70 Percent of Americans Favor Auditing the Federal Reserve

Despite increasing interest in the Federal Reserve’s actions since the 2008 financial crisis, few polls have asked Americans about auditing the nation’s central bank. Consequently, the Reason-Rupe September Pollasked Americans if they would favor or oppose a law that would allow Congress to conduct an annual internal review of the Federal Reserve, 70 percent favor and 21 percent oppose.

In fact, auditing the Federal Reserve is one of the few things that all partisan can agree, although Republicans are more amplified than Democrats. Sixty-five percent of Democrats, 78 percent of Republicans, and 70 percent of Independents favor a Federal Reserve audit.

 

Nationwide telephone poll conducted September 13th-17th on both landline and cell phones, 1006 adults, margin of error +/- 3.8%. The sample also includes 787 likely voters, with a margin of error of +/- 4.3%. Columns may not add up to 100% due to rounding. Full methodology can be found here. Full poll results found here.

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  • ||

    They may favor it, but they don't give a shit enough to motivate their reps in congress.

  • alex griggs||

    98% of Americans can't explain what the Federal Reserve is or does. But they want it audited!

  • Palin's Buttplug||

    70% don't know it is already audited by Congress (performed by DeLoitte)

  • The Hammer||

    100% of shrike doesn't know what "audit" means.

  • ant1sthenes||

    You forgot to put "audit" in quotes, Ben.

  • Jordan||

    100% of deranged statists don't know that audit is a joke.

  • advancedatheist||

    Fed audit deniers sound a lot like Obama birthers to me.

  • 16th amendment||

    We need to audit it so that can learn what it does :).

    What I don't understand is why don't 100% of people want to audit the fed.

  • SIV||

    70% of the American people don't know who the Fed is, much less what they do.

  • Ayn Random Variation||

    That's what I was gonna say.

    I would say 1% of the country know what it is and .01% know what it does.

  • Palin's Buttplug||

    Open this "audit" legislation up and it will say that Congress will determine monetary policy - not the Fed.

    It would be a disaster.

    Old geezer is out of his gourd on this one.

  • Emmerson Biggins||

    which part says that?

  • sarcasmic||

    The goalpost moving straw man.

  • ant1sthenes||

    It's already a disaster. Not that it can't get worse, of course.

  • ||

    Open this "audit" legislation up and it will say that Congress will determine monetary policy - not the Fed.

    I wish.

    But the government producing a document that says we need less government is an impossibility.

  • ||

    By the way I think I now have my law.

    Corning's Plutonium Law:

    The government producing a document that says we need less government is an impossibility.

  • The Last American Hero||

    Sorry, you have to pass it to find out what's in it. You know the rules.

  • The Late P Brooks||

    Christfag!

    Bushpig!

    Blaaaaargh!

    And- today's "Yes, We Have No Inflation!" data point:
    Levi 501s at Kohl's are priced at $64.- per pair.
    I don't think I have ever paid even half that (still haven't).

  • ||

    As Levi's become less popular they become more expensive....

    Maybe I should just break down and start wearing Dickie pants.

  • advancedatheist||

    You shop at that pricey Kohl's chain? That just shows you don't know how to live frugally. You can buy perfectly serviceable new jeans at Walmart for $20 - $25 each.

  • The Late P Brooks||

    Thank the beneficent god of squirmy puppies the Federal reserve is immune from political influence!

  • BMFPitt||

    I would estimate that it would be more accurate if you flipped "Yes" with "Don't know."

    And appended "what that even means" to "Don't know."

    (But we should still do it anyway.)

    (Not that we'll make any changes no matter what is found in that audit.)

  • DarrenM||

    We need another branch of the government with the sole responsibility of auditing the rest of the government. Another check to maintain balance.

  • Ivy||

    The Federal Reserve is the only thing that does not have a check and balance system.

    Doesn't that say something about it?

  • BMFPitt||

    They are controlled by Congress, which could change or abolish them at any time they saw fit.

  • advancedatheist||

    It just amazes me how people want to believe this ignorant anti-Fed propaganda without checking the facts first.

    According to Wikipedia:

    "As stipulated by the Banking Act of 1935, the President appoints the seven members of the Board of Governors of the Federal Reserve System; they must then be confirmed by the Senate and serve for 14 years. Once appointed, Governors may not be removed from office for their policy opinions. The chairman and vice-chairman are chosen by the President from among the sitting Governors for four-year terms; these appointments are also subject to Senate confirmation. By law, the chairman reports twice a year to Congress on the Federal Reserve's monetary policy objectives. He also testifies before Congress on numerous other issues and meets periodically with the Secretary of the Treasury."

    In other words, the people who run the Fed must make the case for their suitability to both the President and the Senate. They don't just seize control in naked power grabs like the anti-Fed conspiracy theorists claim.

  • Average Joe||

    The sad thing is neither party would really understand what their looking at if they did audit the Fed. These are the same guys that that can't balance their own budget.

  • ArbutusJoe||

    What's the point of auditing a counterfeiting operation? The Fed should be required to disclose all of its transactions so we know to whom the devalued portion of our wealth is being transferred.

    The Defense Department is in need of a true audit. But apparently that's not possible.

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