S. 264 - Audit the Fed - 34 Cosponsors [11/6 Update +2]

[tsai3904]

S. 264

Federal Reserve Transparency Act of 2015

Sponsor: Paul, Rand [KY] (introduced 1/27/2015)

Cosponsors (34)

Sen Ayotte, Kelly [NH] - 1/27/2015
Sen Barrasso, John [WY] - 1/27/2015
Sen Blunt, Roy [MO] - 1/27/2015
Sen Boozman, John [AR] - 1/27/2015
Sen Burr, Richard [NC] - 1/27/2015
Sen Capito, Shelley Moore [WV] - 1/27/2015
Sen Cassidy, Bill [LA] - 1/27/2015
Sen Cornyn, John [TX] - 1/27/2015
Sen Crapo, Mike [ID] - 1/27/2015
Sen Cruz, Ted [TX] - 1/27/2015
Sen Daines, Steve [MT] - 2/24/2015
Sen Gardner, Cory [CO] - 1/27/2015
Sen Grassley, Chuck [IA] - 1/27/2015
Sen Hatch, Orrin G. [UT] - 1/27/2015
Sen Heller, Dean [NV] - 1/27/2015
Sen Hirono, Mazie K. [HI] - 1/27/2015
Sen Isakson, Johnny [GA] - 1/27/2015
Sen Kirk, Mark Steven [IL] - 1/27/2015
Sen Lankford, James [OK] - 1/27/2015
Sen Lee, Mike [UT] - 1/27/2015
Sen McConnell, Mitch [KY] - 1/27/2015
Sen Moran, Jerry [KS] - 1/27/2015
Sen Murkowski, Lisa [AK] - 1/27/2015
Sen Perdue, David [GA] - 1/27/2015
Sen Portman, Rob [OH] - 1/27/2015
Sen Risch, James E. [ID] - 1/27/2015
Sen Roberts, Pat [KS] - 11/3/2015
Sen Rubio, Marco [FL] - 1/27/2015
Sen Scott, Tim [SC] - 1/27/2015
Sen Sessions, Jeff [AL] - 2/10/2015
Sen Sullivan, Dan [AK] - 11/5/2015
Sen Thune, John [SD] - 1/27/2015
Sen Toomey, Pat [PA] - 1/27/2015
Sen Vitter, David [LA] - 1/27/2015

==================================================

Cosponsored S. 202 in 112th Congress or S. 209 in 113th Congress but have not yet cosponsored S. 264 (8):

Sen Cochran, Thad [MS] - cosponsored S. 209
Sen Collins, Susan M. [ME] - cosponsored S. 209
Sen Enzi, Michael B. [WY] - cosponsored S. 209
Sen Graham, Lindsey [SC] - cosponsored S. 209
Sen Inhofe, James M. [OK] - cosponsored S. 202
Sen McCain, John [AZ] - cosponsored S. 202
Sen Shelby, Richard C. [AL] - cosponsored S. 202
Sen Wicker, Roger F. [MS] - cosponsored S. 202

==================================================

Voted for H.R. 459 in 112th Congress or H.R. 24 in 113th Congress while a member of the House but have not yet cosponsored S. 264 (6):

Sen Baldwin, Tammy [WI] - voted for H.R. 459
Sen Cotton, Tom [AR] - voted for H.R. 24
Sen Donnelly, Joe [IN] - voted for H.R. 459
Sen Flake, Jeff [AZ] - voted for H.R. 459
Sen Heinrich, Martin [NM] - voted for H.R. 459
Sen Murphy, Christopher S. [CT] - voted for H.R. 459

==================================================

Remaining Republican Senators who have not yet cosponsored S. 264 (10):

Sen Alexander, Lamar [TN]
Sen Coats, Daniel [IN]
Sen Corker, Bob [TN]
Sen Ernst, Joni [IA]
Sen Fischer, Deb [NE]
Sen Hoeven, John [ND]
Sen Johnson, Ron [WI]
Sen Rounds, Mike [SD]
Sen Sasse, Ben [NE]
Sen Tillis, Thom [NC]

==================================================

Find your Senators' contact information here:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

==================================================

Link to H.R. 24, the House Audit the Fed bill:

https://www.congress.gov/bill/114th-congress/house-bill/24/cosponsors?pageSort=alpha

 

[Uriah]

That's a lot of cosponsors on the first day.

 

[Xenliad]

I contacted both of "my" senators.

 

[tsai3904]

Federal Reserve chief huddles with Senate Dems

By Kevin Cirilli - 01/29/15 01:06 PM EST

Federal Reserve Chairwoman Janet Yellen is meeting Thursday with Senate Democrats.

The meeting comes a day after Sen. Rand Paul (R-Ky.) reintroduced legislation that would require a full audit by the Government Accountability Office for the Fed.

Yellen has repeatedly opposed such legislation and said in December she would “forcefully” argue against another audit bill in 2015.
Senate Banking Committee Chairman Richard Shelby (R-Ala.) told reporters earlier Thursday he would hold hearings on Paul's Audit the Fed legislation, despite him not being a co-sponsor on the bill.

“I want to make sure that what we do is the right thing. We don't want to run the Fed, but I do believe that the Fed — especially with the portfolio that is has — we need to know what they're doing."

He said that he will "absolutely" have a Banking Committee hearing on the idea and that he "might" end up supporting Paul's bill.

...

More:
http://thehill.com/policy/finance/231157-federal-reseve-chief-huddles-with-senate-dems


Members of Senate Committee on Banking, Housing, and Urban Affairs:

Republicans:

Sen Corker, Bob [TN]
Sen Cotton, Tom [AR]
Sen Crapo, Mike [ID]
Sen Heller, Dean [NV]
Sen Kirk, Mark Steven [IL]
Sen Moran, Jerry [KS]
Sen Rounds, Mike [SD]
Sen Sasse, Ben [NE]
Sen Scott, Tim [SC]
Sen Shelby, Richard C. [AL]
Sen Toomey, Pat [PA]
Sen Vitter, David [LA]

Democrats:

Sen Brown, Sherrod [OH]
Sen Donnelly, Joe [IN]
Sen Heitkamp, Heidi [ND]
Sen Menendez, Robert [NJ]
Sen Merkley, Jeff [OR]
Sen Reed, Jack [RI]
Sen Schumer, Charles E. [NY]
Sen Tester, Jon [MT]
Sen Warner, Mark R. [VA]
Sen Warren, Elizabeth [MA]

 

[tsai3904]

1 new cosponsor yesterday:

Sen Sessions, Jeff [AL] - 2/10/2015

 

[Xenliad]

Got one response so far

Thank you for sharing your support for further regulation of the Federal Reserve System and the Federal Reserve Transparency Act of 2015 (S. 264). It was good to hear from you.

Congress created the Federal Reserve System in 1913 to combat financial crises. Throughout the 19th Century, individuals concerned about the viability of a bank would withdraw their funds, regardless of whether the bank was failing, leading to bank runs and the collapse of the financial system. The Federal Reserve serves as a lender of last resort, develops and implements the nation's monetary policy, oversees and regulates private banks, and provides a variety of financial services to private banks and the federal government.

In an effort to lessen the impact of the Great Recession and support the recovery, the Federal Reserve employed several tools, including large-scale asset purchases and loans to troubled financial institutions, to stabilize the economy and promote liquidity within the financial system.Some Americans, like you, have criticized these actions and called for greater Congressional oversight over or elimination of the Federal Reserve System. Senator Paul (R-KY) introduced legislation (S. 264) which would direct the Government Accountability Office (GAO) to further audit the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks.

I believe in a transparent and properly managed government that is accountable to its citizens. As a matter of policy, the Reserve Banks' financial statements are audited annually by an outside, independent firm, and they were subject to a comprehensive, congressionally-directed GAO investigation in 2011. In 2012, the GAO completed 22 audits that included a review of some component of the Federal Reserve's activities, and the Office completed an additional 17 audits related to the Banks in 2013. As a member of the Senate Banking Committee, which has jurisdiction over the Federal Reserve, I look forward to conducting additional oversight hearings about the Reserve's activities and debating S. 264 should the bill come before the Committee.

Again, thank you for contacting me. Please do not hesitate to contact me should you have any additional questions or concerns in the future.

Sincerely,

Heidi Heitkamp
United States Senate

 

[tsai3904]

Senate Democrats come out against Fed audit bill

Democrats on the Senate Banking committee on Wednesday voiced opposition to a bill that would expose the U.S. Federal Reserve to a full government audit.

The support from Democrats shows they are starting to form a united front against Republican-led efforts to open the Fed's internal discussions of interest rate and other policy matters to the public.

...

Sherrod Brown of Ohio, the top Democrat on the committee, is against the bill, his spokeswoman said. While Brown has supported certain Fed transparency bills before, "he does not see how this legislation will benefit working Americans" Brown Spokeswoman Meghan Dubyak said in an email.

Committee member Jack Reed is also against the bill, the Rhode Island Senator told Reuters on Wednesday. Another key Democrat on the committee, Massachusetts Democrat Elizabeth Warren is opposed to it as well.

"It promotes congressional meddling in the Fed’s monetary policy decisions, which risks politicizing those decisions," Warren said in an emailed statement, adding that such meddling could have dangerous implications for financial stability.

...

More:
http://www.reuters.com/article/2015/02/11/us-usa-fed-audit-idUSKBN0LF2K220150211

 

[tsai3904]

1 new cosponsor yesterday:

Sen Daines, Steve [MT] - 2/24/2015

 

[tsai3904]

2 new cosponsors this week:

Sen Roberts, Pat [KS] - 11/3/2015
Sen Sullivan, Dan [AK] - 11/5/2015

 

[tsai3904]

From Campaign for Liberty's Facebook page:

## Breaking News from Ron Paul Below ##

The U.S. Senate WILL VOTE on Audit the Fed soon after the Thanksgiving recess.

Whether it passes or fails depends on the amount of pressure you and I are able to apply to weak-kneed senators

https://www.facebook.com/CampaignforLiberty/posts/10153822110479614

This thread refers to S. 264 but the Senate will most likely vote on S. 2232, which is nearly identical.

The Senate has never voted on a standalone Audit the Fed bill so this is big news.

 

[iNoob]

I've been getting emails from C4L about the Audit the Fed vote after Thanksgiving.

S. 2232 https://www.govtrack.us/congress/bills/114/s2232