‘Audit the Fed’ missing from Rand Paul rollout

Sen. Rand Paul (R-Ky.) opted to steer clear of bashing the Federal Reserve when he announced his presidential candidacy Tuesday.

Speaking to a raucous Louisville crowd, the libertarian lawmaker hit on a number of priorities in bolstering his candidacy, including reforming the criminal code, cutting foreign aid, and ending warrantless wiretapping.

{mosads}But in his broadsides against “the Washington Machine,” one topic that did not receive a mention was curbing the Federal Reserve and auditing its monetary policy.

The “Audit the Fed” movement can trace its roots directly back to the Paul family. Rand’s father, the retired Rep. Ron Paul (R-Texas), made blasting the Fed’s monetary policy moves, and its very existence, a defining feature of his numerous dark horse presidential campaigns.

The elder Paul literally wrote the book on challenging the Fed — called “End the Fed.” Paul’s dogged work on the issue even led to the House eventually passing “Audit the Fed” legislation twice in recent Congresses.

Since joining the Senate in 2011, the younger Paul has taken up that mantle, sponsoring bills that would subject the Fed’s monetary policy deliberations to external review.

And while “Audit the Fed” is listed as a policy priority on the “Issues” page of Paul’s presidential campaign website, he steered clear of the matter in his remarks announcing his candidacy.

“The Fed is now in every nook and cranny of banking with unprecedented regulatory powers and no Congressional oversight. I believe the Fed should be audited and the regulatory power should be placed back under the control of Congress,” Paul’s website states. “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.”

Republicans have been highly critical of the Fed since the financial crisis, arguing its hugely accommodative policy to try and keep the economy afloat was ineffective and risked damaging inflation. Meanwhile, Fed officials have pushed back strongly against “Audit the Fed” legislation, arguing it would effectively allow politicians to put pressure on the independent central bank.

Paul joins fellow Sen. Ted Cruz (R-Texas) as officially announced GOP candidates for president. Former Florida Gov. Jeb Bush has said he is exploring the matter, and Sen. Marco Rubio (R-Fla.) could be announcing his own run shortly.