U.S. Sen. Rand Paul, R-Ky., is considering placing a hold on the nomination of Janet Yellen to lead the Federal Reserve, according to an aide in the lawmaker’s office.
A hold means 60 votes would be needed in the Senate to move the nomination forward and might lead to several days of debate. Democratic leaders had said they expected delaying tactics over the nomination.
Starting Oct. 31, Democrats will have a 55-45 seat Senate majority, meaning at least five Republicans would have to join to end the hold and proceed to a confirmation vote.
Paul is using the hold to seek a Senate vote on legislation he proposed to require regular public audits of the Fed’s finances, according to the aide, who requested anonymity.
“This was expected,” Jaret Seiberg, a senior policy analyst with Guggenheim Securities’ Washington Research Group, said Friday in a note to clients. “Paul wants a vote on his Federal Reserve transparency bill, which would provide more oversight over the central bank’s monetary policy operations.”
“The American people deserve transparency from the Federal Reserve and the federal government as a whole,” Paul said Friday.