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Sen. Rand Paul on Wednesday reintroduced legislation to force a government watchdog audit of the Federal Reserve, and the bill has its best chance yet of finally clearing Congress.

Mr. Pauls father, former Rep. Ron Paul, pioneered the push for the legislation during his time in the House, and turned it into a potent political weapon during his presidential campaigns in 2008 and 2012. The senator, who is eyeing a 2016 presidential bid, has picked up the banner.

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, the younger Mr. Paul said in a statement. The Feds currently operates under a cloak of secrecy and it has gone on for too long.

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His legislation has 30 sponsors, including Sen. Mazie Hirono of Hawaii, the sole Senate Democrat who has signed onto the bill as of now.

In a statement, Ms. Hirono praised the Fed for helping the economy recover from the 2008 slump.

That said, were now far enough away from the financial crisis for a full and transparent review of the actions taken on behalf of American taxpayers, she said. Greater transparency will help us prevent another Great Recession, and I believe will increase the American publics confidence in the Fed rather than diminishing it.

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A similar bill has cleared the House twice in recent years with overwhelming support, including about half of House Democrats. But Sen. Harry Reid of Nevada, who was majority leader of the Senate until his partys catastrophic election losses last year, blocked Senate action.

New Majority Leader Mitch McConnell, a Kentucky Republican along with Mr. Paul, is a co-sponsor of the audit bill, and it is likely to receive a vote at some point.

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Rand Paul reintroduces Audit the Fed bill

Sen. Rand Paul, Kentucky Republican, said he was fine with House Speaker John A. Boehners inviting Israeli Prime Minister Benjamin Netanyahu to a joint meeting of Congress and blasted President Obama for his decision not to meet with Mr. Netanyahu while hes in Washington.

Benjamin Netanyahus been here before I cant understand why it would be a controversy other than maybe the presidents acting a little bit petulant over this because he wasnt consulted, Mr. Paulsaid on Fox News On the Record with Greta Van Susteren Tuesday evening. But it almost looks a little bit childish to me that hes gonna make a big stink over, oh, now I wont even meet with an ally, whos the head of state of an ally when he comes to Washington because he wasnt consulted.

Its almost like where you sit on the plane, [whether] you get in the front side of the plane or the back side of the plane its a little bit inconsequential, I think, said Mr. Paul, who is laying the groundwork for a potential 2016 run at the White House.

Israels an important ally, so I dont understand why he would refuse to meet with him other than just sort of being, like I say, petulant or childish about not being consulted, Mr. Paul said.

Mr. Obama said in an interview with CNN that hes not meeting with Mr. Netanyahu because of the proximity of the scheduled visit to elections in Israel.

On an issue of major significance to Israel, Mr. Paul has actually broken with many in his party who want to impose additional sanctions on Iran as the U.S. engages in negotiations over Irans nuclear program.

Mr. Paul said hes a fan of trying the diplomatic option as long as possible and if it fails, he would vote to have new sanctions.

But if you do it in the middle of the negotiations youre ruining it, he said at a forum earlier this week sponsored by an affiliate of the conservative billionaire benefactors Charles and David Koch. So many people on our side say, Well, we dont want 535 generals, the president should be in charge of war. But now theyre saying, We want 535 negotiators, not the president. I dont trust the president. I dont believe or support him on almost anything he does. But at the same time, I do think diplomacy is better than war and we should give diplomacy a chance.

But the issue over Mr. Netanyahus visit doesnt represent the office well, he told Fox.

I think if President Obama wants to look like an adult in the room and wants to be part of the adult conversation, yeah, absolutely, they should have never brought this up at all, it looks childish not to meet with Netanyahu when he comes, and so hopefully the president will get over his pique over this. I dont think it looks well or represents the presidency well to behave that way, he said.

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Rand Paul blasts 'petulant' Obama over Netanyahu snub: 'Childish'

Sen. Rand Paul falsely claimed that a tax-credit program for low-income workers has a fraud rate of 25 percent and costs taxpayers $20 billion to $30 billion. Paul cited a report by the Government Accountability Office, but thats not what the report said.

The earned income tax-credit program had an improper payment error rate of 24 percent in fiscal year 2013, according to the latest GAO report. The error rate includes fraud, but also represents mistakes made by taxpayers when filing tax forms and the IRS when processing payments. The GAO blamed the mistakes on the complexity of the tax law. The errors cost taxpayers $14.5 billion which is less than half of the high-end estimate provided by Paul.

Paul, a Kentucky Republican who is considering running for president, joined two other potential GOP presidential candidates at aJan. 25 forumsponsored by the conservative Freedom Partners Chamber of Commerce. Sens. Marco Rubio of Florida and Ted Cruz of Texas also attended.

The moderator, Jon Karl of ABC News, asked the senators if they agreed with Rep. Paul Ryans proposal to expand the earned income tax credit and pay for the expansion by eliminating other tax breaks. TheEITC is a refundable tax credit, which means that low-income taxpayers who have no tax liability can receive a refund. Otherwise, the tax credit is used to reduce a taxpayers liability.

Paul said he opposes Ryans plan and criticized the EITC program for being rife with fraud.

Paul, Jan. 25: When you look at the earned income tax credit, it has about a 25 percent fraud rate. Were looking at $20 billion to $30 billion. And this is from estimates from the GAO[Government Accountability Office], from the government themselves.

Thats not what the GAO said.

The GAO issued areport Dec. 9, 2014, on improper payments made by various government agencies, including the IRS. The GAO said the EITC program had what it labeled an improper payment error rate of 24 percent at a cost of $14.5 billion in fiscal year 2013.

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FactCheck: Rand Paul exaggerates scope of tax-credit fraud

Rand Paul makes Mark Levin LOL about their disagreement on Iran
Sign the petition to arrest Marxist collaborator Marco Rubio at mofopolitics.com.

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Rand Paul makes Mark Levin LOL about their disagreement on Iran - Video

Senator Rand Paul addresses The Ripon Society
U.S. Senator Rand Paul of Kentucky speaks to a breakfast meeting of The Ripon Society on January 21, 2015 in Washington, DC.

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Senator Rand Paul addresses The Ripon Society - Video