Rand Paul puts Fed secrecy on display

Threatens to hold up nominees unless audit moves forward

Kentucky Republican Sen. Rand Paul, continuing a campaign launched by his father, Texas Rep. Ron Paul decades ago, is promising to hold up Obama administration nominees to the Federal Reserve unless a program to audit the massive money machine moves forward.

In a letter to Senate Majority Leader Harry Reid, Rand Paul linked the approval of the nominees to his proposed S. 209, the Federal Reserve Transparency Act.

“I am writing to convey my objection to floor consideration of the pending nominations to the Federal Reserve System … without also considering legislation to bring much-needed transparency to the Fed,” Paul wrote.

“As the Senate debates the Federal Reserve Board nominees, there is no more appropriate time to provide Congress with additional oversight and scrutiny of the actions and decisions of the central banks. Therefore, I request that my bipartisan legislation, S. 209, the Federal Reserve Transparency Act, be scheduled for an up or down vote concurrently with nominees to the Federal Reserve Board of Governors,” Paul wrote.

More