Janet Yellen’s Fed Chair Nomination May Be Put On Hold

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Janet Yellen’s Fed Chair Nomination May Be Put On Hold
The comic features features Fed Chair Janet Yellen as a contestant on the game show "Who Wants To Be A Millionaire". The audience behind Yellen, which includes former Fed chief Ben Bernanke, are throwing tomatoes at her. Caption for the comic: "After disappointing markets last week, will Yellen make it up to them later this year?" The Federal Reserve's decision last week not to raise interest rates disappointed most market players who were expecting the central bank to hike rates for the first time since 2006. The questions remains whether Yellen and the Fed will make it up to them at some point later this year, or will they delay the move to early 2016. The central bank has two more scheduled policy meetings before the end of 2015, in late October and mid-December.

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News that Janet Yellen’s nomination might be on hold sent ripples through the markets, which gave back some gains after CNBC reported on it. The bill Sen. Rand Paul is pushing for a vote on would require that the Federal Reserve undergo a complete audit. This is a bill he has been talking about for months, at least since May of this year. The senator’s website states that the bill is a version of a piece of legislation his father former presidential candidate Ron Paul supported.

This hold on Janet Yellen’s nomination is apparently not a huge surprise, according to CNBC. However, some Senate Republicans are co-sponsoring the Fed transparency bill, so by Sen. Paul trying to force a vote on that bill before allowing Yellen’s nomination go through, it puts them in a difficult position.

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Keep in mind that at this point, Paul is only seeking a vote on his bill in exchange for allowing Yellen’s nomination to go through. However, this will still delay putting her into position as the new chairperson of the Federal Reserve.

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It looks like we may have yet another standoff between Democrats and Republicans. Republican Sen. Rand Paul has threatened to hold up Janet Yellen’s nomination as chairperson for the Federal Reserve. That’s according to CNBC’s Steve Liesman, who cites an unnamed source close to Rand.

Janet Yellen's Fed Chair Nomination May Be Put On Hold

Paul wants to force a vote on his bill

Paul is pushing to get a vote on his transparency bill for the Fed and has reportedly told leaders in the Senate that he may stand in the way of Janet Yellen’s nomination until that vote happens. He is said to be planning to formally place the hold on her nomination in place next week after the Senate is back in session.

This story is developing. Check back for additional updates. We will provide more information as soon as it becomes available.

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