Question

Why do economists nearly uniformly support an independent Fed rather than one beholden directly to either the president or Congress?

Short answer

The economist prefers an independent Fed since it keeps it free from political pressure and therefore provides flexibility and speed in the actions taken through monetary policy to stabilize the economy.

Step-by-step solution

Step 1. Federal Reserve independence 

The Federal Reserve is an independent body of the government. The independence of the Fed was established by Congress purposely since it keeps the Fed away from the political pressure and enables it to function smoothly.

There are two significant policies, the fiscal policy and monetary policy, responsible for maintaining stability in the economy. The fiscal policy is directed through the government. There is much political pressure involved while making decisions regarding tax cuts, etc. since politicians fear a backlash. This results in the failure of the fiscal policy many times. To keep the monetary policy away from this, the Fed is kept as the independent agency of government since monetary policy is directed through the Fed.