Posted: 10/29/2013 5:06:11 PM EDT
Sen. Rand Paul (R-Ky.) has threatened to block the nomination of Janet Yellen to chair the Federal Reserve, CNBC reported Friday.
Citing a source close to Paul, CNBC wrote that the Kentucky Republican "is insisting on a vote on his Fed transparency bill, and has informed Senate leadership of his intentions."
The bill in question, the Federal Reserve Transparency Act of 2011, would eliminate current audit restrictions placed on the Government Accountability Office and require the Fed to undergo a complete audit by a specific deadline. Similar legislation was championed in the House by Paul's father, former GOP presidential candidate and Texas Rep. Ron Paul.
He can block this but not block raising our credit limit?