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The Senate is heading toward a battle over Sen. Rand PaulRand PaulGOP rep: Trump has 'extra-constitutional' view of presidency The ignored question: What does the future Republican Party look like? Rand Paul skeptical about Romney as secretary of State MORE's (R-Ky.) "Audit the Fed" legislation, giving the GOP presidential candidate a long-desired floor fight.
Sen. David Perdue (R-Ga.) — who said he was acting on behalf of Majority Leader Mitch McConnellMitch McConnellDriverless car industry embraces Trump’s Transportation pick Trump flirts with Dems for Cabinet Lawmakers eye early exit from Washington MORE (R-Ky.) — set up a procedural vote on Paul's legislation for Tuesday, Jan. 12, the same day as President Obama's final State of the Union address.
"The Fed operating under a cloak of secrecy has gone on for far too long," Paul said in a statement after Republicans set up the vote. "The American people have a right to know exactly how Washington is spending their money. The time to act is now."
The proposal would increase congressional oversight of the Federal Reserve, as well as subject the central bank to an audit by the Government Accountability Office.
The Senate originally fast-tracked the legislation to the Senate calendar, teeing it up for potential floor action earlier this month, with Paul's office pledging that it would come up for a vote soon.
Paul will need the support of 60 senators to overcome an initial procedural hurdle once the Senate returns. So far, 24 Republican senators — including presidential contenders Sens. Ted CruzTed CruzTrump could be the most significant president of our time Cruz: I'd rather have Trump talk to Taiwan than Cuba or Iran Lewandowski: Top Cruz aide advised Trump team before NH primary MORE (R- Texas) and Marco RubioMarco RubioThe ignored question: What does the future Republican Party look like? Graham to roll out extension of Obama immigration program Trump and Cuba: A murky future MORE (R-Fla.) — have officially signed on to the bill.
Paul introduced similar legislation earlier this year, but that stalled in the Senate Banking Committee where Sen. Richard Shelby (R-Ala.), who chairs the committee, voiced opposition.