75% Favor Auditing The Fed; Fed Job Approval Rating Lower Than IRS

Here's some genuinely good news for a change. A new Rasmussen poll shows 75% Favor Auditing The Fed.

So much for the ongoing secrecy of the nation’s independent central banking system. A new Rasmussen Reports national telephone survey finds that 75% of Americans favor auditing the Federal Reserve and making the results available to the public.

Just nine percent (9%) of adults think that’s a bad idea and oppose it. Fifteen percent (15%) aren’t sure. Over half the members of the House now support a bill giving the Government Accounting Office, Congress’ investigative agency, the authorization to audit the books of the Federal Reserve Board.

While the president hopes to expand the Fed chairman’s regulatory controls, 46% of Americans say he already has too much power over the economy.

Fifty-one percent (51%) oppose expanding the Fed’s regulatory powers.

Despite Bernanke’s pledge that the Fed will keep interest rates and inflation down, 54% of Americans think interest rates will be higher a year from now, up 20 points from April.

Perhaps helping to drive the support for regularly auditing the Fed is the growing unpopularity of Obama’s economic initiatives to date. While the Fed is an independent agency, just 20% of Americans believe the Fed chairman is truly independent of the Obama administration. Sixty percent (60%) say his decision-making is influence by the president.

Fed Job Approval Rating Lower Than IRS

CNBC presents an interesting take on the poll in Fed Job Approval Rating Lower Than IRS.

Americans think the Federal Reserve is doing a worse job than even the much-maligned Internal Revenue Service.

Only 30 percent of Americans think the Federal Reserve's Board of Governors is doing a good job despite the central bank's unprecedented efforts to battle a crippling recession, according to a Gallup Poll released on Monday.

That makes the Fed the worst reviewed of nine key agencies—including the tax-collecting IRS —the Gallup poll of more than 1,000 Americans between July 10 and 12 showed. Twenty-two percent of Americans said the central bank was doing a poor job.

The poll comes as Fed Chairman Ben Bernanke is increasingly going public with a defense of the Federal Reserve's handling of the crisis in an effort to ward off a congressional proposal by Republican Representative Ron Paul that would undercut the Fed's independence.

In 2003, the last time Gallup polled Americans on their view of the Fed, 53 percent said the Fed was doing a good job.

This poll is an indication Bernanke is losing the publicity battle on his Self-Promotional Media Blitz.

Turn up the heat. Call your legislative representative again tomorrow and tell them you favor auditing the Fed, then getting rid of it.

Please see Speak Out - Audit the Fed, Then End It! for Fax numbers. You can also get Phone, Fax, and Email numbers from the Online Directory for the 111th Congress.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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