Fed's Collins says Congress wise to set up independent central bank

By Michael S. Derby

FOXBOROUGH, Massachusetts., Jan 16 (Reuters) - rFederal Reserve Bank of Boston President Susan Collins said Friday it was right for Congress to set the central bank up to act independently.

Congress created “a central bank that, while accountable, has the independence required to make the tough calls that may be unpopular in the short term, but are best able to deliver price stability and maximum employment over the long term,” Collins said at a conference in Foxborough, Massachusetts. The official did not comment on the economic and monetary policy outlook in her prepared remarks.