The American public does not want politicians interfering with the federal reserve according to a new poll.
The poll by Reuters-Ipsos found that while most people in America may not have a clue who actually runs the federal reserve, what they do know is that they do not want politicians to be involved in it.
According to Reuters, only 24 percent of those polled said Congress should be allowed to have detailed oversight of the Fed, the poll shows, while more than double that amount said the central bank should be left alone.
The poll was conducted among 1,388 Americans between February 20 and 24 and was conducted to try to measure just how much support the American public held for proposed legislation that would expose the Fed to a full government audit, a move being led by Rand Paul, a likely 2016 presidential candidate.
Rand Paul, a Republican Senator from Kentucky, is looking for the federal bank to be audited and is gaining support for the move thanks to drives such as the Audit the Fed” rally which was held in Iowa last month.
Those that support the Rand Paul campaign claim that the Federal Reserve needs to operate with increased transparency and accountability while on the other side of the fence, those against the campaign claim that the Fed is already audited, and that any exposure of internal policy discussions could potentially lead to political influence over decisions that are taken on issues such as interest rates which would damage market confidence.
According to Reuters, Fed Chair Janet Yellen came under pressure from conservatives in Congress this week, with some accusing her of bias towards Democrats.
The poll is showing that the public in America do have real concerns over this thorny issue and when they were asked about who should be responsible for setting interest rates, 66 percent of the participants said independent experts, while 34 percent said elected officials.
“There ought to be some review but I don’t know that a full public disclosure of every comment attributed to every Fed member for the whole world to see is necessarily the best option,” said David Webb to Reuters, 64, a former labour relations specialist for the U.S. Army.
He added that his concern is that public exposure of the comments invite politicians to manipulate the process, and opens the door for them to apply pressure on Fed officials with whom they disagree, or agree on certain policy matters.