Many Americans are unaware as to what the Federal Reserve is, what the United States central bank does exactly and who runs it. It’s ubiquitous that the general public is quite apathetic about the subjects of economics and monetary policy. Perhaps the Fed is content with the lack of knowledge regarding its operations because it can institute policies without public anger.
This was (again) highlighted in a new Pew Research Center poll that found a substantial number of Americans don’t know who runs the most powerful entity in the U.S. and potentially the world.
According to the new survey, less than one-quarter (24 percent) of study participants were able to correctly select Janet Yellen as the Fed Chair. Prior to being at the helm of the central bank, Yellen served as vice-chair in the Ben Bernanke administration.
Seventeen percent identified Alan Greenspan as the head of the Fed, though he stepped down in 2006. Six percent named Sonia Sotomayer as the current Fed Chair, while five percent listed John Roberts. An overwhelming 48 percent didn’t know or refused to answer.
The study also compared previous answers to this question in 2008 and 2009. It noted that 33 percent were able to correctly choose Bernanke as the Fed Chair in Oct. 2009, which is certainly understandable because of the economic collapse and the Fed constantly being in the news.
At the time, 15 percent cited Greenspan, four percent reported Henry Paulson, three percent noted Paul Volcker and 45 percent were unsure or refused to answer.
The survey was conducted with 1,002 adults between Sept. 25 and 28. It contained a margin of error of +/- 3.6 percentage points.
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