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Paul raises $88K off Audit the Fed movement

Sen. Rand PaulRandal (Rand) Howard PaulOvernight Health Care: 50 million coronavirus vaccines given | Pfizer news | Biden health nominees Rand Paul criticized for questioning of transgender health nominee Haley isolated after Trump fallout MORE’s (R-Ky.) political action committee has already raised more than $88,000 this week from his proposal to audit the Federal Reserve.

Paul's Reinventing A New Direction (RAND) PAC wants to raise $150,000 by Monday in what it is calling its “Stand with Rand Audit the Fed Money Bomb.” It's asking for donations starting as low as $10.

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The fundraising is a sign Paul sees a winning strategy in connecting himself, at least on this issue, to the views of his father, former Rep. Ron Paul (R-Texas). The senior Paul was an early champion of auditing the Fed.

Paul’s proposal would give the comptroller general the authority to audit the central bank. His legislation has 30 co-sponsors, including fellow prospective presidential candidates Sens. Marco Rubio (R-Fla.) and Ted Cruz (R-Texas).

Fed officials are increasingly speaking out against the policy. They say the bill would politicize the Federal Reserve, which has for decades been an independent entity.

Earlier this week, White House Council of Economic Advisers Chairman Jason Furman dubbed the bill “dangerous” in an interview with Bloomberg TV, adding that he'd encourage President Obama to oppose it.

The Wall Street Journal reported on Tuesday that the central bank's only Republican governor, Jerome Powell, met with Senate GOP chiefs of staff on Jan. 22 urging them to oppose the bill.