Due to the recent struggle in the economy and the Occupy Wall Street protests, the public’s resentment towards the government and major investors have become well known. With this in mind, a vendor proposal request from the New York Federal Reserve Bank will aim to monitor social media such as Facebook, Twitter, YouTube and blogs to find out the public perception of the economy. The project is described as a “Sentiment Analysis and Social Media Monitoring Solution.” According to FastCompany, “In order to “handle crisis situations” and “track reach and spread of […] messages and press releases,” the project will also identify a number of what they call “key bloggers and influencers” to target with their outreach, and presumably monitoring, efforts.”
The Federal Reserve will also use the Associated Press, CNN, Wall Street Journal and Google News to track the sentiment of the public in specific keyword searches. The project will be large scale and hopes to be world-wide, as the Federal Reserve wants the system to monitor content internationally and in multiple languages.