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# A GOP-Controlled Senate Means Congress Could Audit the Fed in 2015
- URL: https://ivn.us/gop-controlled-senate-means-congress-audit-fed-2015/
- Published: 2014-11-10T14:56:38.000Z
- Updated: 2026-06-22T19:47:15.000Z
- Author: Carl Wicklander
- Tags: News

The midterm elections that benefited the Republican Party may also mean an [audit](http://ivn.us/2013/12/13/wont-senate-audit-federal-reserve/?utm%5Fsource=ivn&utm%5Fmedium=listing%5Fsearch&utm%5Fcampaign=opt-beta-v-1-1) of the Federal Reserve is one step closer to reality.

Outgoing Senate Majority Leader Harry Reid [supported](http://www.youtube.com/watch?v=oXOsZ7Ad7dM&ref=ivn.us) a Federal Reserve audit in the 1990s, and voiced support for one as recently as 2010\. However, in 2012, [Reid](http://ivn.us/2014/09/17/harry-reid-one-obstacle-standing-way-audit-fed/?utm%5Fsource=ivn&utm%5Fmedium=featured&utm%5Fcontent=title&utm%5Fcampaign=opt-beta-v-1-1) [refused](http://abcnews.go.com/Politics/OTUS/ron-pauls-audit-fed-bill-passes-house/story?id=16855319&ref=ivn.us#.UBBYxrRSS71) to bring any audit bills to a vote.

An audit the Fed bill was [introduced](https://www.govtrack.us/congress/bills/113/s209?ref=ivn.us) in the last two Congresses by Kentucky U.S. Senator **Rand Paul**. Neither made it through committee, but with a power shift in the Senate and an ally leading the majority party, the political landscape may be more accommodating.

Polls in recent years have shown people increasingly concerned with the actions of the Federal Reserve. A 2013 Rasmussen poll [found](http://www.rasmussenreports.com/public%5Fcontent/business/general%5Fbusiness/november%5F2013/74%5Fwant%5Fto%5Faudit%5Fthe%5Ffederal%5Freserve?ref=ivn.us) 74 percent of people polled wanted an audit of the central bank. Another poll in August [found](http://www.rasmussenreports.com/public%5Fcontent/business/general%5Fbusiness/august%5F2014/americans%5Fstill%5Fwonder%5Fif%5Ffed%5Fcan%5Fhandle%5Finflation?ref=ivn.us) that 75 percent of respondents were anxious about inflation and questioned whether the Federal Reserve could keep it under control.The Federal Reserve is already subject to

[periodic](http://www.publiceye.org/conspire/flaherty/flaherty6.html?ref=ivn.us), but incomplete audits. A partial audit in 2011 [revealed](http://www.sanders.senate.gov/newsroom/press-releases/the-fed-audit?ref=ivn.us) $16 trillion in loans were made to foreign banks and corporations during the Great Recession.

An audit bill passed the House in September, 333-92\. It marked back-to-back sessions the lower chamber [passed](http://abcnews.go.com/Politics/OTUS/ron-pauls-audit-fed-bill-passes-house/story?id=16855319&ref=ivn.us#.UBBYxrRSS71) an audit bill. A similar bill [introduced](https://www.govtrack.us/congress/bills/111/hr1207?ref=ivn.us) by **Ron Paul** in 2009 died in committee despite over 300 cosponsors.

Rand Paul's fellow Kentucky senator, **Mitch McConnell**, is expected to become the Senate majority leader in January. For the first time in his 30-year career, McConnell faced a well-funded, viable primary opponent, Matt Bevin. However, the outsider challenge was partly headed off with Paul [endorsing](http://ivn.us/2013/03/29/rand-paul-endorses-mitch-mcconnell/?utm%5Fsource=ivn&utm%5Fmedium=listing%5Fsearch&utm%5Fcampaign=opt-beta-v-1-1) McConnell early in the race and actively [campaigning](http://www.wdrb.com/story/27164757/rand-paul-to-campaign-with-mitch-mcconnell-on-monday?ref=ivn.us) for the senator throughout 2014.

McConnell's gratitude for Paul's work was evident shortly after the votes were counted. On Thursday, he [announced](http://www.kentucky.com/2014/11/06/3525224%5Fmcconnell-reflects-after-reaching.html?sp=/99/322&rh=1&ref=ivn.us), "I'm a big supporter of Rand Paul. We've developed a tight relationship, and I'm for him." On Paul's presidential aspirations, McConnell simply replied, "He'll be able to count on me."

Time will tell whether McConnell's effusion for his fellow Kentuckian extends to one of the Paul family's defining issues: auditing the Federal Reserve.

The change in Congress may mean the landscape is improving to the point that an audit the Fed bill can get through the Senate. The most recent Senate audit [bill](https://www.govtrack.us/congress/bills/113/s209?ref=ivn.us) had only 31 cosponsors, but McConnell was one of them. Senator-elect Cory Gardner (R-Colo.) has [indicated](http://www.politico.com/story/2014/11/cory-gardner-unseats-mark-udall-in-colorado-112532.html?ref=ivn.us) support for auditing the Federal Reserve. Other incoming senators Tom Cotton (R-Ark.) and Steve Daines (R-Mont.) also [voted](http://www.opencongress.org/vote/2014/h/504?ref=ivn.us) for [H.R. 24](http://ivn.us/2013/01/06/georgia-rep-paul-broun-introduces-audit-the-fed-legislation/?utm%5Fsource=ivn&utm%5Fmedium=listing%5Fsearch&utm%5Fcampaign=opt-beta-v-1-1), the House version that passed.

In 2015, politicos and voters will be able to see what type of strategist Mitch McConnell is. McConnell, who has been in the minority ever since he entered the leadership, has only organized his caucus in opposition. Although the White House is still controlled by Democrats, McConnell has the opportunity to begin organizing a positive agenda by getting the Senate to vote on auditing the Federal Reserve.