SPRINGFIELD, Virginia- Yesterday, Senator Rand Paul (R-KY) introduced S. 264, Ron Paul’s Audit the Fed bill, which calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.”
Senator Paul also introduced legislation to audit the Federal Reserve in each of the past two Congresses. Despite previous statements supporting Fed audit legislation, then-Senate Majority Leader Harry Reid never allowed Audit the Fed to be brought to the floor for a vote in either Congress.
“With the American people firmly on our side on Federal Reserve transparency, and momentum shifting our way in recent Congresses, the Federal Reserve will not be able to continue operating largely in secrecy from the people’s representatives much longer,” said Dr. Ron Paul. “Once again, Rand is leading the way in the U.S. Senate by continuing the push for Audit the Fed, and I urge Senate Majority Leader McConnell to swiftly hold a vote on this critical bill.”
“Auditing the Federal Reserve has been a priority of mine since introducing the Senate companion to my father’s legislation in 2011,” said Senator Rand Paul. “I look forward to working with Chairman Shelby and the rest of the Senate Banking Committee as well as Leader McConnell to see this important legislation finally receive a standalone vote on the Senate floor. I want to thank Campaign for Liberty for all they’ve done to advance this issue over the years, and I’m excited about this opportunity to send this bill to the President’s desk.”
“Campaign for Liberty is proud to work with both Representative Massie and Senator Paul as C4L continues its fight to lift the veil of secrecy at the Federal Reserve,” said C4L President John Tate. “With nearly 75 percent of the American people in support of Federal Reserve transparency, it is way past time for Audit the Fed to have the standalone Senate vote it deserves. Campaign for Liberty will continue to apply pressure to members of both Parties and urge them to stand with the American people by passing Audit the Fed.”
About Audit the Fed
Legislation to Audit the Federal Reserve is supported by nearly 75 percent of the American people.
Congressman Thomas Massie (R-KY) introduced “Audit the Fed” H.R.24 in the 114th Congress on January 6th, 2014. The bill currently has 103 bipartisan cosponsors.
Ron Paul’s “Audit the Fed” bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98 after a nationwide grassroots mobilization effort led by Campaign for Liberty. The legislation calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.”
Congressman Paul Broun (R-GA) reintroduced Dr. Paul’s Audit the Fed bill in January 2013 as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress. The bill, which was cosponsored by 224 Representatives, passed the House of Representatives on September 17, 2014, by a vote of 333-92.
Senator Rand Paul (R-KY) introduced companion legislation in both the 112th and 113th Congresses, which gained 37 and 31 cosponsors, respectively. Then-Senate Majority Leader Harry Reid refused to allow Audit the Fed to be brought to the floor in either Congress for a vote despite repeatedly calling for an audit of the Federal Reserve throughout his career.
Tags: Ron Paul, Audit the Fed, Campaign for Liberty, Rand Paul, Federal Reserve, John McCardell