“It’s been bad for people with a bank account”.
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“Since the 2008 financial crisis, the Fed has increased its balance sheet from less than $1 trillion to over $4.4 trillion”, Paul said in a speech before the Senate’s vote.
The bill mainly received support from conservatives in the Senate, though Democratic presidential candidate Bernie Sanders, an opponent of the excessive influence of private finance in the United States, threw his support behind the bill as well.
The risk, he said, is that GAO “reviews and recommendations concerning individual monetary policy decisions would provide a vehicle for members of Congress to apply political pressure on the Fed”.
Paul’s presidential campaign, which has been treading water for months, could receive a boost if he is the only presidential candidate who passes legislation while running for president. The odds are still against it, but with Republicans holding both Houses of Congress and strong Fed critics in key Committee positions in the House, where it has also been introduced, the Paul family’s quest to turn this legislation into law may never stand a better chance of being realized. Rand Paul, R-Ky., that would have required an audit and greater transparency on monetary policy-making from the Federal Reserve, the powerful central banking system that sets interest rates and manages the money supply.
The filibuster left Republicans seven votes shy of the 60 votes needed to advance their bill, likely dooming the legislation for the foreseeable future.
“This legislation’s about 535 members of Congress getting involved in federal monetary policy, ‘ said Sen”.
The bank’s financial statements are audited annually, she said in a January 8 letter to McConnell and Senate Minority Leader Harry Reid, a Nevada Democrat.
“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.
Bernanke famously was unable to identify during a 2009 congressional hearing the foreign banks that received $500 billion during the economic crisis.
“Political interventions in monetary policy decisions would not lead to better results”, Bernanke wrote in a blog for the nonprofit Brookings Institution. Ted Cruz on Tuesday after the Texas Republican skipped a vote on his “Audit the Fed” proposal.
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Former Rep. Paul says he isn’t optimistic that reform would come from the potential presidency of GOP front-runner Donald Trump and isn’t sure if he would vote at all if Trump is the GOP presidential nominee. The Federal Reserve has publicly pushed back against the measure.
