro1es:(1)assistinginmonetarypo1icy,(2)providingaccountandpaymentservicestobanksandothers,(3)supervisingbanksandbankho1dingcompanies,and(4)co11ectingdataandconductingeconomicresearch.First,bysta

8、tute,fiveFedera1ReserveBankexecutivesaremembersoftheFOMC,whichsetsmonetarypo1icy.ThepresidentoftheFedera1ReserveBankofNewYorkisapermanentmember.TheotherReserveBankpresidentsserverotatingterms.4(TheFOMCa1soinc1udesthesevenmembersoftheBoardofGovernors.)Second,CongresscreatedtheFedera1ReserveBanksinpar

9、ttoimprovetheefficiencyoftheexistingpaymentsinfrastructure.5Acrding1y,statutesestab1ishtheReserveBanksro1einprovidingaccountsandpaymentservicestocommercia1banks.6Today,theReserveBanksoffercurrencyandcoinservices,check-c1earingservices,andavarietyofe1ectronicpaymentsystems.7ThenewestofferingisFedNow,

10、aninstante1ectronicpaymentsystem.8Third,theFedera1ReserveBankssupervisecommercia1banksandbankho1dingcompaniestoensurethattheyareoperatingsafe1y.9A1thoughbanksupervisoryauthorityissharedwiththeOfficeoftheComptro11eroftheCurrency,theFedera1DepositInsuranceCorporation,andstatebanksupervisors,theReserve

11、Bankssupervisoryro1eisvita1tomaintainingahea1thybankingsector.Fina11y,Federa1ReserveBanksarerequiredtomakeregu1arreportstotheBoardofGovernors.10Fromtheirear1iestdays,theReserveBanksco11ectedeconomicdataandconductedresearch.11Thatinformationandresearchisusedtosetmonetarypo1icy.12Researcha1soinformsth

12、eReserveBanksapproachtopaymentsandbanksupervision.13Toho1dtheFedera1ReserveBanksaccountab1eforfu1fi11ingthesepub1icwe1farero1es,Congressandthepub1icmusthaveaccesstoinformationabouttheReserveBanksactivities.whatsortsOfinformationdothefedera1reservebankswithho1d?Itisnota1waysc1earwhethertheFedera1Rese

13、rveBanksarefaithfu11yimp1ementingtheirpub1icro1eswithintheboundsofthe1aw.Theyoftenwithho1dinformationthatwou1da11owthepub1ictoeva1uatetheirperformanceorassessconf1ictsofinterest.Considerthefo11owingexamp1es.MonetaryPo1icyConf1ictsIn2023,pressreportsrevea1edthatthepresidentsoftwoFedera1ReserveBanksac

14、tive1ytradedStockjustastheFedwasadjustingmonetarypo1icytoaddresstheCOVID-19pandemic.14MembersofCongressunderstandab1ysoughtinformationthatwou1da11owthemtoeva1uatewhetherthesetradeswereevidenceofwidespreadconf1ictsofinterestandse1f-dea1ingattheReserveBanks.SenatorE1izabethWarren(D-MA)sentinformationr

15、equeststoa1112ReserveBanksaskingforinformationaboutzzstock,bond,andotherinvestmentstradesbyseniorofficia1s/15A1thoughtheidentifiedReserveBankofficia1su1timate1yre1inquishedtheirpositions,SenatorWarrenreceivednoresponsesfromtheFedera1ReserveBanksJ6AstheNeYorkTimessummarized,zzthefactthatthewor1dmayne

16、verknowwhatthetwopresidentstradedduringtheirfina1monthsinofficehigh1ightsthepecu1iaritiesoftheFedzsstructureandhowitcan1imitaccountabi1ity/17AccountsandPaymentsIn2023,questionsaroseaboutwhytheFedera1ReserveBankofKansasCitygrantedaccountandpaymentservicestoanuninsuredCo1oradofintechfirm,ReserveTrustCompany,buta11owedothersimi1arrequeststo1anguish.18SomeworriedthatReserveTrusfsaccountwastheproductofcorruption:oneofReserveTrusfsdi