Fed's Powell criticises 'misguided' motions for deeper Fed oversight
Federal Reserve governor Jerome Powell slammed proposals for deeper oversight into the US central bank as "misguided".
Speaking to a Catholic University law school audience on Monday, Powell said that various proposals being debated in Congress could undermine the bank's independence.
The proposals, which Powell called "misguided and troubling" would "subject monetary policy to undue political pressure and place new limits on the Fed's ability to respond to future crises", according to the Fed governor.
Any involvement of Government Accountability Office "would likely inhibit the debate and flow of information [...] which would lead to poorer decisions,'' and make it difficult for markets to interpret or anticipate Fed actions, said Powell.