Posted by Tom Gable
The Wall Street Journal ran a lengthy feature on the strategy by Ben Bernanke, chairman of the Federal Reserve, to be more open about his thinking and “wage a public relations offensive that puts him in the starring role.” This is notable because the previous two chairmen, Paul Volcker and Alan Greenspan, were known for lack of clarity and openness. Greenspan never took questions and “delighted in his ability to obfuscate.”
The change in PR strategy is essential because of the economic turmoil buffeting world markets and the general lack of economic insights and intelligence among the American public. The issues are complex. Lack of understanding can create angst, uncertainty and declining public confidence in any institution, company, government agency, policy or anything else impacting our pocketbooks. According to the WSJ, Bernanke has long argued that markets operate more smoothly if participants understand central bankers’ rules and processes. He started his campaign in February with a talk and Q&A at the National Press Club in Washington. His interview on 60 Minutes in March drew praise for its plain talk and candor. He recently spoke at Morehouse College on “Four Questions About the Financial Crisis,” which critics said was an excellent “Economics 101″ lecture.
The Fed is considering holding regular press conferences and other outreach efforts. Beyond that, adopting a pro-active, fact-based, strategic campaign to reach all target audiences with consistency through every tool of the trade will surely help overcome widespread confusion about what the Fed is doing and perhaps start moving consumer confidence in a more positive direction, to the ultimate benefit of the economic recovery as it beings evolving. Let the communication begin.
Tags: Crisis PR, government, issues management, positioning, reputation
