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Sen. Rand Paul will block Yellen’s nomination

Sen. Rand Paul (R-Ky.) will attempt to block the nomination of Janet Yellen to become the next chairwoman of the Federal Reserve.

In a statement, Paul said he will put a “hold” on Yellen’s nomination – Senate-speak for a delaying tactic that any senator can use -- as a way of highlighting his call for legislation that would require audits and other public scrutiny of the Fed.

“The American people have a right to know what this institution is doing with the nation’s money supply,” Paul said in a statement. “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's proposed bill mirrors legislation pushed previously by his father, former congressman Ron Paul (R-Tex.), The senior Paul also wanted to bring an end to the Federal Reserve altogether.

The younger Paul had previously signaled that he might stall Yellen’s nomination, which can still proceed to a vote if 60 senators – including at least six Republicans – agree.

Yellen would succeed outgoing Fed Chairman Ben Bernanke.

Update: Sen. Lindsey Graham (R-S.C.) says he will also block Yellen's nomination.

Originally posted at 7:42 a.m. The post initially described Ron Paul as a senator rather than a former congressman.

Aaron Blake covers national politics and writes regularly for The Fix.

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