Rand Paul Might Hold Up Yellen's Fed Nomination
CNBC reports that he wants a vote on his bill to audit the agency
By John Johnson, Newser Staff
Posted Oct 25, 2013 5:03 PM CDT
Sen. Rand Paul speaks during the Values Voter Summit on Oct. 11 in Washington.   (AP Photo/Jose Luis Magana)

(Newser) – Janet Yellen is still expected to be the next chair of the Federal Reserve, but CNBC reports that she might hit some turbulence in the Senate thanks to Rand Paul. He's threatening to do what he can to hold up the nomination unless he gets a vote on his Fed transparency bill—a measure long championed by his Fed-hating dad, Ron Paul, that would require a full audit of the agency. Still, Paul would need 40 fellow senators to block the nomination, and that doesn't look likely.

Some reaction:

  • Bad move: Financial markets hiccupped today on just the rumor of such an action, writes Ed Kilgore at Washington Monthly. And "if Paul follows through on his threat, it will indicate either a strong fidelity to his old man’s agenda, or some serious jealousy of Ted Cruz’ growing reputation as the wild man of the Senate."
  • Good move: Cedric Muhammad at Forbes thinks Paul is correct and should get the support of Democrats as well. "The argument that the Federal Reserve system should be exempt from any kind of audit can only be viewed as benefiting the elite interests of a banking sector that both sides of the aisle should agree enjoys a privileged monopoly only because Congress erroneously (but not permanently) forfeited its Constitutionally-mandated authority over the nation’s finances."

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HonkUSA
Oct 27, 2013 4:19 AM CDT
Here is another ' little boy ' , fostered into the US political hierarchy , who wants to try and fulfill daddy's dreams . Rand Paul , daddy was wrong all of his political career , ( the proof is in the pudding ) , and he has obviously steered you in the same direction . Do you fools ever try turning in a different direction . You are a 'rookie and a schmookie ' . Maybe there is a light at the end of the tunnel , but remember , it could be a train !, Be careful what you wish for little boy . I remember another 'daddy's boy ' , saying "We must get Sadam Hussein , because he tried to kill my daddy ". Look at where we ended up with that one . If in fact it ever will be ended ?.
Bundy714
Oct 27, 2013 2:04 AM CDT
A Republican holds up progress on something else. This isn't news, this is all they know how to do.
les
Oct 26, 2013 5:01 PM CDT
I have been reading many different stories on this issue. It sounds very strange that on one hand the Government stands firm on the notion that the only reliable, safe and honest over sight is one that comes from Government on any issue or topic. But for some reason they do not have the same view when it comes to the Fed reserve. That in itself says the Fed Reserve needs Auditing. If any politician says no to auditing the Fed Reserve then that means they don't care what might be happening to your money or they don't want you to see what has been happening to your money. Kind of like a used car sales man telling you Trust me you do not have to look under the hood. The Gov (GAO) and or IRS audits every business and every person but the Fed Res. Since it was created, it has never been fully audited. The last partial audit showed there were trillions of dollars in question. Finish the job and Audit the Fed. My only question is why not?