The New York Federal Reserve Bank is embarking on an ambitious social media monitoring project, starting in December 2010. The key phrase is "monitoring." At least so far, the New York Fed does not seem to have plans to do anything other than listen to what people are saying. The Fed will be monitoring Facebook, Twitter, and the broader Web to gauge public response to economic policy. The New York Federal Reserve Bank wants to know how they are perceived, so social media is one way to do so.
That's part of the larger way organizations can use social media. In this case, the aim is "listening," rather than content marketing that would be an outbound attempt to change whatever perceptions the Fed might find.
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