ADVERTISEMENT "The Fed operating under a cloak of secrecy has gone on for far too long," Paul said in a statement after Republicans set up the vote. "The American people have a right to know exactly how Washington is spending their money. The time to act is now."

The proposal would increase congressional oversight of the Federal Reserve, as well as subject the central bank to an audit by the Government Accountability Office.

The Senate originally fast-tracked the legislation to the Senate calendar, teeing it up for potential floor action earlier this month, with Paul's office pledging that it would come up for a vote soon.