By PAUL WISEMAN and JEANNINE AVERSA
AP Economics Writers
WASHINGTON – Federal Reserve Chairman Ben Bernanke is taking some highly unusual steps to counter widespread opposition to his $600 billion plan to jump-start the economy. He’s pressing China to let its currency rise and pushing Congress to pass more stimulus aid.
Yet as he veers into these political debates, Bernanke may be putting at risk the Fed’s strongest tools – its credibility and independence.
Bernanke has been under fire since Nov. 3, when the Fed announced a bold plan to buy $600 billion in Treasury bonds. The bond purchases are intended to lower long-term interest rates, lift stock prices and encourage higher spending to energize the weak economy.