‘Audit the Fed’ to make comeback next year
“Audit the Fed” is here to stay.
The movement to bring greater transparency to the Federal Reserve will be in full force in the new Congress, with Republican lawmakers in both the House and the Senate eager to reintroduce legislation in early 2015 requiring a full “audit” of the central bank.
In the House, Rep. Thomas Massie (R-Ky.) is taking the torch from outgoing Rep. Paul Broun (R-Ga.), whose “Audit the Fed” bill sailed through the House this year with bipartisan support. Across the Capitol, another Kentucky Republican — Sen. Rand Paul — is vowing to introduce the bill again, with renewed hope that the GOP takeover of the Senate will boost its chances of getting a floor vote in the next Congress.
Both Massie and Paul want to get the ball rolling right away. Massie plans to release the bill early in the new Congress, while Paul said in a brief interview this week that his will likely be dropped in January.
Proponents of “Audit the Fed” believe the proposal is ripe for a potential breakout moment next Congress — with Senate Minority Leader Mitch McConnell’s ascendance to majority leader in January, the bill has a better chance of being approved by both chambers of Congress for the first time.