Latest Presidential Tracking Polls 2012

Overwhelming Support to Audit the Fed

12/7/2009, by Proloy Bhatta

HIGHLIGHTS

79% of Americans favor an audit of the Fed.
Rasmussen says "there is virtually no partisan disagreement on the issue of auditing the Fed".
Only 21% of Americans approve of Bernanke's reappointment as Fed Chairman.

Ron Paul and Alan Grayson have sponsored a bipartisan bill that would audit the Federal Reserve. And according to a recent poll by Rasmussen Reports, 79% of Americans favor such an audit.

Here is what Rasmussen had to say:

Federal Reserve Board Chairman Ben Bernanke on Thursday voiced his opposition to legislation calling for regular audits of the Fed’s monetary policies, but 79% of Americans think auditing the Fed is a good idea.

Bernanke's fear is that if the government were to audit their books then they would poke their nose in every single transaction. But the Fed has too much power in causing bubbles by increasing the money supply and then causing recessions by contracting credit.

This is not a partisan issue as identified by Rasmussen:

Unlike many issues tracked by Rasmussen Reports, there is virtually no partisan disagreement on the issue of auditing the Fed.

Similarly, investors and non-investors are equally supportive of the idea. Generally speaking, there is overwhelming support for such auditing across all demographic categories.

Bernanke wants to be reappointed as Fed Chairman but only 21% of Americans approve of his reappointment. A large number of people have no view but there are still 41% opposed. Americans would rather get rid of anybody in power at the time of the economic downturn as opposed to letting them right the ship.