March 29, 2018 / 6:48 PM / 8 months ago

Fed official pushes back on calls for more congressional oversight

NEW YORK, March 29 (Reuters) - A Federal Reserve policymaker pushed back on calls from U.S. Senator Elizabeth Warren and others for the reported nominee for the job of New York Fed president to testify before Congress, saying such a rule could hurt the central bank’s independence from political pressure.

“If that’s the case, I’d worry about the independence of the Fed,” Philadelphia Fed President Patrick Harker told reporters. “While it has some appeal ... there are unintended consequences and some of that would be a diminution of the independence, ... whether it’s a reality or perceived, of the Federal Reserve system. I think that is a significant problem.”

Reporting by Jonathan Spicer Editing by Chizu Nomiyama

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