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The Senate is heading toward a battle over Sen. Rand PaulRand PaulDems blast Trump plans for deep spending cuts Trump team prepares dramatic cuts Paul, Lee call on Trump to work with Congress on foreign policy 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 McConnellWill America really unite behind Trump? Top GOP senator warns of weekend work on Trump nominees Overnight Finance: Scoop – Trump team eyes dramatic spending cuts | Treasury pick survives stormy hearing 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 CruzBooker is taking orders from corporate pharmaceuticals Caitlyn Jenner to attend Trump inauguration: report Trump’s UN pick threads needle on Russia, NATO MORE (R- Texas) and Marco RubioMarco RubioTillerson met with top State official: report McCain ‘very concerned’ about Tillerson Top Dem: Don’t bring Tillerson floor vote if he doesn’t pass committee 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.