Paul's bill has 30 cosponsors, including Senate Majority Leader Mitch McConnell.
"A complete and thorough audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington," Paul said in a statement announcing the legislation Tuesday. "The Fed's currently operates under a cloak of secrecy and it has gone on for too long. The American people have a right to know what the Federal Reserve is doing with our nation's money supply."
Paul has made criticism of the central bank and its control of the money supply a major part of his libertarian platform since before he was elected to the Senate in 2010, following in the footsteps of his father, Ron Paul. The elder Paul, a former U.S. Representative from Texas and the author of the book End the Fed, called for shutting down the Federal Reserve throughout his campaigns for the presidency.
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