Senate sets up vote in January on Rand Paul's 'Audit the Fed' bill
© Getty Images
The Senate is heading toward a battle over Sen. Rand PaulRandal (Rand) Howard PaulSaudi mystery drives wedge between Trump, GOP Noisy democracy, or rude people behaving like children? Lawmakers, Wall Street shrug off Trump's escalating Fed attacks MORE's (R-Ky.) "Audit the Fed" legislation, giving the GOP presidential candidate a long-desired floor fight. 
 
ADVERTISEMENT

"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 CruzRafael (Ted) Edward CruzProtesters confront Cruz at airport over Kavanaugh vote O'Rourke targets Cruz with several attack ads a day after debate Election Countdown: O'Rourke goes on the attack | Takeaways from fiery second Texas Senate debate | Heitkamp apologizes for ad misidentifying abuse victims | Trump Jr. to rally for Manchin challenger | Rick Scott leaves trail to deal with hurricane damage MORE (R- Texas) and Marco RubioMarco Antonio RubioGOP leaders hesitant to challenge Trump on Saudi Arabia On The Money: Treasury official charged with leaking info on ex-Trump advisers | Trump to seek 5 percent budget cut from Cabinet members | Mnuchin to decide by Thursday on attending Saudi conference Mnuchin to decide by Thursday whether to attend Saudi conference 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