Rand Paul Threatens To Hold Up Janet Yellen Nomination To Fed

Sabrina Siddiqui huffingtonpost.com Sen. Rand Paul (R-Ky.) has threatened to block the nomination of Janet Yellen to chair the Federal Reserve, CNBC reported Friday. Citing a source close to Paul, CNBC wrote that the Kentucky Republican "is insisting on a vote on his Fed transparency bill, and has informed Senate leadership of his intentions." The bill in question, the Federal Reserve Transparency Act of 2011, would eliminate current audit restrictions placed on the Government Accountability Office and require the Fed to undergo a complete audit by a specific deadline. Similar legislation was championed in the House by Paul's father, former GOP presidential candidate and Texas Rep. Ron Paul. The senator hinted at his plans in a video message Thursday for his father's political group, Campaign for Liberty. "There's no time to waste. Right now, the U.S. Senate is preparing to debate and confirm the new Obama nominee to chair the Federal Reserve," Paul says in a voiceover. "I say not so fast. I say vote no on a new Fed chairman without a vote on my Audit the Fed bill." "This will be the fight of our lives," he adds. "I will need every one of you to work with me every step of the way."