Harry Reid: The One Obstacle Standing in the Way of Audit The Fed

image
Published: 17 Sep, 2014
2 min read

Efforts to increase transparency and accountability in the Federal Reserve continue to pick up steam on Capitol Hill. On Wednesday, an Audit the Fed bill overwhelmingly passed the House, 333-92. Over a hundred (106 to be precise) Democrats joined all but one Republican to approve the legislation.

The bill, sponsored by Rep.

Paul Broun (R-Ga.), is a version of a previous bill former Rep. Ron Paul (R-TX) pushed in 2012 that also passed the House, 327-98.

"This is a vital piece of legislation that will help to usher in a new era of transparency in this nation's monetary policy," Broun said in an interview for The Hill. "The Federal Reserve is a creation of Congress, and it must therefore be subject to the oversight and regulation of Congress."

With so much bipartisan support behind the bill, one would assume it would have no issue passing the Senate, especially since Paul's son, Kentucky Junior Senator Rand Paul, introduced companion legislation in the upper chamber with 30 co-sponsors from both major parties.

However, since it was introduced in February 2013, Rand Paul's bill has not even been assigned to a committee for consideration. Broun's bill will likely suffer the same fate. Why is this? Because in the Senate there is one gatekeeper and he has already vowed not to put such legislation up for a vote: Majority Leader Harry Reid.

It is not entirely certain when exactly Harry Reid did a 180 on the issue. He has a documented history of supporting audit the Fed legislation, even up to his 2010 re-election, but when Ron Paul's bill passed in 2012, Reid said he would not put it up for a vote. Since Reid has the power to make these decisions, he remains the one and only obstacle preventing an audit the Fed bill from passing Congress.

Photo Source: Politico

You Might Also Like

Partisan chess game.
The Gerrymandering Fight is About Democracy -- But Not for the Reasons You Think
The Texas GOP made two significant moves in the last few months to enhance their chances in the 2026 midterms. The first made national headlines and provoked a Democratic Party response. The second has flown under the radar....
20 Oct, 2025
-
4 min read
Isn't It Weird That Congress Feels No Urgency to Re-Open the Government?
Isn't It Weird That Congress Feels No Urgency to Re-Open the Government?
The U.S. has entered Day 22 of the latest government shutdown with no end in sight. As pundits expect it to surpass the 35-day record set during Trump’s first term, a new Gallup poll shows voters’ approval of Congress has plummeted in the last month. Yet, for congressional leaders, there isn’t any urgency to re-open the government. House Speaker Mike Johnson and Minority Leader Hakeem Jeffries trade jabs back and forth in the media, but the blame game continues to be prioritized over solutions....
22 Oct, 2025
-
5 min read
Proposition 50 voter guide
California Prop 50: Partisan Power Play or Necessary Counterpunch?
November 4 marks a special election for what has become the most controversial ballot measure in California in recent memory: Proposition 50, which would circumvent congressional districts drawn by the state’s independent redistricting commission for a legislative-drawn map....
01 Oct, 2025
-
9 min read