Rand Paul gets vote on Fed audit legislation

Sen. Rand Paul will get a vote on his legislation to audit the Federal Reserve.

The Kentucky senator and Republican presidential candidate announced Friday afternoon that the Senate would vote on his legislation on Jan. 12, thanks to an unusual parliamentary maneuver and an assist from Senate Majority Leader Mitch McConnell, his fellow Kentucky Republican.

"The Fed operating under a cloak of secrecy has gone on for far too long," Paul said. "The American people have a right to know exactly how Washington is spending their money. The time to act is now."

Paul's legislation would remove existing exceptions on the Government Accountability Office's ability to audit the Fed, effectively subjecting the central bank's monetary policy deliberations to audits from the comptroller. The legislation is strongly opposed by Fed Chairwoman Janet Yellen and most monetary economists, although it has the backing of prominent Republicans, including McConnell. Yellen and other Fed officials have argued that a monetary policy audit would subject the Fed to short-term political pressures, undermining its independence.

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