The Fed Wants to Monitor Your Facebook, Twitter Account

The Fed Wants to Monitor Your Facebook, Twitter Account

October, 12, 2011, by Mark

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The Federal Reserve is going to start listening to what you say on Facebook, Twitter and Google. Three weeks ago, a Fed Reserve-issued RFP turned up on the Internet seeking a "Social Media Monitoring Solution." The description on the document states that the "intent is to establish a fair and equitable partnership with a market leader who will gather data from various social media outlets and news sources and provide applicable reporting to FRBNY." FastCompany spoke with Jack Gutt, spokesperson for the Federal Reserve Bank of New York, who said the Fed wants to "get a better sense of the relevant concerns and discussions that are taking place in the public domain" so that it can better understand the public's perception of it. See the full RFP below.

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  • L B
    10/12 10:45 AM

    I’ll save the Fed a bunch of time, money and expensive lunches with consultants.  Anybody who pays attention at all thinks the Fed is failing miserably.  Is there any other proof necessary than to simply look at the purchasing power of the USD compared with almost any currency over the past decade?

  • netposer
    10/12 10:53 AM

    I thought this wasn’t suppose to happen under Obama?

  • Phil S
    10/12 01:01 PM

    Possibly more relevant to NR readers since it actually involves a local company:

    SAS turns social media analytics into intel weapon

    From the article:
    “The next time there’s a “flash mob,” “Facebook mob” or “Twitter mob,” real-time social media analytics from SAS just may help intelligence agencies and police track down the perpetrators.”

    This also sounds a bit more overtly nefarious than that Federal Reserve RFP if you ask me.

  • Jenna
    10/12 01:01 PM

    Dear Fed, I hope you’re monitoring this. L B is right: you’re a miserable failure—and you shouldn’t need to snoop on my Facebook to find that out.

  • netposer
    10/12 01:34 PM

    That’s why I never joined the “use your real name online” group. Always post under a handle and never post anything online you would don’t want others to see.

  • DPK
    10/12 09:07 PM

    I’m confused why this is on New Raleigh.

  • Juanimal
    10/13 09:02 AM

    The Federal Reserve is a central bank, and not an arm of the federal government although it supposedly receives oversight from Congress. So, this is about the private banking industry wanting to infiltrate and monitor your online accounts. Hard to believe this is a real possibility actually.

  • Phillo
    10/13 05:37 PM

    “So, this is about the private banking industry wanting to infiltrate and monitor your online accounts.” 
    In aggregate.  There is no “infiltration”.  The equivalent would be monitoring twitter feeds to see what people are talking/bitching about or fifty years ago having an RFP for a company to read through the op/ed pages of the top 100 newspapers to see what people are talking (and more importantly for this RFP, bitching) about. 
    If your FB account is private you have nothing to worry about.  And if you are SexyGrrrl16 on some news aggregator they may note that you are among 10000 people that posted to the effect that “banks are big doodie heads”.  The takeaway of that data being “x percent of people online are angry at banks”.

  • Gloria Lesher
    10/25 03:26 PM

    Way to go, Fed!  If the Federal Reserve is going to start listening to what I say on Facebook, Twitter and Google, it is simply doing what we advise all our clients to do, and that is to become a part of the conversation and get engaged with the public and your customers via social media.  It’s about time. Government isn’t immune to the need to participate online with the rest of us.

  • Kurt
    10/25 05:13 PM

    This is nothing that large corporations, or smart little ones, aren’t already doing. If you’re worried about your privacy, it’s too late. All the three-letter agencies are already monitoring all your social media, email, texts and phone activities.

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