Sen. Rand Paul said Tuesday that he plans to place a hold on the nomination of Janet Yellen as chairman of the Federal Reserve unless his Federal Reserve Transparency Act is also considered.
Paul issued a letter to Senate Majority Leader Harry Reid saying that "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."
By placing a hold on the nomination, Paul would be declaring that he opposes having the nomination go before the full Senate.
According to a glossary at Senate.gov, "The majority leader need not follow the senator's wishes, but is on notice that the opposing senator may filibuster any motion to proceed to consider the measure."
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Yellen, vice chair of the Federal Reserve, would be the first woman to lead the nation's central bank. President Barack Obama has nominated her to succeed Ben Bernanke.