Rand Paul reintroduces Audit the Fed in the Senate

Federal Reserve

Undeterred by Senate Majority Leader Harry Reid’s refusal to bring legislation up for a vote that would shine some light on the activities of the nation’s central bank, Sen. Rand Paul (R-KY) reintroduced the Audit the Fed bill today:

Following his father’s crusade, Sen. Rand Paul (R-Ky.) has refiled legislation that would require an expansive audit of the Federal Reserve.

The proposed audit of the bank that oversees the nation’s monetary system has been a longtime crusade of Ron Paul and became a banner issue during his unsuccessful 2012 presidential campaign. He argued that the Fed was responsible for manipulating currency and damaging the economy. Ron Paul was able to persuade Mitt Romney and Newt Gingrich to also support an audit.
“Harry Reid was the single reason Audit the Fed was not brought to the floor of the Senate in 2012,” John Tate, president of the Campaign for Liberty, said in a statement. “Harry Reid knows full well that Audit the Fed- which he previously claimed to be a strong supporter of- would pass both the House and the Senate if he allowed a vote. It seems the Senate Majority Leader doesn’t want the American people to know what he, President Obama, and the Federal Reserve have been doing to our money and our economy.”

While parts of Audit the Fed were included in the 2009 financial reform law, key elements were left out. Opponents of the bill, including Federal Reserve Chairman Ben Bernanke, have falsely argued that it would put monetary policy in the hands of Congress. In reality, Audit the Fed would open up certain information to the Government Accountability Office excluded from audits in subsection (b) of 31 USC 714, including agreements and transactions with foreign central banks and discussions between the Treasury Department.

Rep. Paul Broun (R-GA), who will announce his bid for United States Senate tomorrow in Atlanta, has introduced companion legislation in the House.

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