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Paul in new push for ‘Audit the Fed’ bill

by Jordain Carney - 11/04/15 5:16 PM ET

Sen. Rand Paul (R-Ky.) is fast-tracking his controversial “Audit the Fed” legislation as he pushes for a vote.

The Kentucky Republican, who is running for president, reintroduced the legislation this week, with the proposal being fast-tracked on the Senate floor Wednesday.

{mosads}The procedural move allows the legislation to skip the committee process and be placed on the Senate calendar, where it could be brought up for a vote. No vote has currently been scheduled.

Paul, however, said that is “seeking a vote soon.”

“The Fed operating under a cloak of secrecy has gone on for far too long. The American people have a right to know exactly how Washington is spending their money. The time to act is now,” he added in a statement Wednesday.

The proposal would increase congressional oversight of the Federal Reserve, as well as subjecting the central bank to an audit by the Government Accountability Office (GAO).

Paul introduced similar legislation earlier this year, but that has stalled in the Senate Banking Committee where Sen. Richard Shelby (R-Ala.), who chairs the committee, has voiced opposition.

The proposal has also received pushback from the Federal Reserve, with Chairwoman Janet Yellen pledging to fight the legislation.

Conservative outside groups are backing Paul’s effort, with FreedomWorks Legislative Affairs Manager Josh Withrow calling for “leadership in both chambers to bring these bills, which enjoy strong support from Americans, up for a vote.”

Rep. Thomas Massie (R-Ky.) has introduced similar legislation in the House.

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