The Federal Reserve, the quasi-private governing body of the US monetary system, launched a Facebook page Thursday in its bid to become more transparent and open with the US citizenry.
Federal Reserve Gets a Facebook
As intended, and like the social media spaces of its public counterparts, the page so far serves as an informational service. The central bank writes in its press release:
“The Federal Reserve Board launched a Facebook page on Thursday with the aim of increasing the accessibility and availability of Federal Reserve Board news and educational content.
Posts will include press releases, speeches, testimony, reports, educational materials, frequently asked questions, photos, and videos.
With the launch of its Facebook page, the Board now shares information on five platforms including Twitter, YouTube, Flickr, and LinkedIn.
The Board’s website, www.federalreserve.gov, will remain its primary channel of communication. Selected announcements will be shared on Facebook after they are first posted on the website.
For media inquiries, call 202-452-2955.”
Among the first posts by the Federal Reserve is an overview of how the system works:
In another post, the nation’s central bank outlines its mission to “Promot[e] the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad.”
The central bank even explains how its Board of Governors work.
“The Board is run by seven members, or ‘governors,’ who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate,” the central bank states. “The Board of Governors guides the operation of the Federal Reserve System to promote the goals and fulfill the responsibilities given to the Federal Reserve by the Federal Reserve Act.”
Fed Critics Swarm
Many rabble-rousers took to the digital space to proclaim that the “free market” does all the things the Fed tries — unsuccessfully — to do. Many people claimed that, instead of promoting stability, the Federal Reserve creates instability. Some even thanked the Fed for their supposed failures, crediting them for the creation of Bitcoin, and evoking how the bank’s actions sent bitcoin prices “to the moon.”
The Federal Reserve became the subject of national disapproval in the wake of the 2007-2008 financial crisis, when it worked with the US federal government to bail out Wall Street banks. While many people applaud the Fed for an apparent track record of stability, others criticize the institution for its secrecy and perceived ineffectiveness.
In fact, a large section of the Bitcoin community envision a future where the cryptocurrency renders central banking obsolete, ushering in a political and economic revolution.
At any rate, the Fed is in for a wild social media ride, with its new Facebook page exposing the bank to a whole new world of skeptics and Bitcoin fanatics.
What do you think about the Fed’s new Facebook page? Let us know in the comments below!
Images courtesy of Tyson O’Ham, Federal Reserve Facebook page.