The president and CEO of the Federal Reserve Bank of New York says the U.S. must keep an independent central bank.

In a speech Wednesday before the Partnership for New York City, William Dudley expressed concern about Congressional efforts to broaden oversight of the Federal Reserve and rein in the central bank's powers.

He says proposals to audit the Fed's monetary policies, for example, would create larger problems for the economy.

"Politicized central banks generally do not have enviable records with regard to inflation, economic growth or currency stability," he said.

Past presidents of the New York Fed, such as Paul Volcker have gone on to hold the top position at the Federal Reserve.