U.S. Senate candidate Rand Paul on Monday pledged not to accept campaign contributions from any U.S. Senator who voted for the bank bailout and challenged his opponents to follow suit.

Dr. Paul issued this challenge after learning that Trey Grayson has scheduled a Washington D.C. fundraiser co-sponsored by several U.S. Senators, seventeen of whom voted for the so-called TARP bailout in 2008, which was then used to fund an auto industry bailout Congress rejected.

"This isn't about holding politicians to an impossibly high standard of agreeing with everything one's supporters say or do," Paul said. "But a primary focus of my campaign is that we need Republicans in office who will have the courage to say no to federal bailouts of big business."

"There is nothing in the Constitution that allows the government to pick winners and losers in the private sector and the Republican party platform specifically condemns bailouts," Paul said. "I'm running for the U.S. Senate to stand up for true Republican principles and the Republicans I've talked to agree that is what we need."

Statement from the Grayson Campaign:

"Trey Grayson opposes the bailouts and disagrees on that issue with some Republicans. However, rather than attacking fellow Republicans, Secretary Grayson has called for an exit plan to end the TARP program, stop the bailouts, and get the government out of the business of owning and managing private companies. If elected, Secretary Grayson will focus on solutions and will work to rally more Republicans to his position while working to build our party, not tear it down."