Rand Paul to Place Hold on Yellen Nomination Absent Vote on Audit the Fed Legislation

Janet Yellen nominated to Fed chair

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.