Republican Sen. Ran Paul, (R-Ky), is threatening to put a hold on the nomination of Janet Yellen to become the next Federal Reserve chairman.
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Paul, an outspoken critic of the Federal Reserve, has proposed legislation that would mandate audits to increase transparency of how the central bank spends money.
A source close to the Kentucky senator told FOX Business’s Peter Barnes that putting the nomination on hold is “on the table” to get leverage for a vote on S. 202 The Federal Reserve Transparency Act of 2011, which currently has 25 co-sponsors. The source said Paul has not made a final decision regarding the nomination hearings, but that “whatever leverage he has, he’s going to consider.”
Yellen, the current vice chairman, is a known monetary policy dove and has supported the central bank’s decisions to keep its benchmark interest rate near zero and continue with its quantitative easing program.
On Wednesday, a Senate Banking Committee source told FBN that a nomination hearing has yet to be scheduled for Yellen because the committee had no received the necessary official background information from the White House.
President Obama nominated Yellen on Oct. 9 to replace current chairman Ben Bernanke, whose term expires at the end of January.
If confirmed, Yellen, 67, would become the first female chairman of the Federal Reserve.