While it is "not too surprising" that there would be a move to restructure the Federal Reserve system after two years of financial turmoil, "some of the proposals to change the Fed's structure are misguided and even pose serious risks to the health of our economy," Federal Reserve Bank of Philadelphia president and chief executive officer Charles I. Plosser told the World Affairs Council of Philadelphia yesterday.

The current system allows policymakers "independence when conducting monetary policy but in return requires transparency and accountability to the American people," Plosser said, according to a prepared text of his remarks that were released by the Fed.

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