Fed officials defend territory, independence

10/30/2009 | Bloomberg

Presidents of the Federal Reserve's regional banks are objecting to efforts in Congress that they deem an attack on the central bank's clout, authority and monetary-policymaking independence. Charles Plosser of Philadelphia said "we must preserve" the central bank's structure, while Thomas Hoenig of Kansas City, Mo., is circulating the book "The Balance of Power: The Political Fight for an Independent Central Bank." Lawmakers said they might rein in Fed presidents' powers or change the way they are appointed.

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