Sunday, March 15, 2015

This is Why Congress in Control of the Fed is Dangerous

By Robert Wenzel

It is tempting to want an audit of the Fed and for Congressional oversight of the Fed. But those who see this as a desirable goal fail to take into consideration one important factor, namely, the masses are clueless about the Fed.

How clueless are they?

According to WSJ, most Americans have not heard of Federal Reserve Chair Janet Yellen, according to a new NBC News/Wall Street Journal poll.

The survey showed 70% of those polled don’t know or aren’t sure who Yellen is. In contrast, just 1% had never heard of former president George W. Bush.

Of those who have heard of. Yellen, 16% of those surveyed had a neutral view of her, while 6% had a somewhat positive view of her and 4% had a very positive view. Just 4% had a somewhat negative or very negative view.

When it comes to the Federal Reserve as an institution, 42% said they had a neutral view, while 30% had a somewhat or very positive view and 20% had a somewhat or very negative view. 8% said they had never heard of the Fed.

Do we really want congressmen pandering to these clueless masses? The chances that the congressional Ouija board falls anywhere near a policy, that moves in the direction of sound money, is probably lower than the 4% of those who know who Yellen is and have a negative view of her.

Focusing on an audit of the Fed and Congressional oversight of the Fed is dangerous and a waste of resources, The focus should be a simple one, on End the Fed.

Robert Wenzel is Editor & Publisher at and at Target Liberty. He is also author of The Fed Flunks: My Speech at the New York Federal Reserve Bank. Follow him on twitter:@wenzeleconomics


  1. Handing the reins to congress may be the fastest way to crash the buggy.

  2. The fed already panders to the clueless masses who are debtors with low interest rates and monetizing government debt to keep government checks going out. People who spend their entire income every month don't have to worry about the fed's policies or think about them much. The people who know about the fed, know who Yellen is, and have a negative view of them are the savers and those negatively impacted by the fed.

    Congress can of course make things worse.