While lauding the Federal Reserve's continuing move toward transparency, Federal Reserve Bank of Philadelphia president Charles I. Plosser recommended the Federal Open Market Committee issue a "more comprehensive monetary policy report" regularly, even quarterly.

In an effort to "improve communication and transparency," Plosser made his proposal before the National Economists Club Thursday, according to a prepared text of his remarks released by the Fed.

The semiannual monetary report to Congress and the four press briefings by the chairman to summarize the summary of economic projections could be combined, yielding "a more comprehensive report on monetary policy."

The Fed needs to raise "the public's understanding of how policy will react systematically to changes in economic conditions," he said, adding, "transparency is a journey, and not a destination."

While some believe "monetary policy should remain a bit mysterious" and communicating "too much" may "backfire or result in confusion," Plosser said these results likely result from communications that "lack clarity."

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