Sen. Rand Paul is renewing his push for a vote on his “Audit the Fed” legislation:
The Kentucky Republican, who is running for president, reintroduced the legislation this week, with the proposal being fast-tracked on the Senate floor Wednesday.
The procedural move allows the legislation to skip the committee process and be placed on the Senate calendar, where it could be brought up for a vote. No vote has currently been scheduled.
Paul, however, said that is “seeking a vote soon.”
“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,” he added in a statement Wednesday.
The proposal would increase congressional oversight of the Federal Reserve, as well as subjecting the central bank to an audit by the Government Accountability Office (GAO).
Paul introduced similar legislation earlier this year, but it stalled in the Senate Banking Committee after chairman Richard Shelby (R-Ala.) opposed the bill.
Conservative groups support Paul’s effort, and Rep. Thomas Massie (R-Ky.) has introduced similar legislation in the House.