President Wilson signing the Federal Reserve Act of 1913. Painting by Wilbur G. Kurtz, 1923
Q1. The US Federal Reserve central banking system was designed to be independent of elected officials so that monetary policy would not be beholden to the short-term interests of politicians seeking votes.
The Fed has dual mandates of stable prices and maximum employment. Its main tool to achieve either is setting a benchmark interest rate; higher rates promote price stability, while lower rates boost employment.
Which do you think is best for the economy in the long run?
The Fed has dual mandates of stable prices and maximum employment. Its main tool to achieve either is setting a benchmark interest rate; higher rates promote price stability, while lower rates boost employment.
Which do you think is best for the economy in the long run?
(Image: Fed's Eccles Building under construction, 1936. Wikimedia)
overall
custom
male
female
rep
ind
dem
18-29
30-44
45-64
65+
No central bank
15%
22%
10%
30%
24%
2%
42%
8%
17%
8%
15%
A totally independent central bank
60%
43%
73%
25%
62%
86%
37%
56%
61%
72%
60%
Semi independent central bank
18%
28%
11%
38%
6%
6%
16%
25%
16%
14%
18%
A non-independent central bank
1%
2%
0%
0%
4%
1%
5%
0%
1%
1%
Not sure
6%
6%
5%
7%
4%
5%
0%
10%
5%
5%
6%
Don't care
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Q2. There are some ways in which the Fed is held accountable by elected officials. Its seven board members are nominated by presidents and confirmed by the Senate, and the board chair must testify before Congress twice each year.
On the side of independence, the Fed board's policy decisions are not subject to the approval of the executive or legislative branches, board members can only be fired by presidents "for cause," and the Fed does not receive its funding from Congress (it was endowed at its 1913 creation by member banks).
Generally speaking, how independent do you think the Fed has been?
On the side of independence, the Fed board's policy decisions are not subject to the approval of the executive or legislative branches, board members can only be fired by presidents "for cause," and the Fed does not receive its funding from Congress (it was endowed at its 1913 creation by member banks).
Generally speaking, how independent do you think the Fed has been?
(Image: Eccles Building upon completion, 1937. Wikimedia)
overall
custom
male
female
rep
ind
dem
18-29
30-44
45-64
65+
Pretty much always independent
39%
34%
42%
12%
40%
57%
33%
28%
36%
57%
39%
Sometimes independent, sometimes not
39%
43%
37%
55%
31%
28%
42%
41%
43%
28%
39%
Pretty much never independent
13%
15%
11%
25%
20%
2%
25%
8%
14%
11%
13%
Not sure/can't really tell
9%
9%
10%
8%
9%
11%
0%
23%
6%
3%
9%
Don't care
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Q3. In mid 2024, the Fed's benchmark rate was 5.5%. Between Sept and Dec of 2024, it lowered that rate by a total of 1 percentage point, and between Sept and Dec of 2025 it lowered another 0.75 percentage points to its current 3.75%.
President Trump alleges Fed Chairman Jerome Powell is against him politically, that the 2024 cuts were to help Kamala Harris win the election, and the cuts since Trump was reelected have been unreasonably small in order to hinder Trump's economic policies.
Five of the seven board members voted against recent cuts, including Powell and Lisa Cook. In August, Trump fired Cook over allegations of mortgage fraud, and in January, the Justice Dept announced it was investigating Powell's Congressional testimony on renovation of two Fed buildings, where the price tag is now expected to be $2.75b v an estimate of $1.9b.
Senate Finance Committee member Thom Tillis (R, NC) said he will not approve any nominees to replace Powell, whose term as chair ends May 15, 2026, until the Powell investigation ends. Without Tillis' vote it is unlikely any nominee could get out of committee.
Do you approve of Tillis' stance?
President Trump alleges Fed Chairman Jerome Powell is against him politically, that the 2024 cuts were to help Kamala Harris win the election, and the cuts since Trump was reelected have been unreasonably small in order to hinder Trump's economic policies.
Five of the seven board members voted against recent cuts, including Powell and Lisa Cook. In August, Trump fired Cook over allegations of mortgage fraud, and in January, the Justice Dept announced it was investigating Powell's Congressional testimony on renovation of two Fed buildings, where the price tag is now expected to be $2.75b v an estimate of $1.9b.
Senate Finance Committee member Thom Tillis (R, NC) said he will not approve any nominees to replace Powell, whose term as chair ends May 15, 2026, until the Powell investigation ends. Without Tillis' vote it is unlikely any nominee could get out of committee.
Do you approve of Tillis' stance?
(Image: Rendering of renovated Eccles atrium. Getty)
overall
custom
male
female
rep
ind
dem
18-29
30-44
45-64
65+
Yes, and he will adhere to it
36%
31%
40%
28%
39%
41%
42%
31%
35%
39%
36%
Yes, but he will give in
23%
28%
20%
9%
17%
35%
33%
24%
20%
23%
23%
No, but he will adhere to it
14%
16%
11%
21%
13%
8%
16%
10%
14%
17%
14%
No, and he will give in
13%
14%
12%
25%
7%
5%
0%
11%
17%
12%
13%
Not sure
13%
7%
17%
13%
22%
10%
9%
19%
12%
7%
13%
Don't care
2%
5%
0%
4%
2%
1%
0%
5%
1%
2%
2%
August 2025
Who should control a benchmark interest rate in the US?
45% Central bank like the Fed
11% Economists
4% President
2% Congress
26% Nobody
Has the Fed helped or hurt economy since its inception?
49% Helped
28% Hurt
July 2025
49% Powell has done a good job
33% Has not
26% Would like to see Powell fired
50% Would not
Who should control a benchmark interest rate in the US?
45% Central bank like the Fed
11% Economists
4% President
2% Congress
26% Nobody
Has the Fed helped or hurt economy since its inception?
49% Helped
28% Hurt
July 2025
49% Powell has done a good job
33% Has not
26% Would like to see Powell fired
50% Would not
Topics
Entities in this poll: (rate and comment)
