Sen. Rand Paul on Wednesday reintroduced legislation requiring a full audit of and more congressional control over the Federal Reserve, and was joined by two of his rivals in the 2016 race for the White House.
“Today, I reintroduced my legislation to conduct a complete and thorough audit of the Federal Reserve and am seeking a vote soon,” the Kentucky Republican said.
Conservatives have said the Fed has helped facilitate massive new levels of government borrowing. While the Fed is already subject to audits, conservatives say they are not extensive enough, and that Congress needs more oversight over its activities.
Paul’s bill would eliminate current restrictions on audits of the Fed, and mandates that “the Federal Reserve’s credit facilities, securities purchases and quantitative easing activities be subject to congressional oversight.”
“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,” Paul added.
Joining his efforts are Sen. Majority Leader Mitch McConnell, as well as Sens. Ted Cruz, R-Texas, and Sen. Marco Rubio, R-Fla., who like Paul are trying to win the GOP presidential nomination.
President Obama has stated consistently that he opposes Paul’s legislation.
