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Patrick J. Toomey

Senate rejects Rand Paul's 'Audit the Fed' legislation

The Senate on Tuesday blocked legislation calling for tougher audits of the Federal Reserve, rebuffing an attempt by Republican presidential candidate Rand Paul to give lawmakers greater oversight of the central bank's moves on interest rates.

The 53-44 vote fell short of the threshold to overcome a Democratic filibuster. But the Kentucky Republican, who is seeking the GOP's nomination for president, was joined by independent Sen. Bernie Sanders of Vermont, a candidate for the Democratic nomination for president who occupies the opposite end of the political spectrum from Paul.

The measure calls for the Government Accountability Office, a watchdog agency for Congress, to...

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