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.