This regular cadence of testimony and public reporting provides visibility into the inner working of the Federal Reserve, not just for Congress, but also for the public. Beyond these measures though, accountability also means having transparent policies and procedures and conducting supervision in a way that is predictable and fair.
Transparency builds legitimacy and helps demonstrate that the Fed is executing its responsibilities in a fair way for all regulated institutions. One area I think we are always looking to improve is the publication of clear, appropriate guidance, especially for community banks.