Just a few days after proposing to eliminate several government agencies, including HUD, Texas Senator and Republican presidential hopeful Ted Cruz agreed to cosponsor the latest Federal Reserve Act of 2015 (S. 2232), commonly known as the “Audit the Fed” bill introduced by Sen. Rand Paul (R-Kentucky).

Cruz and 20 of his colleagues signed on as cosponsors for Paul’s bill that would establish Congressional oversight and require a full audit of the Fed by the Government Accountability Office (GAO).

“The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on,” Cruz said. “This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term.”

Earlier this week in Tuesday’s nationally televised Republican presidential debate, Cruz proposed making budget cuts be eliminating government agencies he considers unnecessary, such as the Department of Education, the Department of Commerce, and HUD. He even proposed eliminating the IRS, calling it a “federal leviathan that has ruled Washington and crept into our lives.”

"We should shrink the size and power of the federal government by every and any means possible,” Cruz said. “What does that mean? That means eliminating unnecessary or unconstitutional agencies."

“Right now, the Fed is adjusting monetary policy according to whims, getting it wrong over and over again, and causing booms and busts,” Cruz said. “If you look at the crash of 2008, the Fed’s policy destabilizing our money contributed powerfully both to the bubble and collapse. By auditing the Fed, the American people can fully understand the scope and consequences of the agency’s extraordinary monetary policy since 2008—and then know what reforms are needed to improve the Fed’s operations and accountability.”

“This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term.” Sen. Ted Cruz

The Audit the Fed bill proposes to eliminate restrictions on the GAO's audits of the Fed and also mandates that several divisions of the Fed be subject to Congressional oversight, including credit facilities, securities purchases, and quantitative easing activities. One of the provisions of the bill calls for an audit of the review of the loan files of homeowners in foreclosure: "The Comptroller General of the United States shall conduct an audit of the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board of Governors of the Federal Reserve System against supervised financial institutions."

“Right now, the Fed is adjusting monetary policy according to whims, getting it wrong over and over again, and causing booms and busts. If you look at the crash of 2008, the Fed’s policy destabilizing our money contributed powerfully both to the bubble and collapse. By auditing the Fed, the American people can fully understand the scope and consequences of the agency’s extraordinary monetary policy since 2008—and then know what reforms are needed to improve the Fed’s operations and accountability.”

Paul originally introduced the bill back in January 2015 for the 114th Congress. Rule XIV allows the bill to be placed directly on the Senate Legislative Calendar so that it may receive immediate consideration.

"Today, I reintroduced my legislation to conduct a complete and thorough audit of the Federal Reserve and am seeking a vote soon,” Paul said. “The Fed operating under a cloak of secrecy has gone on for far too long. The American people have a right to know exactly how Washington is spending their money. The time to act is now."

All the cosponsors of the new bill are Republican; when Paul introduced the original bill in January, one of the bill's 30 cosponsors (Mazie Hirono of Hawaii) was a Democrat. Cruz was one of the cosponsors of the original Audit the Fed bill in January.

Click here to see the entire text of the Audit the Fed bill.