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November 14, 2013 AT 4:41 AM
Fed Chairman Ben Bernanke said The more steps the Federal Reserve takes to openly explain its policy decisions to the public the more legitimate and effective the U.S. central bank will be. At a Teacher Town Hall Meeting on the 100-year history of the Fed, Bernanke said that until the 1990s policymakers were reluctant to publicly explain their decisions in part because they thought doing so would diminish the effectiveness of policies.