Dear Friend,

You can find my latest update below!

Chairman Rand Paul Releases New Report Revealing Hundreds of Billions in Taxpayer-Funded Payments to Domestic and Foreign Banks

Last week, as Chairman of the Senate Homeland Security and Governmental Affairs Committee, I held a hearing titled "The Fed's Big Bank Welfare Program: Oversight of the Fed's IORB Regime." The hearing examined a new committee report based on more than 40,000 pages of documents I obtained from the Federal Reserve, revealing how the Fed has paid over $600 billion in Interest on Reserve Balances (IORB) payments to major domestic and foreign banks since 2013.

Testimony and our newly released report show how these payments have driven up the federal deficit, boosted profits for Wall Street's largest banks, and sent billions of taxpayer dollars overseas, including to foreign-owned institutions. In 2024 alone, IORB payments totaled roughly $187 billion, accounting for about ten percent of the federal deficit. 

The hearing marked the first step toward auditing the Fed, and I will continue to propose reforms like my End the Fed's Big Bank Bailout Act to stop this transfer of wealth from taxpayers to the biggest banks and my Federal Reserve Transparency Act to bring much-needed accountability to the Fed.

See my full opening remarks, and check out the full hearing. 

Dr. Paul's Healthcare Plan Would Bring Healthcare Costs Down

The House just passed another version of Obamacare Lite. While it's called "market-based reform" and codifies Association Health Plans, it does nothing to repeal and replace Obamacare and prevents competition to bring prices down. It's a farce and a knock-off of my plan, the Health Marketplace and Savings Accounts for All Act.

The Health Marketplace and Savings Accounts for All Act expands Association Health Plans so Americans are no longer limited to whatever coverage their employer or state exchange offers. Under my plan, people can join together through existing membership organizations—such as churches, credit unions, trade groups, or large retailers—to purchase insurance as a group. By pooling risk and negotiating collectively, these associations gain the same bargaining power that large corporations use to secure lower premiums and better coverage.

At the same time, my bill expands Health Savings Accounts to every American and allows those tax-free dollars to be used for premiums and everyday health care costs that insurance does not cover. Under this bill, patients gain leverage, insurers face real competition, and prices come down.

Congress needs to fix the system by repealing and replacing Obamacare. Association Health Plans and universal HSAs can move health care decisions out of Washington and back to the people paying the bills.

Dr. Rand Paul is Standing Up for Kentucky Hemp

I joined Kentucky farmers and entrepreneurs at the opening of Cornbread Hemp's new facility in Louisville.

As I mentioned last month, buried language in a recent farm bill threatens to make nearly all hemp-derived products illegal nationwide next year, even non-intoxicating CBD products that are already regulated under Kentucky law. This mandate would override state law and risk wiping out an industry worth billions to our economy.

I opposed the hemp ban, and I am working on legislation to fix it. I will continue listening to farmers and fighting to ensure Washington does not destroy an industry Kentucky helped build.

Dr. Rand Paul meets with Louisville Councilwoman Ginny Mulvey-Woolridge in DC

This week, I welcomed Louisville Councilwoman Ginny Mulvey-Woolridge to my DC office for a brief meeting and conversation about local priorities in Louisville.

Dr. Rand Paul Rejects NDAA Over Endless Foreign Spending and War Powers Concerns

Once again, Congress is forcing a choice between America First and endless foreign entanglements. I voted no on the NDAA because it continues Washington's pattern of prioritizing overseas commitments over the American people.

Buried in this bill is a reauthorization of the Ukraine Security Assistance Initiative, sending $800 million over the next two years with barely any debate and even less accountability. At the same time, the NDAA includes a provision barring the use of U.S. funds for any activity that recognizes Russian sovereignty over Ukrainian territory, a move that risks undercutting President Trump's ongoing efforts to negotiate peace.

Not to mention, the NDAA is packed with America Last spending, like $1 billion for Taiwan, $1.5 billion for the Philippines, and $175 million for the Baltics, while our national debt continues to explode at over $38 trillion. 

Also in the NDAA is a provision authored by Liz Cheney during President Trump's first term that requires the President of the United States to consult NATO before moving U.S. troops around Europe. That amendment was a direct insult to President Trump and his America First foreign policy. The President of the United States should never be forced to ask permission from European socialist governments before directing American troops. Our military answers to the American people and their elected commander-in-chief, not to foreign socialists or international bureaucracy. It's an insult to our sovereignty. 

Have an Issue or Concern?

If you are a Kentucky resident and need assistance with any federal agency, feel free  to complete a Privacy Release Form HERE. If you have any questions, contact my State Office at (270) 782-8303. One of my staff members will be more than happy to assist you.


Stay in Touch with Dr. Paul

You can stay up to date on my latest news and activities by visiting my Senate Website, www.paul.senate.gov, or my official Facebook and X pages.

You can watch my Senate floor speeches and press interviews on Rumble HERE.

Warm Regards,