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Philadelphia Fed President Charles Plosser and Dallas Fed President Richard Fisher criticized Paul's plans in interviews with The Hill. They characterized the proposal as both misguided and politicized.
"Who in their right mind would ask the Congress of the United States—who can't cobble together a fiscal policy—to assume control of monetary policy?" Fisher told the publication.
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But even if Congress were able to agree on an assessment of the Fed, Plosser warned that the results could be problematic.
"This runs the risk of monetary policy decisions being based on short-term political considerations instead of the longer-term health of the economy," Plosser told The Hill.
As the publication notes, Fed Chair Janet Yellen has already said she would fight any such legislation, and President Barack Obama would probably veto the bill.