On January 12, the Federal Reserve Transparency Act (S. 2232) is scheduled for a vote in the Senate. Authorizing review by the Governmental Accountability Office of our nation’s monetary policy, the bill was introduced by Sen. Rand Paul (R-Ky.). But the bill’s final vote is arguably due to the legacy of the Senator’s father, former Rep. Ron Paul (R-Tex.), who championed the causes of sound money and central bank transparency over his 12-term career in Congress. Dr. Paul is the subject of this week’s Profiles in Liberty.

Sen. Elizabeth Warren (D-MA) has become the populist darling of the far-left by successfully portraying herself to be a vocal opponent of Wall Street and big financial institutions, as well as a hardcore supporter of onerous financial regulations, the costs of which are passed on to American consumers. Her anti-cronyism image, though, isn't all it's cracked up to be.

Hours after the new members of the 114th Congress were sworn in on Tuesday, Rep. Thomas Massie reintroduced the Federal Reserve Transparency Act (H.R. 24), which, if passed, would require the United States' central bank to open certain information to the Government Accountability Office, currently excluded from audits.

With a new Congress just weeks away from being seated, support is already beginning to build on Capitol Hill to audit the Federal Reserve.