As an American who knows nothing about monitor policy or the process by which it is developed, just how much public comment from an average American was considered or even put forward? Could someone comment on that aspect?
As an American who knows nothing about monitor policy or the process by which it is developed, just how much public comment from an average American was considered or even put forward? Could someone comment on that aspect?
An important pillar of the review was the Fed Listens initiative. Fourteen Fed Listens events held around the country in 2019 engaged a wide range of organizations—employee groups and union members, small business owners, residents of low- and moderate-income communities, workforce development organizations and community colleges, retirees, and others—to hear about how monetary policy affects peoples’ daily lives and livelihoods. A fifteenth event was held in May 2020 to hear about the effects of the COVID-19 pandemic on communities around the United States. These events provided valuable feedback on monetary policy. Information about each of the events is provided below. The box on the right contains links to a report on the Fed Listens initiative and to one of the events, a flagship research conference held in June 2019.”
You can google for the link.
Based on this, i think one of the main issues is the 'average american' wouldn't be able to successfully interact with a body that expresses itself in such an obfuscated manner.
I'll go as far as saying the obfuscation is utterly deliberate.
Let's rewrite it from:
> We began this public review in early 2019 to assess the monetary policy strategy, tools, and communications that would best foster achievement of our congressionally assigned goals of maximum employment and price stability over the years ahead in service to the American people.
To:
"""
We began this public review in early 2019. The goal was to assess items relating to monetary policy ("Monetary Policy" has to do with the creation and management of money at a national level).
Those monetary policy items under review were the:
- strategy.
- tools.
- communications.
The goals of the policy review, which were assigned by congress, were:
- maximum employment.
- price stability going forward, for years to come, in service to the American people.
"""
I believe nothing has been lost from the original text, and that this is far easier to read and understand.
...as you have found, this is not true.