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Washington
Mica on Fox Time to show slivers of good news
WASHINGTON (3/18/09)—Credit Union National Association (CUNA) President/CEO Dan Mica appeared on Fox Business Network Tuesday in advance of a Federal Open Market Committee (FOMC) announcement on rates and said it’s time for that body to share any available good economic news. The Federal Reserve Board’s 12-member FOMC yesterday began a two-day meeting, one of eight regularly scheduled each year. The committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses risks to its long-term goals of price stability and sustainable economic growth.
Click for videoCUNA President/CEO Dan Mica on Fox Business Network Tuesday. Click for member-only video. (Photo provided by CUNA)
In the television interview, Mica said that because of the psychological impact it could have, what the FOMC says may be as important as what it does. Mica said that when it comes to policy or psychology, the Fed and its FOMC should start targeting public attention on even “slivers” of good economic news. He noted, for instance, that in his home state of Florida, some counties are showing a stabilization in their housing markets. “There are slivers of good economic news showing up,” Mica underscored. Also appearing on the business program, Paul Bilou, a former Fed economist and now senior vice president of Nationwide, referred to the slivers as “green shoots,” a phrase Fed Chairman Ben Bernanke has used. He also said the FOMC will “send a message” and “provide confirmation over whether or not they see more green shoots sprouting up.”


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