There is a growing public consensus that the highly secretive Federal Reserve System, which controls the nation’s money supply and sets interest rates, needs to do business out in the open.
A new Rasmussen poll finds that a large majority of Americans (75 percent) want Congress to audit the Fed, which has not accounted for the trillions of public dollars it spent over the last year and a half in an attempt to shore up failing financial institutions. More than half of the members of the House of Representatives have co-sponsored a bill introduced by Rep. Ron Paul, R-TX, to require a public accounting of the Fed’s activities.
The Obama administration wants to give the private bankers who run the Fed – created as an independent body by Congress in 1913 in the wake of a series of banking panics – even greater regulatory powers than it already has, but 51 percent of Americans oppose such a move, according to the poll.
