WASHINGTON, D.C. – U.S. Senator Rand Paul (R-KY) today announced plans for the Senate to vote in relation to the Federal Reserve Transparency Act of 2015, widely known as “Audit the Fed,” on January 12, 2016. Senate Majority Leader Mitch McConnell (R-KY) filed cloture on the motion to proceed to “Audit the Fed” today, setting up the cloture vote when the Senate returns in January.
The legislation, S.2232, would eliminate restrictions on the U.S. Government Accountability Office audits of the Federal Reserve and mandate that the Federal Reserve’s credit facilities, securities purchases, and quantitative easing activities be subject to congressional oversight.
Sen. Paul originally introduced the legislation for the 114th Congress in January 2015. In November 2015, Sen. Paul invoked Rule XIV, which allowed “Audit the Fed” to be placed directly on the Senate Legislative Calendar so that the legislation can be called up for immediate consideration.
“My legislation to conduct a complete and thorough audit of the Federal Reserve will be voted on in the Senate on January 12, 2016. 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,” Sen. Paul said.
Cosponsors of the Federal Reserve Transparency Act of 2015 include: U.S. Senators Mitch McConnell (R-KY), Kelly Ayotte (R-NH), John Barrasso (R-WY), Roy Blunt (R-MO), John Boozman (R-AR), Shelley Capito (R-WV), John Cornyn (R-TX), Mike Crapo (R-ID), Ted Cruz (R-TX), Steve Daines (R-MT), Cory Gardner (R-CO), Chuck Grassley (R-IA), Dean Heller (R-NV), Johnny Isakson (R-GA), Mike Lee (R-UT), Rob Portman (R-OH), James Risch (R-ID), Marco Rubio (R-FL), Tim Scott (R-SC), Pat Toomey (R-PA), and David Vitter (R-LA).
Click HERE to read the Federal Reserve Transparency Act of 2015 in its entirety.