"This is an unprecedented opportunity for transparency into how the currency of the United States is handled, and mishandled by the Federal Reserve," Paul said this week.
Under current law, Congress cannot audit the Fed's monetary policy decisions, even though the Fed's own financial statements are audited annually.
According to Paul, the Dodd-Frank law of 2010 allowed for audits of the Fed's emergency credit programs, but Paul argues that this addition still does not give Congress the full picture it needs.
"H.R. 459 does not limit the focus of the audit, making a full audit finally possible," he said. "An entity that controls the value and purchasing power of the dollar should not be permitted to operate in the dark without oversight by Congress and accountability to the people."