Paul tells Reid he will hold Yellen for a vote on his Fed transparency act

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Kentucky Republican Sen. Rand Paul told Senate Majority Leader Harry Reid he will hold the nomination of Janet Yellen as chairman of the Federal Reserve unless his Federal Reserve Transparency Act, is considered for a vote.

“I will object to any unanimous consent agreement or the waiver of any rule with respect to the nomination of Dr. Yellen without a vote on S. 209 [the Federal Reserve Transparency Act],” Paul wrote in a letter to Reid Tuesday.

Last week Paul’s office hinted that Paul would use Yellen’s nomination to force a vote on his legislation — which would require a full audit of the Federal Reserve.

“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 an decisions of the central bank,” Paul wrote. “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 Kentucky Republican added that similar legislation (pushed by his father then-Texas Rep. Ron Paul) passed in the House in June 2012, 327-98 and that the bill has been stuck in the Senate for about three years.

“The American people have a right to know what this institution is doing with the nation’s money supply. The Federal Reserve does not need prolonged secrecy — it needs to be audited, and my bipartisan Federal Reserve Transparency Act will do just that,” Sen. Paul said in a statement Tuesday night.

Earlier this year Paul filibustered a vote on the nomination John Brennan to be CIA director for nearly 13 hours over the administration’s use of drones.

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