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fomc | 1,995 | I would have suggested something like "confidential matters not pertaining to monetary policy" as the rubric for not taping. That is just a suggestion. | 30 |
fomc | 1,995 | You know what the problem with that is? It is the word "confidential." | 17 |
fomc | 1,995 | Strike "confidential." Just say "matters." | 11 |
fomc | 1,995 | "Confidential" is precisely what we do not want. It has to be based on the nature or the substance of the discussion. I thought that the Vice Chairman's formulation seemed reasonable. What I want to do is ask for that and also ask whether or not it should be the choice of the chair to make the decision on when the tape... | 72 |
fomc | 1,995 | Could you repeat what Bill McDonough just said? | 11 |
fomc | 1,995 | Bill, why don't you repeat it. | 8 |
fomc | 1,995 | I suggested that organizational matters, which we discussed as examples, would not be taped. Other matters would be taped and those would be monetary policy and central banking matters. I do not know of anything else we talk about. | 44 |
fomc | 1,995 | Let me give you a case in point--today's meeting. We would not have taped the very beginning of the meeting where we discussed the Committee's organization. We would publish, obviously, the list of everyone who got elected; that is part of the normal record. I suspect we would not be taping this particular discussion. | 66 |
fomc | 1,995 | That's right. | 3 |
fomc | 1,995 | This is an organizational discussion. | 6 |
fomc | 1,995 | What about Mexico? | 4 |
fomc | 1,995 | Mexico I think we tape because that is a central bank matter. | 13 |
fomc | 1,995 | And redact? | 3 |
fomc | 1,995 | Yes. | 2 |
fomc | 1,995 | This is one of the reasons that I have a somewhat negative reaction to the phrase "central bank matters." It is not obvious that what we just discussed is not a "central bank matter." | 38 |
fomc | 1,995 | You could leave it as monetary policy because to me, monetary policy is a very broad, broad church. | 21 |
fomc | 1,995 | Yes. | 2 |
fomc | 1,995 | It certainly would include a discussion of anything we may do vis-a-vis Mexico. | 16 |
fomc | 1,995 | I think most people would say this is not about monetary policy. | 13 |
fomc | 1,995 | Can we just say that organizational issues will not be taped, all others will be? | 17 |
fomc | 1,995 | That is the formulation I would favor for keeping the tape on. | 13 |
fomc | 1,995 | Can we add that? | 5 |
fomc | 1,995 | Yes. | 2 |
fomc | 1,995 | Okay, the proposal is that all organizational matters will not be taped but, as relevant, the substance will be included in the minutes. All other issues will be taped. A lightly edited transcript will be made available, redacted as may be necessary. The unredacted versions go to the National Archives after 30 years. O... | 100 |
fomc | 1,995 | Yes, since this one was so easy, let's go to the novel aspect of the subcommittee proposal, which is to allow individual members at their option to add concurring statements to the minutes. I would like to say in starting this off that there was a Mullins subcommittee before this subcommittee, as a lot of you will reme... | 106 |
fomc | 1,995 | I think there is a lot to be said for concurring statements and, Alan, you articulated the arguments very well. I would just like to throw in one reservation. If we have the possibility of concurring statements, we are going to invite more than we might like. If we start with one concurring or two concurring statements... | 226 |
fomc | 1,995 | Bob, you were not very successful! | 8 |
fomc | 1,995 | There are advantages, but I think we need to take that potential drawback into account. If we do agree that we are going to allow concurring statements, I would urge the members of the Committee to be very judicious in the use of those statements. | 51 |
fomc | 1,995 | Let me ask a question relevant to that because I think Bob Forrestal is raising a very crucial question. Did the subcommittee consider any sort of halfway alternative where there would be a significant-- | 38 |
fomc | 1,995 | Could I interrupt you for one minute? | 8 |
fomc | 1,995 | Yes. | 2 |
fomc | 1,995 | Governor Lindsey suggested that we just decided to-- | 9 |
fomc | 1,995 | To turn off the tape; let's turn it off. | 11 |
fomc | 1,995 | I am neither endorsing nor opposing this. Governor Lindsey suggested we just agreed on a procedure for turning the tape off. | 24 |
fomc | 1,995 | I think that is a valid request but we are almost through with this. [Laughter] | 19 |
fomc | 1,995 | Pardon me! | 4 |
fomc | 1,995 | You would make a good terrorist! [Laughter] | 11 |
fomc | 1,995 | What do you think they do on weekends? | 9 |
fomc | 1,995 | That is on the tape! | 6 |
fomc | 1,995 | Some may view him as a terrorist already. | 9 |
fomc | 1,995 | Did the subcommittee discuss anything similar to what Bob Forrestal just said, namely, that only under extraordinary circumstances would it be appropriate to have assenting statements rather than as a general rule? Did you discuss that question at all? | 46 |
fomc | 1,995 | I do not believe we did. We discussed restrictions. The whole subcommittee is here. I don't remember discussing that. | 24 |
fomc | 1,995 | I think, Alan, the general feeling of the subcommittee was that the concurring statements ought to be an available option, but there was a general feeling that such statements would not be used often. Now, there is no real way to enforce that. We count on the good judgment of every individual member of the Committee, b... | 85 |
fomc | 1,995 | I do not think we ever discussed this issue, but I would guess, like Ed Boehne, that this option would not in fact be heavily used. | 32 |
fomc | 1,995 | Can we make the issue basically that what is on the table is "assenting statements, to be used only with great judiciousness" or something like that? | 33 |
fomc | 1,995 | This is a different human nature than I am familiar with. I think I am closer to Bob Forrestal's view of it as a privilege rather than a right. | 33 |
fomc | 1,995 | President Hoenig--I am going down the list. | 11 |
fomc | 1,995 | As the Chairman has defined the proposal now, I could live with it. But as a concept, let me just say, number one, I think that we are a consensus-building body and our success has been very much built around that. I also think that nuances and differences are reported and defined in the minutes so that the outside wor... | 196 |
fomc | 1,995 | I must say I have considerable sympathy for that analysis and the view that there is a problem here. Do you mind if I ask Don Winn a question? Don, I know that there has been very little discussion of this issue on the Hill. Have you heard of any? Do you have any sense of where the committees might be on this? | 69 |
fomc | 1,995 | I really do not have the sense that this is a point of great significance to the Hill people. I don't think we need to base our determination in terms of input that we have gotten on that. I just cannot report anything significant on either side of the aisle. | 53 |
fomc | 1,995 | We originally brought this notion forward, as I recall, when we were looking for ways to be more open. I am wondering whether in fact we have overreached. | 34 |
fomc | 1,995 | I think you recall correctly, Mr. Chairman, that we came up with it as an alternative to some of the proposals that we were getting from the Hill. It is not a Hill proposal. | 39 |
fomc | 1,995 | Just to say my piece, I had been in favor of this proposal, but I have been having second thoughts recently. I am willing to go along with whatever the majority wants, but I must say that my enthusiasm for this is fading. The type of argument that Tom Hoenig and others have made is really difficult to get around. | 67 |
fomc | 1,995 | I think this came up originally when we were thinking of ways to expand the minutes. But subsequent to that, I believe, we discovered that the meetings were being recorded and we decided to release the transcripts. Also, we made the decision to release our actions promptly to the public. | 56 |
fomc | 1,995 | You mean it may be moot at this point? | 10 |
fomc | 1,995 | Yes. | 2 |
fomc | 1,995 | Yes, it may be moot at this point. This had a life that preceded our making those decisions. I think the arguments that have just been made are very good, particularly in light of the fact that we really are being rather forthcoming. When it was still the Mullins subcommittee, I think I was in favor of this. But enough... | 88 |
fomc | 1,995 | As a member of the subcommittee, I want to associate myself with what Ed just said. | 19 |
fomc | 1,995 | I would like to disassociate myself. I felt strongly that this was a way to provide more information to the public. I feel even more strongly about it now, given the decision that we just made to keep our press statements extremely terse, which is the majority view. This is in some sense a substitute for that. But havi... | 78 |
fomc | 1,995 | I'm opposed to concurring statements because it seems to me the only way they can be used is to express reservations or reluctance to go along with the majority. I think that is inappropriate for people to do. If they feel strongly enough about a decision, they should dissent. Otherwise, they should go along and keep q... | 132 |
fomc | 1,995 | Vice Chairman. | 3 |
fomc | 1,995 | I think it is an unfortunate bit of history that people who dissent make a statement explaining the dissent. It is fine to dissent if one thinks he or she ought to, but I think the dissenting vote is enough. So, it is very easy to understand why I think that consenting opinions are truly a terrible idea. I believe the ... | 210 |
fomc | 1,995 | President Parry. | 4 |
fomc | 1,995 | I used to be very supportive of such statements, but in light of all the changes that we have made that are clearly in the direction of openness, I do not see a necessity for it any longer. | 41 |
fomc | 1,995 | Governor LaWare. | 4 |
fomc | 1,995 | I don't think the opportunity to make a concurring statement is urgently needed by anybody around this table. Secondly, I think a policy decision is significantly weakened if, within that consensus, we have a half dozen nuances of opinion. I would be strongly opposed to it. | 53 |
fomc | 1,995 | President Minehan. | 4 |
fomc | 1,995 | Initially, I came at this wondering whether it was really possible for us to prevent anyone from writing a concurring statement if that member absolutely wanted to do so in the context of our having dissenting statements. I am not sure what the answer is to that question, but I am much more in the camp of those who thi... | 110 |
fomc | 1,995 | A person can write a concurring statement. | 9 |
fomc | 1,995 | But we just would not include it? | 8 |
fomc | 1,995 | It is not included in the official record of the FOMC. | 14 |
fomc | 1,995 | Okay. [Laughter] There is no inalienable right or anything like that? | 18 |
fomc | 1,995 | No. | 2 |
fomc | 1,995 | Okay. | 2 |
fomc | 1,995 | That is in fact the status quo--dissenting opinions and no assenting opinions. | 18 |
fomc | 1,995 | Right, but I didn't know if that was by rule. | 12 |
fomc | 1,995 | The question is, is it by rule? | 9 |
fomc | 1,995 | Dissenting statements? | 5 |
fomc | 1,995 | No, assenting statements. Is there a rule? | 11 |
fomc | 1,995 | My position would be that the Committee can establish its own rules. If the Committee votes not to allow a concurring statement, it would seem to be within the Committee's right. | 36 |
fomc | 1,995 | President Melzer. | 4 |
fomc | 1,995 | At the risk of jeopardizing the direction in which this conversation is headed, which I favor, I will point out that I was the minority view on the subcommittee against assenting statements. [Laughter] | 42 |
fomc | 1,995 | That is a dangerous position to take. | 8 |
fomc | 1,995 | I think you have moved into the majority! There is a strong consensus on this. We do not require a vote. | 24 |
fomc | 1,995 | I don't think so. Well, let me just be sure. Does anybody object to not moving toward assenting statements but leaving the minutes essentially as they are, with only dissenting statements allowed? | 39 |
fomc | 1,995 | Just a point of information--I always thought dissenting statements were required. They are not? | 19 |
fomc | 1,995 | Required by whom? | 4 |
fomc | 1,995 | I have always been asked for one whenever I have dissented. I didn't want to bother writing one. [Laughter] If you are going to tell me that in the future that I have less work to do when I dissent, I will be delighted. [Laughter] So, I take it that there is no requirement to issue a dissenting statement? | 73 |
fomc | 1,995 | There is no requirement. | 5 |
fomc | 1,995 | Thank you for the point of information. | 8 |
fomc | 1,995 | You have saved a few hours a year! | 9 |
fomc | 1,995 | Yes, I hope not to dissent very much, but--[Laughter] | 16 |
fomc | 1,995 | The last issue is the currently symmetric blackout period--moving from a symmetric blackout period around the meeting date to an asymmetric period. There actually is no proposal on the table. Would you like to make a proposal, Mr. Chairman? | 46 |
fomc | 1,995 | No, I have been agnostic on this. I do not have any strong views. | 18 |
fomc | 1,995 | I do not have firm views on this either. I was thinking of a blackout period covering a week before and a day or two after a meeting. | 30 |
fomc | 1,995 | Would you explain what the blackout period is? | 9 |
fomc | 1,995 | We now have a blackout period in which none of us is supposed to talk publicly about monetary policy a week before the FOMC meeting and a week after. | 32 |
fomc | 1,995 | Monetary policy? | 5 |
fomc | 1,995 | Monetary policy. I think that is right, but correct me if I am wrong. | 19 |
fomc | 1,995 | It is rather unfortunate that it has become such an elastic concept that I am not certain what that means. People around here comment on data when they come out, and that is very clearly related to one's position on monetary policy. I think it would be useful if we had a definition of what this is all about. | 63 |
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