Kentucky Republican Senator Rand Paul is threatening to put a hold on the nomination of Janet Yellen for Federal Reserve chair, CNBC is reporting, based on a source close to the lawmaker.
The formal hold would be put in place next week when the Senate is back in session.
Paul is insisting on a vote on his Fed transparency bill. According to CNBC’s Steve Liesman, some sort of hold from Paul “was sort of expected,” but it was not expected to be tied to Paul’s Fed transparency bill.
In the above video, Cumberland Advisors' David Kotok expresses his outrage over Paul's move.
"Senator Rand Paul has just kicked every man and woman, investor, 401k-owner, IRA-owner, businessperson, borrower in the gut," the chief investment officer tells The Daily Ticker. “The Federal Reserve needs consistent policy – get off their back, Senator Paul! You are doing a disservice to the United States of America.”
CNBC reports Sen. Paul would need 40 other senators to join him to cut off a motion to bring the nomination to the floor, and that Senate leadership is confident Yellen’s nomination will succeed (citing a Democratic aide).
This sentiment echoes the conventional wisdom – even from a lawmaker that formerly voted against Yellen’s nomination to join the Fed board - that the current Fed vice chair will be easily confirmed. Ben Bernanke’s term as Fed chair expires January 31, 2014. Reuters reports Yellen's confirmation hearing is not likely to get underway before mid-November.
And while Kotok's message to Rand Paul may be to "back off" this Fed fight, his message to the American people is to get active: "It's time for citizens to take our country back...take two minutes away from the Red Sox/Cardinals game and make a phone call, and leave a message at a politician's office. And say to 'em, 'I stopped looking at the ball game for one minute to tell you, you better wake up and work for me!'"
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