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What say you?
Sorry for my cynicism, but this looks like an exercise in futility. 90% of the population would be unable to interpret the results of an audit of a barber shop. Public corporations are audited and sophisticated investors disagree on what conclusions to draw from the auditors' report.
What standards is the Fed supposed to meet? If an audit found that it failed meet some standard the only result would be a furious political debate over the validity of the standard.
I'm not against an audit. But don't expect that any unambiguous truths about the Fed will emerge. The only result will be a lot of acrimonious debate, about audit standards and the proper role of the Fed, driving 99% of Americans to throw up their hands in dismay, because they can't figure out what the audit means.
One more thought: The poll says 75% favor an audit. Yet we know that far fewer than 75% understand what the Fed is or does. In recent weeks I've heard even TV news "experts" say that the Fed is spending tax revenue when buys government or corporate bonds or makes loans to banks.
If the pollster asked everyone who favors an audit what they hoped to learn the answers from most would be incoherent.
I recently discovered that Intelligent members of my family who are in their 30s, and earn way above average incomes doing high level work for major corporations are clueless regarding the Fed. They don't have the slightest idea what the Fed does, except that somehow their adjustable mortgages are affected. But if a pollster asked them if they Fed should be audited they'd most certainly say yes. Then if you asked them what the audit report might disclose they'd have no idea.
Boomer,
You're right that 90% don't know or understand what the Fed does, but I think the reason so many support an audit, is in large part due to the fact that they do not know or understand.
If an audit were to occur, the information that resulted would be summarized in a manner most people could understand. Just like most government reports, you can look up the details, but most people simply rely on summary reviews.
An audit is not about meeting standards of any kind, but about finding answers to where trillions of dollars went. However, the dirty little secret in a Fed audit ... is that in fact, it's actually an audit of the State!
I imagine even many members of Congress who support an audit, don't quite realize the pandora's box it will open. And far from acrimonious debate, an audit of the Fed would profoundly change debate forever, altering American politics towards freedom and liberty, and breaking trust in government.
In no uncertain terms, the Federal Reserve is a racketeering con-game. It feeds the State at the expense of every individual. It's the Fed that makes possible most of the government programs you despise. Absent the Fed, American Big Government as we know it, would collapse.