Thursday, October 31, 2013

Rand Paul to place hold on Fed chair nominee

Sen. Rand Paul (R-KY) has informed Majority Leader Harry Reid (D-NV) of his intention to place a hold on Federal Reserve chair nominee, Dr. Janet Yellen, until the chamber votes on S. 209, the Federal Reserve Transparency Act.

“I am writing to convey my objection to floor consideration of the nomination of Dr. Janet Yellen to Chair the Board of Governors of the Federal Reserve without also considering legislation to bring much-needed transparency to the Fed,” wrote Paul in a letter to Reid, delivering on a threat he made last week.

“As the Senate debates the nomination of the next head of the Federal Reserve, there is no more appropriate time to provide Congress with additional oversight and scrutiny of the actions and decisions of the central bank,” he continued. “Therefore, I request that my bipartisan legislation, S. 209, the Federal Reserve Transparency Act, be scheduled for an up or down vote concurrently with the Yellen nomination.”

The Federal Reserve Transparency Act is, essentially, the “Audit the Fed” measure, legislation that the Kentucky Republican’s father, former Rep. Ron Paul (R-TX), pushed during his time in Washington. The House of Representatives overwhelmingly passed the elder Paul’s measure last year with strong bipartisan support. Reid refused to bring it to the floor for a vote in the Senate, despite his past support for transparency at the United States’ central bank.

Full article: http://www.unitedlib … on-fed-chair-nominee

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