WASHINGTON (AP) — The Senate has blocked legislation calling for tougher audits of the Federal Reserve, rebuffing efforts by Republican Sen. Rand Paul to give lawmakers greater oversight of the central bank's moves on interest rates.
The presidential candidate's measure calls for the watchdog agency for Congress, the Government Accountability Office, to scrutinize the Fed's monetary policy and offer recommendations to lawmakers on ways to address any perceived problems.
The 53-44 vote on Tuesday fell short of the threshold to overcome a Democratic filibuster.
A Republican White House hopeful, Paul proposed the "Audit the Fed" legislation and found an unlikely ally in a Democratic candidate for president, Bernie Sanders.
Congress, the White House and Treasury officials have traditionally been careful to steer clear of questioning the Fed's independence to set policy.