Fed Audit Supported By 75% Of Americans: Survey

The calls to audit the Federal Reserve have come fast and furious in the last few weeks. Fed Chairman Ben Bernanke is continuing to push back against a House bill that would give the Comptroller General - the head of the Government Accountability Office - the power to audit the central bank.

But, judging by the results of a new survey, the vast majority of Americans already support a Fed audit. 75 percent of Americans back auditing the Federal Reserve, according to Rassmussen Reports.

Opponents of the Federal Reserve Transparency Act Of 2009 - introduced by Rep. Ron Paul (R-Texas) - say that putting the Fed under the control of Congress would limit the bank's independence. (The bill has gained support from over half of the House of Representatives).

There is also growing concern from Fed supporters that Congress could exert political influence over monetary policy - though, many would argue that the Fed is already influenced by politics. But, according to the Rasmussen survey, only nine percent of adults surveyed were against the idea of a Fed audit.

The Washington Post recently said the bill "would destroy financial markets' faith in the Fed and, by extension, the value of the U.S. dollar." Economist Dean Baker, who's been a vocal critic of the Fed, took the Post to task. He added: "The country is likely to lose more than $6 trillion in output ($20,000 per person) due to the Fed's inept job performance."

Bernanke's favorable ratings have taken a big drop as of late. In fact, Alan Greenspan, who's been widely vilified for exacerbating the financial crisis, may be gaining on Ben. From Rassmussen's report:

"Fifty-two percent (52%) of Americans support Bernanke's efforts to speak out more publicly than his predecessors as Fed chairman, but his favorables have gone down over the past month. A plurality (41%) think the previous Fed chairman, Alan Greenspan, did a better job, too."

What do you think? Should the Federal Reserve be audited? Will the current bill give too much power to Congress to set monetary policy? VOTE below.

Quick Poll

Should The Federal Reserve Be Audited?

Yes - It's far too secretive.

No, an audit would destroy the bank's independence.

Yes, but not by Congress.

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Comments

[Chazmania]

11:44 PM on 08/14/2009

The only reason the audit makes them squirm is because they know they did things wrong and are as corrupt as one imagines them to be. The whole world knows this to be true. Time to put a stop to these people.

[PhilipTaylor]

04:57 PM on 08/08/2009

How do you put a entire population into economic s1@very?

Over Five Years Issue tons of debt then change the bankruptcy laws and withdraw the credit just as fast.

Under the Central Banking FED System you create money by putting out debt for Americans.

No wonder America has moved from #1 Creditor to #1 Debtor Nation!

They su_ckered peop1e into taking on debt to Make FEES and then pocketed the FEES.

Now they want the house back too.

[time4change2009]

07:40 PM on 08/02/2009

I think the 25% NOT in favor of Fed Audits should be investigated. FBI should take the next poll....with handcuffs.

[GrooveGrl4]

06:50 PM on 08/02/2009

One of the choices should have been:

"You mean the FED isn't normally audited?"

Why on earth is there no accountability for the institution that is responsible for manipulating the economy?

[betty22]

05:46 PM on 08/02/2009

AND NO AUDITS BY CZARS!!!!!! OBAMA BUDS

[Troubledwawa]

10:29 AM on 08/02/2009

I watched Bernake's question and answers on PBS. I knew he didn't want the audit, but I didn't realize just how nervous he was of it. He claimed that the Fed shows Congress the books all the time, although I never heard of any such thing until that night on PBS.

He also claimed there were parts of the proposed bill that would allow Congress to dictate policy to the Fed. I'm not seeing a problem with that right now, when the Fed knew back in 2000 that unscrupulous lending activity was going on, and did nothing to stop it. Obviously, the Fed was not operating in everyone's best interests.

First, let's get the audit, then decide from there what to do next. The present bill is fine.

[dukeitout]

12:54 AM on 08/02/2009

"Tis true that congress has members that could not manage a lemonade stand and would not give the Fed any constructive advice. On the other hand the federal reserve is a creation of the same congress that contains these economic buffoons I believe that any arm of the government (including the Fed) should be subject to audit.

[Darcman]

11:04 PM on 08/01/2009

Those morons in the congress shouldn't be allowed anywhere near the Fed. We have members of congress who don't believe in evolution and don't believe President Obama was born in the United States! Congress influencing the Fed! Yikes! Talk about a nightmare scenario!

[Norak]

09:18 AM on 08/02/2009

Fox guarding the hen house.

[Lahonda]

09:33 PM on 08/01/2009

They do have computers that track this stuff... print some reports, please.

[JBS]

07:05 PM on 08/01/2009

I think the point that the audits could "limit the bank's independence" are well taken.

But that is an argument in FAVOR of auditing the Fed. The Federal Reserve is out of control.

[hopefull252]

04:43 PM on 08/01/2009

The Federal Reserve Bank "This is a Private Bank" is basically the manager of the Banking System and the manager of Employment in is country. Congress gave them this responsibility in 1913 and since then Congress changed the rules and laws several times. Here is a list of the acts of Congress.

* Federal Reserve Act
* Banking Act of 1935
* Employment Act of 1946
* Federal Reserve-Treasury Department Accord of 1951
* Bank Holding Company Act of 1956 and the amendments of 1970
* Federal Reserve Reform Act of 1977
* International Banking Act of 1978
* Full Employment and Balanced Growth Act (1978)
* Depository Institutions Deregulation and Monetary Control Act (1980)
* Financial Institutions Reform, Recovery and Enforcement Act of 1989
* Federal Deposit Insurance Corporation Improvement Act of 1991
* Gramm-Leach-Bliley Act (1999)
* Emergency Economic Stabilization Act (2008)

Despite all these changes the Federal Reserve has done a dismal job in almost if not all areas of there responsibilities.

We have never audited the Fed in 96 years. What have they done? We see the effects not the cause.

It's time to pull back the curtain and open the books and reconcile there actions over the years.

"AUDIT the FED"

[BobABooey]

12:15 PM on 08/01/2009

Not only audit, but systematically phase out this unconstitutional entity.

[munki]

10:46 AM on 08/01/2009

Effective manner... not auditors that are... "potential conflict of interest" in any mean...

Is that EZ?

[BobBeresford]

08:34 AM on 08/01/2009

Yes, audit it, but demand full revelation of its core central membership and profits taken per year since 1913. This would also also show who the banking families were, how much they made - especially from the big wars and the Depression, and how much gold and paper they've siphoned overseas.

This is info they always suppress.......so it would be a good excuse to then dissolve the Fed under an Act of congress in support of the Constitution. The Fed is illegal......only the people represented by Congress have the power to coin/print and control money and its value.
This is absolutely essential in an economy - for stability, and resisting manipulation.

There needs to be a general, cross-party agreement on just what a new Monetary control body, housed in the Treasury would do. Then it's actions would be transparent and fully reported.
Once people understand what your new National Reserve actually does, there would just be debate over smaller details.
The process is simple enough - keep adequate monies flowing in the right way, through the right channels, to keep the economy constructive and productive. Money would be paid in, spent in - eg infrastructure - and only lent in on low Simple interest - for productivity. Banks would be forced into nationalisation -bought out.
The supply would be kept stable - currently money runs on massive loan cycles and Bubbles, while also sucking out Interest...destructive situation.

[SteveDenver]

09:15 AM on 08/01/2009

BRAVO! Most people don't even realize the mess that is the Fed and its operations under a shroud of secrecy.

[RTIII]

01:57 PM on 08/02/2009

We can resolve the vast majority of this all with just one simple step: Nationalize the Fed.

I agree that an audit including the information you cited would help convince the public of the need to do this...
.

[hopefull252]

01:45 AM on 08/01/2009

Headline news!!! Please post it.