These efforts are consistent with the Congressional directive to establish the Office of Minority and Women Inclusion, and as articulated in the Board of Governors' Strategic Plan for Diversity and Inclusion.2 First, we have made a commitment, and have made progress, to make our institution more diverse.
Here, I am referring to timely, public disclosure of transaction details, such as price and volume. It is not difficult to see how this information leads to better resource allocation. The appropriate level of transparency may vary from market to market. Generally, the more liquid the market, the higher the level of transparency it can support.