A Project of The Annenberg Public Policy Center

Double Whopper, No Beef

The Romney campaign crams two howling falsehoods into a very few words:

It accuses President Obama of being personally responsible for actions by the Federal Reserve Board, which is independent.
It claims Obama is “spending your tax dollars” in the Fed’s latest move to buy mortgage-backed securities, when in fact the Fed is turning a big profit for the Treasury, reducing the deficit.

Romney campaign manager Matt Rhoades committed both these whoppers in an appeal for donations that was emailed Sept.

Federal Reserve Bank Ownership

Q: Who owns the Federal Reserve Bank?
A: There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks. But the banks don’t necessarily run the show. Nationally, the Federal Reserve System is led by a Board of Governors whose seven members are appointed by the president and confirmed by the Senate.