The Federal Reserve System is soliciting proposals from developers for a tool that can monitor and analyze comments on social media platforms, including Facebook, Twitter and YouTube.
In the Fed’s “Request for Proposal for a Sentiment Analysis and Social Media Monitoring Solution,” it said it is seeking a Sentiment Analysis and Social Media Monitoring Solution to gather, analyze and report data from around the world on a continuous basis.
“The New York Fed is committed to improving its communications and engagement with the public in order to enhance and improve the public’s understanding of its activities and the role it plays in supporting the U.S. economy,” said a Fed spokesman, according to the Los Angeles Times. “To do that effectively, the New York Fed is interested in getting a better sense of the relevant concerns and discussions that are taking place in the public domain.”
In the proposal, bank officials said that they want to keep track of public opinion and that social media monitoring can accomplish that goal.