Sen. Rand Paul, R-Ky., will block the nomination on the Janet Yellen to become the chair the Board of Governors of the Federal Reserve unless Senate Majority Leader Harry Reid, D-Nev., agrees to allow a vote on his own legislation to audit the Fed.
"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," Paul said in a letter released Tuesday night.
Read Paul’s whole letter to Reid here.
The Audit the Fed bill was first introduced in 2009, by Ron Paul in the House and Bernie Sanders, an independent caucusing with Democrats, in the Senate. It was introduced again in the following session of Congress by Ron Paul in the House and his son, Rand, in the Senate. It passed the House 327-98 but the legislation has never had a vote in the full Senate.