Fed’s Kohn sets out case for independence

federal reserve

Donald Kohn, the vice chairman of the Federal Reserve, told lawmakers on Thursday that reining in the central bank's independence would stoke inflation.

Kohn's testimony comes as politicians are calling on the Fed to be a more transparent, accountable institution.

Kohn noted that the Fed's model of independence had been "widely emulated around the world."

"Considerable experience shows that this type of approach tends to yield a monetary policy that best promotes economic growth and price stabil

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