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BRIEFLY

Economy

September 25, 1993|From Times Staff and Wire Reports

Clinton Opposes Overhaul of Fed: The President is protecting the independent Federal Reserve Bank from efforts to bring it under tighter political control. In a letter to Rep. Henry B. Gonzalez (D-Tex.), House Banking Committee chairman, Clinton said, "I am disinclined to seek a change in the Federal Reserve Act at this juncture." Gonzalez wants the presidents of the Fed's 12 regional banks to be nominated by the President and confirmed by the Senate. They are now selected by regional boards made up mostly of bankers. That is improper, Gonzalez says, because the 12 help decide monetary policy, which affects short-term interest rates.

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