Senate Blocks Federal Reserve Audit Proposal Backed by Paul
Bloomberg - Jan 12, 2016
The Senate blocked legislation Tuesday that would have broadened audits of the U.S. Federal Reserve, a measure sponsored by Kentucky Republican Rand Paul as he seeks his party’s presidential nomination.
Senators voted 53-44, with 60 required to advance. The measure was backed by Senate Majority Leader and fellow Kentucky Republican Mitch McConnell, who has endorsed Paul in the Republican primary. Among the bill’s co-sponsors were Senators Ted Cruz of Texas and Marco Rubio of Florida, both also seeking the party’s presidential nomination.
Opponents of the legislation said the bill could inject politics into the bank’s work and threaten the bank’s independence. Bill backers -- including Vermont independent Senator Bernie Sanders, who is seeking the Democratic presidential nomination -- sought more oversight of the Fed’s operations.
“I simply want the Fed overseen to ensure that our central bank isn’t picking favorites,†Paul said on the Senate floor before the vote. “Auditing the Fed should not be a partisan issue.â€
