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Friday, January 9, 2015
Washington Times: Audit the Fed bill may pass Congress in 2015
This is the bill that Ron Paul tried in vain for many years to get passed. It has passed the US House but has been stalled in the US Senate while under Democratic control. Now that the Senate has changed to GOP control, this Washington Times article suggests the bill might clear the Senate in 2015. Some quotes from the article below. Please read the full article for context.
"After years of being blocked by Democratic leader Harry Reid, the Senate will finally get a chance next year to vote on legislation to force a broad audit of the Federal Reserve's decision-making."
"Once championed in Congress by former Rep. Ron Paul, the push to force the country’s central bank to undergo a full audit has been picked up by his son, Sen. Rand Paul, and others, and has the backing of the leader of the new Republican majority, Sen. Mitch McConnell, Kentucky Republican, whose office says the legislation will earn a floor vote."
"But despite overwhelming support in the House, where the legislation has twice passed, the bill is not a sure thing in the Senate, and the Fed itself is pushing back. Chairwoman Janet L. Yellen said earlier this month the Fed remains opposed to stricter oversight of its monetary policy decisions, and Reuters reported she and other Fed officials are lobbying Capitol Hill to drop the audit push."
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Sergio Gor, a spokesman for Sen. Paul, the former congressman’s son and current Kentucky senator, said they’ll make sure the bill is available for the new Congress.
“It will be among the first pieces of legislation to be introduced as soon as the new Congress convenes in January,” Mr. Gor said. “Transparency at the Federal Reserve remains a top priority for Senator Rand Paul.”