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Who doesn’t love a good conspiracy theory? Either to laugh about it or take it seriously. Today,Jerry Bowyer joins Rob West to discuss some conspiracy theories going around today about the Federal Reserve and other matters. MoneyWise contributor Jerry Bowyer is our resident economist and the financial editor atTownhall.com. FEDERAL RESERVE CREATED SECRETLY?The Federal Reserve is a favorite punching bag of conspiracy theorists. Many of them say that the Federal Reserve was created unlawfully in a secret meeting on Jekyll Island of a few senators and powerful financiers. It’s sometimes called The Creature From Jekyll Island. Jekyll Island in Georgia was indeed the location of a meeting in November 1910 where draft legislation was written to create a central banking system for the United States. Banking reform was a major issue after the Panic of 1907. But the Fed wasn’t created secretly behind closed doors, as some suggest. In reality, the House of Representatives passed the Federal Reserve Act by a vote of 298 to 60. The Senate also passed the measure 43 to 25.President Wilson signed the bill on December 23, 1913 and the Federal Reserve System was born. Large banking interests almost unanimously opposed the Act. FED NEVER AUDITED?It’s a myth that the Federal Reserve is never subjected to audits. Independent accounting firms conduct full financial audits of the Federal Reserve banks and the Board of Governors every year. The Fed is also subject to certain types of audits from the Government Accounting Office. THE FED IS PRIVATELY OWNED, SERVES ONLY POWERFUL?Some also assert that the Federal Reserve is privately owned and run at the expense of the public to enrich a few powerful individuals or groups. In fact, Federal Reserve banks actually are privately owned, but that’s the only part of this conspiracy that’s true. A publicly-appointed board of governors controls all Federal Reserve banks. Federal Reserve banks merely execute the monetary policy choices made by the Board. In addition, nearly all the interest the Federal Reserve collects on government bonds is rebated to the Treasury each year, so the government does not pay any net interest to the Fed. LEGITIMATE CONCERNS ABOUT THE FED:Jerry Boyer says there are legitimate concerns about the Federal Reserve, but they have nothing to do with secret conspiracies behind closed doors and everything to do with bad policy in broad daylight. Boyer contends that the Fed enables reckless spending and inflationary policies. BIDEN COMING AFTER YOUR 401K:Some have heard that the Biden administration may be planning to take over your 401k. In fact, neither the president nor anyone in his administration has the authority to simply take over your 401k. That would require an act of Congress, and it’s extremely difficult to imagine many lawmakers being willing to do something so politically risky. Event if the White House and Congress got behind such an idea, which is highly unlikely, it would still have to survive legal challenges. Jerry Bowyer is the financial editor at TownHall.com and author of the book, The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How can you begin to get a handle on several very large debts? RESOURCES MENTIONED ●Christian Credit Counselors Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29