Paul threatens to put hold on Yellen nomination

A GOP source says the senator is insisting on a vote on his bill to mandate a complete audit of the Federal Reserve.

By MSN Money Partner Oct 25, 2013 11:34AM

File photo of Janet Yellen on April 4, 2013 (© Pete Marovich/Bloomberg via Getty Images)CNBCBy Steve Liesman


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 on Friday.


Paul is insisting on a vote on his Fed transparency bill and has informed Senate leadership of his intentions, the source said.


Paul intends to formally put the hold in place next week, once the Senate is back in session, the source added.


Markets gave back some of their earlier gains on the report.


The senator's bill would mandate a complete audit of the Federal Reserve.


According to his website, his bill is a version of legislation advocated by his father, the former Texas congressman and presidential candidate Ron Paul.


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Oct 25, 2013 1:41PM
Gee, that's because most Americans don't know the Federal Reserve is a privately held corporation owned by its member banks, and that due to fractional reserve banking, substantially all transactions must be financed through the central bank because of inherent liquidity problems in our marketplace.  So the banks we pretend to hate so much, ACTUALLY control our money supply, and cause recessions at will to buy up assets for pennies on the dollar, to hell with Americans' 401k plans.  Henry Ford once said, it is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning"

Look up more quotes from Abraham Lincoln, Andrew Jackson and Thomas Jefferson. And PS, the only thing holding our economy together is printing money day and night, to the tune of about $85-$100 billion a month. What's wrong with that you say? Well, because we owe the banks for each and every dollar they print, plus interest. Quite the little scam right? The only question is, if the Fed were audited, and the American people finally did understand what was happening, would they do a damn thing, of fall right back to cultural training and start blaming Democrats and Republicans while both parties laugh at us all the way to the bank...
Oct 25, 2013 1:33PM
While I would not vote for Rand Paul, why should we "the American People" not have a complete and transparent audit of the Federal Reserve?
Oct 25, 2013 1:24PM
Go Rand! Get rid of this FRAUD called the Federal Reserve!!!
Oct 25, 2013 2:10PM
anyone who doesn't support an audit of a federal reserve just doesn't understand how things work in this country. I don't care if you're republican or democrat. I honestly feel that if more people really knew how the federal reserve functions people would be more supportive of this. Instead democrats will not support it because Rand Paul suggested it most likely. I think it's time we gave libertarians a chance.
Oct 25, 2013 1:32PM
Finally, a representative of the people that wants to shine some sunlight on this corrupt agency ... so the American citizens can see once and for all what is going on behind their forever closed doors.

Why the nitwits below oppose them opening the books of the Fed is beyond me. I mean who do they work for anyhow? If not us....... then they need to go the hell away.  I guess some people just love corruption.  Must be from Chicago or Mexico.
Oct 25, 2013 2:20PM
Yes, it is time that the Fed get audited.  Waste and fraud are rampant in the government.  The American People need to know the truth.  There is too much money missing (our tax dollars) and it must be accounted for and those responsible for the missing monies held accountable.  Rand Paul has iit right and insisting on accountability should be a regular practice, the norm,  
Oct 25, 2013 1:02PM
Excellent, find the waste and put an end to it. Let the Marxist Eliteist climb back into Soros ****.
Oct 25, 2013 2:14PM
Good for him.  At least some one is stepping up and putting their foot down to stop the crap that is going on up on the hill,,,
Oct 25, 2013 1:50PM
Have you all not noticed that you are on a side that has about the exact amount of opposition as support? Until we can collectively find common ground on the most pressing issues we will continue to repeat the mistakes of the past. The current representatives are giving us exactly what we have asked for, division. Look at all of the comments. Everyone thinks they are right and that the other side is profanely stupid. Does it not make more sense that both sides are profanely stupid to allow things to continue like this? Be part of the solution and seek first to understand the people with whom you do not agree. Help them to understand you. Don't give up! If you do not begin to work on this in your own sphere of influence we have no chance as a nation. If we can get to a tipping point of awareness and understanding we can prevail as the nation that meets all of our expectations as citizens.
Oct 25, 2013 2:15PM

..................Rand Paul's plan makes complete sense....................


Most, if not all, Fortune 500 companies have twice yearly audits with many having certified audits. It's simply good business so that the shareholders can see the exact financial condition of the businesses they are investing in.


With the Fed Reserve handling trillions of dollars - it would be foolish not to conduct regular audits.


Common sense prevails with the GOP!!

Oct 25, 2013 1:07PM
I don't trust anyone from Barak Omama down, so lets simplify the bitching shall we.
Whether tea parted or repulsive or demoralcrat your all screwed.
Give up your golden parachute pay taxes into the systems you set out to destroy and maybe you might actually give a dam about your constituents.
Oct 25, 2013 3:00PM
The obvious question that eluded me is, why would anybody want to block an audit of the Fed.? I would really like to hear why a politician would not want that. I know everybody here has an opinion but I want to know why a politician does not want one. Has anyone here have a link or a reference to that question?
Oct 25, 2013 1:25PM
Stupid liberals sticking up for the normal tax and spend and to hell with America. Like any company the Fed should be checked like any bank for proper conduct. Anything done by Obama is questionable as his track record does not look very good when it comes to the American people.
Oct 25, 2013 3:00PM

"We the People" are only about a hundred or more years behind demanding an audit of the (private) Fed. Reserve.  Yet, judging by the comments, too many STILL consider the issues as based on party affiliation.


Calling for an audit should be based on the fact  that those benefitting from Fed. Res. secrecy do not polarize by partisanship in either of the three pseudo parties that exist to keep us divided. Wake up and smell the truth: Political parties are useless in defining anything political. They are only useful (to insiders)  in keeping the population (outsiders) divided on all issues.

Oct 25, 2013 12:45PM
Yellen equals continued QE which equals the Collapse of America over Fake money. Globalization was an excuse for Old Money that inherited iconic brands and ran the business platform into the ground while high on cocaine and heroin. There are $700 TRILLION in derivatives outstanding and NONE trickled funds on to Main Street. Old Money OWES. A new currency is overdue.  
Oct 25, 2013 2:46PM
The Fed is private and we need to know where all of that money went in 2008. What hundreds if banks and how much
Oct 25, 2013 1:19PM
Not like it'll make a difference. When it comes to a waiting game the Government has hundreds of employees it can put on the clock in shifts. Rand Paul is one guy. While it's a step in the right direction it will not matter. I preferred Ron Paul's approach which was less grandiose. Rand Paul might carry some of Ron Paul's beliefs but he doesn't represent enough of them, or in the right way. I can't say I <u>know</u> Ron Paul was sincere, but he definitely <I>seemed</I> more sincere and his polices were much more likeable because it was a package deal. He didn't pick favourites, he presented the problem in its entirety, from warfare to welfare, MIC to the fraudulent laws being written BY the insurers (which "Obamacare" does very little to combat and, if anything, enhances their power to force citizens into the Ponzi scheme of Insurance). Above all else Ron Paul, at his heart, was not a Republican. He was a true Libertarian-minded person, the country would have done well to elect him. But the Republican party wasn't going to have someone who was anti Corporation, anti War as their candidate. Due to both the Democrat and Republican parties paying for these Presidential debates with lots (and lots) of money it's effectively their game on the national level. Against that you can't hope to win the center stage. Your best bet is to appeal to the audience in a less "Look At Me" type of setting.
Oct 25, 2013 1:29PM
twilly543,   I guess accountability isn't in your vocbulary either as it isn't in any dems, transparency my big butt.
Oct 25, 2013 12:41PM
Yellen equals continued QE, which equals the Fall of America. Sorry, but I'd rather see Old Money get told it's broke and needs to find Minimum Wage employment (no viable skills) than to see us stagnate another minute. We didn't "go global" because it was good for America, we went global because every inherited shell of an iconic brand was broken and management was too high on Coke and Heroin to revive them. 
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