Economist Petition to Congress Suggests Attacks on Fed May Compromise Independence

According to a WSJ report, nearly 200 economists are getting themselves involved in a petition to Congress which suggests that the Fed's independence as a strictly financially-focused entity is at risk. The petition follows recent regulator concerns that the Fed may be overstepping its boundaries: consider the recent government hearings on the Fed's -- specifically Ben Bernanke -- intervention (or lack of) in the BofA (NYSE: BAC)/Merrill Lynch deal.

In the petition, economists say that Congress and the President must "avoid compromising it's [the Fed's] ability to manage monetary policy as it sees fit."

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