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New Gallup Poll Reveals Dissatisfaction With Fed

New Gallup Poll Reveals Dissatisfaction With Fed
7/27/2009 12:13 PM ET

Results of a Gallup poll released Monday revealed that only 30 percent of Americans think that the Federal Reserve is performing well at its job.

According to the poll, the Fed’s approval rating is down 23 percentage points from similar data gathered in September 2003. At that time, 53 percent thought that the Fed was doing an excellent or good job, and only five percent felt that the central bank was performing poorly.

The results of the recent poll showed that those calling the Fed’s performance poor increased to 22 percent.

Thirteen percent of those polled also said that they had "no opinion" about the Fed's performance.

However, Gallup said it was unclear whether the results were due directly to the current economic decline or due to “specific perceptions about the agency's performance in carrying out its monetary responsibilities and possibly its role in the crisis surrounding U.S. financial markets.” The Fed has come under considerable scrutiny in the wake of the financial crisis and has faced criticism for its controversial decision to use taxpayer-money to bail out large financial institutions that were on the verge of collapse.

In other data revealed by the poll, 61 percent of Americans said that they thought that the U.S. Centers for Disease Control and Prevention were doing an excellent or good job. Specifically, 11 percent felt that the CDC was doing an excellent job and 50 percent felt the agency was doing a good job.

Fifty-eight percent felt that the Federal Bureau of Investigation was also performing well; the same number also expressed a favorable opinion of NASA.

On the other end of the spectrum, only 38 percent felt that the Food and Drug Administration was doing a good or excellent job, and only 40 percent said they felt the same way about the Internal Revenue Service. Only 42 percent felt that the Environmental Protection Agency was doing well.

Those polled also said they thought the Central Intelligence Agency and the Homeland Security Department were performing moderately well, with 47 and 46 percent of Americans saying they thought the agencies were doing good or excellent jobs, respectively.

The results of the poll were based on telephone interviews with 1,018 adults. The poll was conducted from July 10-12 and the maximum margin of sampling error was plus or minus three percentage points.

by RTT Staff Writer

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