Sen. Rand Paul is threatening to put a hold on the nomination of Janet Yellen to chair the Federal Reserve, a source close to the Kentucky Republican said Friday.
Paul is insisting on a vote on his Fed transparency bill, and has informed Senate leadership of his intentions, the source said.
\”As part of Senate consideration of the Janet Yellen nomination to be Chair of the Federal Reserve, I will request a vote on my bipartisan Federal Reserve Transparency Act, S. 209. The American people deserve transparency from the federal reserve and the federal government as a whole,\” Paul said in a statement following the reports.
A Senate Democratic aide told CNBC on Friday morning that the ability of Paul to single-handedly block the nomination \”should not be overstated.\” Paul would need 40 other senators to back his effort to block Yellen\’s nomination; otherwise, Senate leadership could defeat his blocking effort.
Although hearings have not yet been scheduled, the aide said the leadership at this point is confident the nomination will succeed.
Paul intends to formally put the hold in place next week, once the Senate is back in session, the source added.
Chosen excerpts by Job Market Monitor. Read the whole story at
President Obama on Wednesday announced what he called perhaps his most important economic decision, nominating Janet L. Yellen to lead the Federal Reserve system and be his independent co-steward of the economy, calling her “one of the nation’s foremost economists and policy makers.” Ms. Yellen, 67, would be elevated from the Fed’s vice chairwoman to … Continue reading »
The Federal Reserve’s aggressive easing of monetary policy is warranted given the still-battered state of the U.S. labor market, Fed Vice Chairwoman Janet Yellen said on Monday. In an address to the politically influential AFL-CIO, the largest U.S. labor group, Yellen, a potential successor to Fed Chairman Ben Bernanke next year, bemoaned the unusually weak … Continue reading »
Federal Reserve Vice Chairman Janet Yellen backed a proposal to link the Fed’s zero interest-rate policy to progress toward meeting its goals for inflation and employment rather than to a calendar date. “The Committee might eliminate the calendar date entirely and replace it with guidance on the economic conditions that would need to prevail before … Continue reading »