But I quickly came to realize the importance of these relationships with legislators in keeping open the channels of communication. As part of the Fed’s interaction with the Congress, we have also routinely provided staff briefings on request and conducted programs at the Board for the benefit of congressional staff interested in Federal Reserve issues.
I likewise maintained regular contact with both the Bush and Obama Administrations, principally through meetings with the Secretary of the Treasury and other economic officials. The crisis and its aftermath, however, raised the need for communication and explanation by the Federal Reserve to a new level.