More than 175 prominent economists, warning that "the independence of U.S. monetary policy is at risk" because of attacks on the Federal Reserve, are urging Congress and the president to "avoid compromising [the Fed's] ability to manage monetary policy as it sees fit" and to refrain from politicizing its decisions on emergency loans to financial institutions.

The 185-word petition was launched at a recent meeting of academic economists amid stiff congressional criticism of the Fed's actions during the financial crisis and Chairman Ben Bernanke's handling of, among other things, Bank of America's hesitation late last year to consummate its purchase of Merrill Lynch and unusual Fed loans to American International Group.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.