The Senate will vote on Sen. Rand Paul’s legislation to audit the Federal Reserve when Congress returns from recess in January.
The Federal Reserve Transparency Act of 2015 would expand congressional oversight of the nation’s central bank and give the Government Accountability Office the authority to review the Fed’s monetary policy decisions.
Paul, R-Ky., announced Friday that Senate Majority Leader Mitch McConnell scheduled the vote on his bill for Jan. 12.
“The Fed operating under a cloak of secrecy has gone on for far too long,” Paul said in a statement. “The American people have a right to know exactly how Washington is spending their money. The time to act is now.”