Presidents of four regional Federal Reserve banks went to Washington, D.C., to urge lawmakers to allow the central bank to maintain its authority and independence. One proposal would strip the Fed of its oversight of small, state-chartered banks. Another would require that the president appoint the president of the Federal Reserve Bank of New York. "Attempts to politicize the Fed by making the political appointment process reach ever further down in its governance structure would undermine its independence and ensure that its leaders were more attuned to short-run politics," said Charles Plosser, president of the Federal Reserve Bank of Philadelphia.

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