Door opens for scrutiny of Federal Reserve: Voters give GOP pathway for former Rep. Ron Paul's audit plan

 

The new Republican majority in the Senate opens a door for a new level of scrutiny of the Federal Reserve, the quasi-public organization that largely controls U.S. monetary policy behind closed doors.

“Will we finally get a vote on audit of the Fed in the Senate?” asked Julie Borowski in a column on the website of the conservative and libertarian lobbying group FreedomWorks.

“The GOP-led House overwhelmingly passed bills to audit the Fed in 2012 and 2014. Back in September, it passed with a bipartisan vote of 333-92. Yet, it was basically dead on arrival in the Senate,” she wrote. “For reasons unconfirmed, Harry Reid refused to allow a vote on the bill – even though he cosponsored audit legislation in the 1990s. The Senate companion bill, introduced by Sen. Rand Paul, R-Ky., has 31 cosponsors but never even made it out of committee.”

But with Harry Reid no longer in charge of the Senate, she said, “we’re far more likely to get a vote on audit the Fed.”

The fight for the audit dates back years. Paul’s father, Rep. Ron Paul, R-Texas, repeatedly introduced bills calling for an audit that were adopted in the House but went nowhere in the Senate.

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