Rand Paul eyes debt-ceiling fight in Audit the Fed push

645X363 - No Companion - Full Sharing - Additional videos are suggested - Policy/Regulation/Blogs
Sen. Rand PaulRandal (Rand) Howard PaulGOP senators call for probe of federal grants on climate change Overnight Health Care — Presented by the Association of American Medical Colleges — Key ObamaCare groups in limbo | Opioids sending thousands of kids into foster care | House passes bill allowing Medicaid to pay for opioid treatments US watchdog: 'We failed' to stem Afghan opium production MORE (R-Ky.) is mulling attaching his Audit the Fed legislation to a vote to raise the debt ceiling, Paul spokesman Brian Darling told The Hill.

Darling said that Paul, who is considering a 2016 presidential campaign, fully expects to get a vote on the measure in the Senate this year and that "there are numerous options to get a bill passed by itself or combined with other legislation."

"The strategy going forward will be to use regular order," Darling told The Hill. "If regular order does not work, Audit the Fed would be a great amendment to a debt-limit increase or any other piece of must pass legislation that hits the Senate floor."

ADVERTISEMENT
The move is a clear signal of how serious Paul is about getting a vote on the legislation that has garnered political blowback from top Fed officials. The proposal allows for increased congressional oversight at the central bank.

Fed Chairwoman Janet Yellen and other top Fed officials have maintained for years that the bill would undermine the central bank's independence and politicize its actions.

The Treasury Department will reach its borrowing limit — or hit the "debt ceiling” — around March 15. Most experts predict that Treasury Secretary Jack LewJacob (Jack) Joseph LewOvernight Finance: US reaches deal with ZTE | Lawmakers look to block it | Trump blasts Macron, Trudeau ahead of G-7 | Mexico files WTO complaint Obama-era Treasury secretary: Tax law will make bipartisan deficit-reduction talks harder GOP Senate report says Obama officials gave Iran access to US financial system MORE will be able to use a series of "extraordinary measures" to keep financing the government until summer or early fall.

Rep. Thomas Massie (R-Ky.) has introduced Audit the Fed legislation in the House, where it is expected to easily pass.

It's unclear whether the measure would be able to survive in the new-GOP controlled Senate, as Paul would need to pick up Democratic support to overcome a filibuster.

Sens. Elizabeth WarrenElizabeth Ann WarrenFederal court rules consumer bureau structure unconstitutional Election Countdown: Family separation policy may haunt GOP in November | Why Republican candidates are bracing for surprises | House Dems rake in record May haul | 'Dumpster fire' ad goes viral The Hill's Morning Report — Sponsored by PhRMA — GOP lawmakers race to find an immigration fix MORE (D-Mass.) and Sherrod BrownSherrod Campbell BrownDem senators introduce bill to ban controversial voter purges The Hill's Morning Report — Sponsored by PhRMA — GOP lawmakers race to find an immigration fix Warren to put hold on Trump consumer bureau nominee MORE (D-Ohio) — each viewed as top progressives on the Senate Banking Committee, which has jurisdiction on the bill — have come out against the bill.

Paul's bill has 31 co-sponsors, with just one Democrat: Sen. Mazie HironoMazie Keiko HironoDemocrats protest Trump's immigration policy from Senate floor Fourth Senate Dem calls for Nielsen to resign over family separation policy Dem lawmaker calls on Nielsen to resign over ‘volume of lies’ about family separations MORE (Hawaii).

Senate Banking Committee Chairman Richard Shelby (R-Ala.) has said that he will have a hearing on Audit the Fed.

Paul held a rally on the issue in Des Moines, Iowa, earlier this month and he has fundraised on it, too. Paul's father, former Rep. Ron Paul (R-Texas), was an early supporter of the legislation.