“‘Audit the Fed’ still has an uphill climb, even in the Senate, and so we’ll see how the vote goes with that. I have said repeatedly though, throughout my time in public life, that the Fed has too much power, and that its power to manipulate interest rates has been deleterious, it hasn’t been good for the economy,” Paul told reporters on a Monday conference call.
“I do want to have more of a marketplace and less of a Fed, but I am an incrementalist in the sense that I’m trying to get what we can possibly get through,” Paul said. “It took a long time even for the concept of ‘Audit the Fed’ to come forward, and then it became very popular in the House, unfortunately we have the resistance of some establishment Republicans in the Senate, so it’s going to be difficult.”
On Monday, Paul was pressuring liberal members of the Democratic caucus, including presidential hopeful Bernard Sanders, I-Vt., to back a vote on the audit measure on Tuesday. The bill would remove limits on the oversight of the Fed by the Government Accountability Office, effectively subjecting the bank to a more comprehensive audit, including sensitive matters related to monetary policy.
“We’ve had a lot of Democrats who claim that they’re concerned about big banks … and a revolving door between Wall Street and the big banks and the Federal Reserve,” Paul said, also citing Sen. Elizabeth Warren, D-Mass., among “loud voices.”
The vote itself to limit debate on taking up the “Audit the Fed” measure, requiring 60 votes, is set for 2:30 p.m. EST Tuesday, hours before the joint session of Congress for the State of the Union address.