Kentucky Senator, and one time Presidential hopeful, Rand Paul, isn’t giving up on his quest to have the federal reserve audited. As it stands, he’s as close as he was when the senate rejected his bill back in January, when he needed 7 more votes to reach the 60 he needs to pass the bill. The bill got a majority, but ultimately failed in a 53-44 vote.
Sitting down with Kitco News, Paul discussed how close he is since he revived the bill.
“It’s hard to get a vote more than once in a year, so I’ll be lucky to get it after the election,” said Paul.
“And part of what we need in the senate is I’ve got to get more Democrats on board,” continued Paul. “I asked Bernie Sanders for years to help me with it, and he really was never a co-sponsor. In the end he voted for it. I’ve got to convince him to co-sponsor it, and if he would go out and get five or six Democrats, we might be able to get across the finish line.”
While the success of Paul’s bill may rest on Sander’s shoulders, Paul will no doubt face a stiff resistance from Democrats a second time. While Republicans overwhelmingly vote in favor of the bill, Democrats talk a big game about big banks, but seem to shrink away when it’s time for rubber to meet the road. Even the White House offered its opinion, and called the bill “dangerous.”
And Democrats have a reason to believe that. While the Fed is annually audited already, the only thing revealed is essentially holdings, profits, and expenses. What we don’t know is where all the money is going specifically. This audit process would shine some light on where exactly our money is going.
I can bet there are some who would rather see that information stay private.