Preserving independence I believe such communication would ultimately strengthen the independence of the central bank, which is the fourth and final principle of sound central banking. Central bank independence leads to better economic outcomes. But in a democratic society, independence must be accompanied by accountability.
The Federal Reserve and our colleagues at other agencies have now spent the better part of the past decade building out and standing up the post-crisis regulatory regime. At this point, we have completed the bulk of the work of post-crisis regulation. As such, now is an eminently natural and expected time to step back and assess those efforts.