Federal Reserve Chairman Ben Bernanke maintains such a high profile on Capitol Hill, he might be more popular than pop star Justin Bieber, University of Chicago Booth School of Business professor Randy Kroszner told CNBC on Tuesday.
Responding to a question as to whether presumed Republican presidential nominee Mitt Romney’s call for the Fed to be audited should be heeded, Kroszner said on “The Kudlow Report” that the scrutiny already exists.
“All that information is already out there,” Kroszner said. “Of course, members of Iongress have access to that information. The public has access to that information. Chairman Bernanke, who’s up to Capitol Hill all the time, I think he’s more popular there than Justin Bieber.” (Read More: What Paul Ryan Wants to Do to the Fed)
Earlier this week, Romney called for a regular audit of the Federal Reserve, a campaign issue put forward by former presidential hopeful Rep. Ron Paul, R-Texas. (Read More: Consider keeping Bernanke, top Romney adviser says)
But Kroszner said the Fed already exhibits transparency. (Read More: Executives Say Obama Better for World Economy: Poll)
“Well, the Fed is already audited by the big accounting firms,” he said. “They put out their balance sheet on a weekly basis, or a lot of the details of their balance sheet on a monthly basis, they talk about all the special programs they have, and then there’s a full audit by one of the accounting firms. So just like every other firm, the Fed is audited.”
He also said that Bernanke was answerable to Congress, as well as the public. (Read More: BlackRock’s Fisher: Time to End ‘Operation Twist’)
“He’s always there ready to answer questions. The audited financial statements are out, and there’s monthly reports as well as weekly reports put out,” he said. “Members of Congress, as well as members of the public, can ask anytime.” Tune in:
"The Kudlow Report" airs weeknights at 7 p.m. ET.
Questions? Comments, send your emails to: firstname.lastname@example.org