We are always grateful for opportunities, such as today’s hearing, to demonstrate the Fed’s deep commitment to transparency and accountability. Today I will review the current economic situation and outlook before turning to monetary policy. I will also describe several recent improvements to our communications practices to enhance our transparency.
One such measure is the requirement for financial institutions to report suspicious transactions to the FIU. The presentation on the Turtle Island case was very timely as it clearly showed how a suspicious transaction report from a financial institution can trigger an investigation and prosecution of a money laundering scheme.