Senate rejects Kentucky Senator Rand Paul’s “Audit The Fed” bill.
The Senate blocked Senator Rand Paul’s “Audit The Fed” bill yesterday which would have lead to more congressional oversight over the private Federal Reserve.
The Senate voted 53-44, leaving the legislation just seven votes shy of moving forward.
“Audit The Fed” received bipartisan support with Senator Bernie Sanders of Vermont voting in favor of the bill along with Democratic Senator Tammy Baldwin of Wisconsin.
Senator Marco Rubio of Florida supported the legislation while Senator Ted Cruz of Texas shockingly missed the vote entirely for unknown reasons. Rand Paul has not been shy about his disapproval of Cruz’ no-show.
“We’ve had a lot of Democrats who claim that they’re concerned about big banks and big banks controlling things and a revolving door between Wall Street and big banks and the Federal Reserve,” Paul told reporters during a conference call Monday. “We’ll see if any of those loud voices — Bernie Sanders, Elizabeth Warren — are they loud voices that really are for more oversight of the banking system?” Source
Bernie Sanders had released a statement in support of the bill before yesterday’s vote:
“Requiring the Government Accountability Office to conduct a full and independent audit of the Fed each and every year, would be an important step towards making the Federal Reserve a more democratic institution that is responsive to the needs of ordinary Americans rather than the billionaires on Wall Street” Source
The decision might not have been shocking but it was still a disappointment. Evidently, a private Federal Reserve cartel that at one point couldn’t account for 9 trillion dollars shouldn’t be held to any ethical standards according to law makers in Washington. One can only hope that November 2016 sees a president take office that fights back against government secrecy as well as Dr. Paul has throughout his run as senator.
The following is a full list of how each senator voted on “Audit The Fed” –