Rand Paul Reintroduces “Audit the Fed” Bill into 115th Congress

By: Elias J. Atienza

Senator Rand Paul (R-KY) reintroduced his “Audit the Fed” bill into the 115th Congress. Representative Thomas Massie (R-KY) reintroduced the bill into the House.

The bill, if enacted, would require the Government Accountability Office to conduct a thorough audit of the Federal Reserve. It would require GAO to also report on the audit within 90 days of completion.

Paul said in a press release:

“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve, yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives. The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.”

“The American public deserves more insight into the practices of the Federal Reserve,” said Massie in a press release. “Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class. It is time to force the Federal Reserve to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies.”

Paul last got a vote on his Audit the Fed legislation on January 12th, where it had to get 60 votes in order to avoid a Democratic filibuster. It failed 53-44, with three Senators including Ted Cruz (R-TX) not being present for the vote. Senator Bernie Sanders (I-VT) was among the 53 to vote for it.

The bill currently has eight co-sponsors including Senators Marco Rubio (R-FL) and Chuck Grassley (R-IA).

Sen. Paul recently announced that he has received the support of President-elect Donald Trump via his Twitter account.

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