WASHINGTON — A heavyweight panel including former bank regulator Sheila Bair cautioned Wednesday that the Federal Reserve must take a clear and steady direction out of its "experimental" monetary policies so as not to further harm the economy.

"The longer we're in" quantitative easing, "the harder it is to get out," Bair, the former chairman of the Federal Deposit Insurance Corp., said during a discussion on "Rejuvenating America's Economy" at the National Press Club. The Fed "needs to get out on a very, very gradual slow basis … and hopefully, that will be combined with better leadership with our elected officials on fiscal policy."

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