--- title: "Meaning & Key Takeaway of: The Federal Reserve, like other central…" description: "\"The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for wha..." image: "https://sms4smile.com/quotes/i/38c/ben-bernanke-1388_accountability_the-federal-reserve-like-other-central-b_1550526.jpg" --- # The Federal Reserve, like other central banks, wields… ![“The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for what purposes those tools are being used.” quote by Ben Bernanke](https://sms4smile.com/quotes/i/38c/ben-bernanke-1388_accountability_the-federal-reserve-like-other-central-b_1550526.jpg) [Download](https://sms4smile.com/quotes/i/38c/ben-bernanke-1388_accountability_the-federal-reserve-like-other-central-b_1550526.jpg) [Open image](https://sms4smile.com/quotes/i/38c/ben-bernanke-1388_accountability_the-federal-reserve-like-other-central-b_1550526.jpg) > “The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for what purposes those tools are being used.” [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Central banks have strong influence, so citizens must understand their actions and goals. **In simple terms:** People need to see how banks use their power. Key Takeaway Demand transparency from monetary authorities. Themes democracy accountability finance Mood concerned inquisitive Type political educational When to use this quote - budget debates - policy hearings - media reports - citizen forums Key Concepts monetary policy public oversight institutional trust Questions to Reflect On - How can citizens effectively monitor central bank decisions? - What mechanisms ensure honest disclosure? A Different Perspective Transparency may be limited by confidential data and political pressure. ★ ★ ★ ★ ★ No ratings yet [Accountability](https://sms4smile.com/quotes/about/accountability/) [Accountability Requires](https://sms4smile.com/quotes/about/accountability-requires-595392/) [Central bank](https://sms4smile.com/quotes/about/central-bank/) [Central banks](https://sms4smile.com/quotes/about/central-banks/) [Customer](https://sms4smile.com/quotes/about/customer/) [Democratic Accountability](https://sms4smile.com/quotes/about/democratic-accountability-265181/) [Federal reserve](https://sms4smile.com/quotes/about/federal-reserve/) [Powerful](https://sms4smile.com/quotes/about/powerful/) [Tools](https://sms4smile.com/quotes/about/tools/) [Tools Democratic](https://sms4smile.com/quotes/about/tools-democratic-5793729/) [Used](https://sms4smile.com/quotes/about/used/) ## Related quotes > [As you know, in the latter part of 2008 and early 2009, the Federal Reserve took extraordinary steps to provide liquidity and support credit…](https://sms4smile.com/quotes/ben-bernanke/as-you-know-in-the-latter-part-of-2008-and-early-2009-the-federal/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it…](https://sms4smile.com/quotes/janet-yellen/in-1977-when-i-started-my-first-job-at-the-federal-reserve-board-as-a/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [The Federal Reserve and other central banks have adopted broad public policy objectives to guide the development and oversight of the payments system. At…](https://sms4smile.com/quotes/jerome-powell/the-federal-reserve-and-other-central-banks-have-adopted-broad-public/) [Jerome Powell](https://sms4smile.com/quotes/author/jerome-powell/) > [The Federal Reserve the privately owned U.S. central bank definitely caused The Great Depression by contracting the amount of currency in circulation by one…](https://sms4smile.com/quotes/milton-friedman/the-federal-reserve-the-privately-owned-u-s-central-bank-definitely/) [Milton Friedman](https://sms4smile.com/quotes/author/milton-friedman/) > [The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are…](https://sms4smile.com/quotes/janet-yellen/the-federal-reserve-ranks-among-the-most-transparent-central-banks-we/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [“The Federal Reserve and other central banks could print more money only if they managed to get their hands on more gold.”](https://sms4smile.com/quotes/nathaniel-popper/the-federal-reserve-and-other-central-banks-could-print-more-money/) [Nathaniel Popper](https://sms4smile.com/quotes/author/nathaniel-popper/) > [The States is run by the Federal Reserve, an institution that answers only to itself and to a few large banks. It's modelled on…](https://sms4smile.com/quotes/max-keiser/the-states-is-run-by-the-federal-reserve-an-institution-that-answers/) [Max Keiser](https://sms4smile.com/quotes/author/max-keiser/) > [So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and…](https://sms4smile.com/quotes/murray-rothbard/so-if-the-chronic-inflation-undergone-by-americans-and-in-almost/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [“Central banks across the globe have been hesitant to recognize bitcoin as a form of money, and Tuesday’s vanishing act isn’t helping. Mt. Gox…](https://sms4smile.com/quotes/anonymous/central-banks-across-the-globe-have-been-hesitant-to-recognize/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [The first task of the Federal Reserve system would be to finance the World War. The European nations were already bankrupt, because they had…](https://sms4smile.com/quotes/eustace-mullins/the-first-task-of-the-federal-reserve-system-would-be-to-finance-the/) [Eustace Mullins](https://sms4smile.com/quotes/author/eustace-mullins/) > [Quantitative easing is just the latest chapter in the Federal Reserve’s hundred-year history of failure. (...) The American people have suffered long enough under…](https://sms4smile.com/quotes/ron-paul/quantitative-easing-is-just-the-latest-chapter-in-the-federal-reserve/) [Ron Paul](https://sms4smile.com/quotes/author/ron-paul/) > [The Federal Reserve has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to…](https://sms4smile.com/quotes/noam-chomsky/the-federal-reserve-has-an-official-commitment-to-two-different/) [Noam Chomsky](https://sms4smile.com/quotes/author/noam-chomsky/) > [The actions taken by central banks and other authorities to stabilize a panic in the short run can work against stability in the long…](https://sms4smile.com/quotes/ben-bernanke/the-actions-taken-by-central-banks-and-other-authorities-to-stabilize/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [There's no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and…](https://sms4smile.com/quotes/ben-bernanke/there-s-no-denying-that-a-collapse-in-stock-prices-today-would-pose/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [After a long period in which the desired direction for inflation was always downward, the industrialized world's central banks must today try to avoid…](https://sms4smile.com/quotes/ben-bernanke/after-a-long-period-in-which-the-desired-direction-for-inflation-was/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) ## More by Ben Bernanke > [If Wall Street crashes, does Main Street follow? Not necessarily.](https://sms4smile.com/quotes/ben-bernanke/if-wall-street-crashes-does-main-street-follow-not-necessarily/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The Federal Reserve is not currently forecasting a recession.](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-is-not-currently-forecasting-a-recession/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.](https://sms4smile.com/quotes/ben-bernanke/we-do-not-expect-significant-spillovers-from-the-subprime-market-to/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [In the past, Federal Reserve chairmen have not generally gone directly to the public.](https://sms4smile.com/quotes/ben-bernanke/in-the-past-federal-reserve-chairmen-have-not-generally-gone-directly/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars…](https://sms4smile.com/quotes/ben-bernanke/the-u-s-government-has-a-technology-called-a-printing-press-or-today/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The Depression was an incredibly dramatic episode - an era of stock-market crashes, breadlines, bank runs and wild currency speculation, with the storm clouds…](https://sms4smile.com/quotes/ben-bernanke/the-depression-was-an-incredibly-dramatic-episode-an-era-of-stock/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [Community development has a long history of innovation and learning from experience.](https://sms4smile.com/quotes/ben-bernanke/community-development-has-a-long-history-of-innovation-and-learning/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [To be sure, the provision of liquidity alone can by no means solve the problems of credit risk and credit losses; but it can…](https://sms4smile.com/quotes/ben-bernanke/to-be-sure-the-provision-of-liquidity-alone-can-by-no-means-solve-the/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [Consumers going through foreclosure typically will see their credit scores drop, raising longer-term questions about their ability to rebound financially and perhaps pursue a…](https://sms4smile.com/quotes/ben-bernanke/consumers-going-through-foreclosure-typically-will-see-their-credit/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.](https://sms4smile.com/quotes/ben-bernanke/if-you-are-not-happy-with-yourself-even-the-loftiest-achievements-won/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [High levels of homeownership have been shown to foster greater involvement in school and civic organizations, higher graduation rates, and greater neighborhood stability.](https://sms4smile.com/quotes/ben-bernanke/high-levels-of-homeownership-have-been-shown-to-foster-greater/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [...the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-has-the-capacity-to-operate-in-domestic-money/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The Federal Reserve will not monetize the debt.](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-will-not-monetize-the-debt/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social…](https://sms4smile.com/quotes/ben-bernanke/to-avoid-large-and-unsustainable-budget-deficits-the-nation-will/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars…](https://sms4smile.com/quotes/ben-bernanke/the-u-s-government-has-a-technology-called-a-printing-press-or-today-2/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) [Explore all 247 Ben Bernanke quotes ](https://sms4smile.com/quotes/author/ben-bernanke/) ## More Accountability quotes > [Think of these things, whence you came, where you are going, and to whom you must account.](https://sms4smile.com/quotes/benjamin-franklin/think-of-these-things-whence-you-came-where-you-are-going-and-to-whom/) [Benjamin Franklin](https://sms4smile.com/quotes/author/benjamin-franklin/) > [In the battle for police reform, accountability and justice, Americans don't have to re-invent the wheel. 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When there is debate, there are solutions.…](https://sms4smile.com/quotes/atifete-jahjaga/democracy-must-be-built-through-open-societies-that-share-information/) [Atifete Jahjaga](https://sms4smile.com/quotes/author/atifete-jahjaga/) > [Democracy is not being well served as we're accustomed to. There is less information, there's less investigation, there's less analysis, there's less accountability.](https://sms4smile.com/quotes/edward-greenspon/democracy-is-not-being-well-served-as-we-re-accustomed-to-there-is/) [Edward Greenspon](https://sms4smile.com/quotes/author/edward-greenspon/) > [I come from a world where accountability and accomplishments matter, and where titles and rhetoric take a back seat to results.](https://sms4smile.com/quotes/carly-fiorina/i-come-from-a-world-where-accountability-and-accomplishments-matter/) [Carly Fiorina](https://sms4smile.com/quotes/author/carly-fiorina/) > [It means a lot. It means I'm accountable.](https://sms4smile.com/quotes/champ-bailey/it-means-a-lot-it-means-i-m-accountable/) [Champ Bailey](https://sms4smile.com/quotes/author/champ-bailey/) > [Our particular principles of religion are a subject of accountability to our god alone. I enquire after no man's and trouble none with mine;…](https://sms4smile.com/quotes/thomas-jefferson/our-particular-principles-of-religion-are-a-subject-of-accountability/) [Thomas Jefferson](https://sms4smile.com/quotes/author/thomas-jefferson/) > [This strongly asserted but ill-defined license to kill without accountability is not an entitlement which the United States or other states can have without…](https://sms4smile.com/quotes/philip-alston/this-strongly-asserted-but-ill-defined-license-to-kill-without/) [Philip Alston](https://sms4smile.com/quotes/author/philip-alston/) > [Responsible Development shares many practices with XP but the roots are different. Responsible Development's values are honesty, transparency, accountability and responsibility. These lead me…](https://sms4smile.com/quotes/kent-beck/responsible-development-shares-many-practices-with-xp-but-the-roots/) [Kent Beck](https://sms4smile.com/quotes/author/kent-beck/) > [“Opinion is really the lowest form of human knowledge. It requires no accountability, no understanding. 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