79% Now Favor Auditing the Federal Reserve

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.

A new Rasmussen Reports national telephone survey shows that just seven percent (7%) of adults oppose auditing the Federal Reserve and making those results available to the public. Fourteen percent (14%) are not sure.

The new findings mark a four-point increase in support for auditing the Fed from July. The audit - to be conducted by the General Accounting Office, Congress’ investigative agency - was first proposed by Republican Congressman Ron Paul and is now part of the House’s version of a bill putting more regulatory controls on the financial sector. The Senate is more skeptical of the audit proposal.

But Bernanke himself is under the gun this week as Senate confirmation hearings began on his nomination by the president to serve a second four-year term as Fed chairman. Just 21% of Americans favor Bernanke’s reappointment, while 41% are opposed.

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.

Congressional supporters of the audit see it in part as a way to check how much the Fed’s actions are influenced by political pressure. Sixty percent (60%) of Americans believe the Fed chairman is influenced by the president in his decision-marking. Just 20% say the chairman acts independently.

Bernanke and the Fed also have been key players in the Obama administration’s unpopular stimulus and bailout plans.