Earlier we noted that Rand Paul’s Obamacare Replacement bill was gaining steam and may become his first piece of legislation to become law. There’s actually a chance for another one of his bills as well. Rand Paul has reintroduced his Audit The Fed bill and is hopeful that President Trump will sign it once it passes. It is the same bill that won 53 votes in the Senate last January, but failed to reach the 60 vote cloture threshold. Now that the Republicans control the Senate, those 53 votes will be enough to finally pass the law once and for all.
The vote on this bill should take place soon. Congressman Thomas Massie has already introduced accompanying Audit The Fed legislation in the House. The bill will have an even easier time passing there given the Republicans’ stronger majority and history. All three previous attempts passed the House with a comfortable majority, including numerous Democratic votes. It has always been the Senate that has prevented the Federal Reserve Transparency Act from becoming law. Only one Democrat, Bernie Sanders (who’s technically an independent), voted for the legislation the last time it was introduced. Texas Senator Ted Cruz didn’t even bother to vote for it that time.
Even if Audit The Fed had passed the Senate last year it’s unlikely that President Obama would have signed it. Democrats have always been opposed to the idea because they want the Federal Reserve to continue to keep interest rates low which makes borrowing trillions of dollars to spend possible. Rand Paul is hoping that this time will be different given President Trump’s openness to the legislation.
— Senator Rand Paul (@RandPaul) January 4, 2017
With support from both House of Congress, and an open-minded President, Ron Paul’s dream of seeing the Federal Reserve audited is closer than ever to fruition. It’s been eight long years, and taken his own son Rand to continue the fight, but we may finally see what the Fed has been up to all these years. It will be an eye opener for the country when that happens.