Bill to Audit the Fed Gains Momentum as Public Support Grows

In an article by Ryan McCarthy posted Thursday on the HuffingtonPost.com 75% of Americans are in favor of auditing the illusive and secretive Federal Reserve Bank. The House bill, sponsored by Ron Paul and others, has already gained support from over half of congress.

In the face of slumping favorability ratings and in a last ditch attempt at damage control, Fed Chairman Ben Bernanke has been on a public relations campaign to quell public interest and concern over Fed bank policies starting with a town hall meeting earlier this week. Bernanke, along with others, threaten that an audit of the Fed would result in a total collapse of world financial markets and limit the Fed’s independence. When asked by the News Hour’s Jim Lehr to define the Fed’s “independence”,  Bernanke was vague at best in describing who is responsible for setting monetary policy or who the Fed is controlled by.

Ben Bernanke Explaining the Fed’s “Independece”-at 3:48

Ben Bernanke on Auditing the Fed

Read article on huffingtonpost.com

http://www.huffingtonpost.com/2009/07/30/fed-audit-supported-by-75_n_247765.html

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