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Is Yellen nomination facing a fight?

By Mark Hamrick · Bankrate.com
Friday, October 25, 2013
Posted: 4 pm ET

"The fight of our lives."

Quick, what comes to mind? The war against terrorism? The hubbub over climate change?

Well, for Sen. Rand Paul, R-Ky., the answer is a bill to require an audit of the Federal Reserve, according to a video.

Reports began circulating that Paul is threatening to hold up the nomination of Janet Yellen to be the next Fed chair until the Senate gives the audit bill an up-or-down vote. With the rules of the body, any senator can request an informal "hold" on a measure. It would typically take at least 60 votes to move the nomination ahead.

Paul recently voted against the measure to suspend the debt ceiling and end the partial shutdown of the federal government.

The call for an audit of the Fed is nothing new. Paul's father, former Rep. Ron Paul, R-Texas, also has pushed for a fuller audit of the central bank. When pressed on the subject by the elder Paul in congressional hearings, Fed Chairman Ben Bernanke noted that he would oppose an effort to give a full accounting of conversations held in meetings of the Federal Open Market Committee. Bernanke has argued that a degree of confidentiality is needed so that the group can effectively decide monetary policy, including the direction of interest rates.

Asked for reaction, economist Robert Brusca with Fact and Opinion Economics said, "I can only guess that his dad told him, 'If you can't do something positive be sure to do something negative.'"

The White House says Yellen will begin meeting with senators next week. There's been no serious indication that the Yellen nomination faces real trouble. The nomination requires votes by the Senate Banking Committee and the full Senate, both controlled by Democrats who largely support Yellen. President Barack Obama's nomination has drawn widespread praise, with some caution expressed by a few Republicans. An aide said the committee expects to hold a hearing on the nomination in November.

How do you feel about the Yellen nomination?

Follow me on Twitter: @hamrickisms.

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October 29, 2013 at 12:30 am

It always amazes me how people throw around phrases/names people who read this post need to look up the "Wiemar Republic". The phrase refers to a period in German history back in 1933 or before which literally deemed its currency worthless. However, the biggest and most evil dictator this world has ever known used that period to rise to power through division and the ability to use words coupled with the desire for power among the unemployed people of Germany and brought in a dictatorship ruled by a man who had an agenda that had more to do with his ideology than anything that was happening to the people of Germany. Most people don't know "Wiemar Republic" but the word Socialism is a buzz word these days to rile people up without any connection really to the term. Please check out post before believing what they are saying research for yourself and make an informed decision

October 28, 2013 at 11:59 pm

This woman is a qualified individual. The best qualification for the job some have said and seeing her credentials based on past nominations make me wonder about those ready to fight to end her nomination. Stop the bull about Socialism the rich have only gotten richer and more intent on their own agenda. She is qualified and her nomination and seating should be an easy step

Larry D Mauldin ’69
October 28, 2013 at 11:52 pm

This administration hasn't gotten an economic call right yet. Yellen wants to continue the "Wiemar Republic" answer of unrestrained currency expansion. The bill when it comes due, and that is sooner than most think, will be more pain and agony for the average American than the gradual reduction of spending and reform of "entitlements" would have ever caused. Depleting investment capital by stealing insurance reserves and pushing for high energy policies have destroyed more wealth in a shorter time than anyone in world history. Socialism. The worst economic system ever devised. Unless you are the Dictator in Chief.