Paul, while in the House, introduced legislation that would require an audit of the Federal Reserve. Via an amendment proposed by Paul and fellow House member Alan Grayson (D-FL) in the Financial Services Committee, much of Paul’s audit legislation was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act that passed in the House of Representatives. However, the bill that was ultimately enacted in 2010 included instead a significantly restricted form of the audit language that originated in the US Senate. In 2012, Paul’s audit the Fed bill — the Federal Reserve Transparency Act (HR 459) — passed in the House by a vote of 327 to 98. The Senate, however, took no action on the bill.
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