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International Bank Regulations
Over the years, the Federal Reserve has significantly increased the transparency of monetary policy making. For example, starting in 1979, the Federal Open Market Committee (FOMC) has included economic projections of the FOMC participants in each semiannual Monetary Report to Congress. Since 1994, the FOMC has publicly announced changes in its target for its policy instrument, the federal funds rate. Most recently, the FOMC extended the horizon for its projections in October 2007 and is now publishing these projections four times a year.