Paul threatens to delay President Obama’s Federal Reserve Board nominations. He says he’ll slow work on all three Fed nominees unless Democrats allow a vote on his bill giving Congress more oversight over the central bank’s actions. Paul’s bill eliminates curbs on Fed audits by the Government Accountability Office and allows greater lawmaker supervision of on Fed actions including tactics the Fed uses to reinforce the slow-moving recovery. The senator says:
This bill brings much needed transparency to the Fed
Critics say the measure increases the risk that lawmakers would put political pressure on Fed decisions.