Senator Rand Paul admits that he probably won’t be able to block the confirmation of Janet Yellen as chairman of the Federal Reserve (building shown in photo), but that won’t stop him from trying.
That’s the sort of spirit missing in most federal lawmakers who, when presented with long odds, fold and wait for the opportunity to make campaign hay out of their political defeats.
In a letter to Senate Majority Leader Harry Reid (D-Nev.), Paul declared his intent to hold Yellen’s confirmation unless S. 209, the Federal Reserve Transparency Act, is also considered. "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.
During an interview with Al Hunt broadcast Friday on Bloomberg TV, Senator Paul admitted that his plan has little chance of derailing the president’s push to replace Ben Bernanke with Yellen, but he will not be dissuaded. “The audit the Fed bill passed in the House after 20 years of my dad agitating on this, every Republican and 100 Democrats, overwhelmingly bipartisan transparency bill,” Paul said. “Apparently, Janet Yellen’s been in favor of transparency at the Fed. That’s all we’re asking for, is an open audit a year after the fact.”
Speaking of Yellen’s supposed support for greater transparency, in a recent interview, Senator Paul’s father, libertarian icon Ron Paul, questioned Yellen’s commitment to such a move.
“But if it comes true transparency, like allowing an audit of the Federal Reserve, and letting us know who they bail out and when they bail out and what they did in ’09 with their trillions of dollars, and all the international transactions, there’s no way that’s going to be permissible,” the former congressman said. “Because that’s where all the power and control is accomplished, it’s behind the scenes with the Fed on international transactions.”
How far is Senator Paul willing to go to force the Fed to open the books? As far as he can, but that’s not saying much, according to Paul’s understanding of the process. “In the old days, you could place a hold on and keep it forever. Even if I stand on the floor and filibuster in a personal fashion, I can only hold it there for two days,” Paul explained.
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