Sen. Paul threatens to hold Yellen nomination: Source

Sen. Paul threatens to hold Yellen nomination: Source

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 Published: Friday, 25 Oct 2013 | 10:41 AM ET

Sen. Paul threatens Yellen nomination

Friday, 25 Oct 2013 | 10:42 AM ET

CNBC's Steve Liesman reports Sen. Rand Paul has threatened to put Janet Yellen's Fed nomination on hold in exchange for an audit of the Federal Reserve.

Sen. Rand Paul is threatening to put a hold on the nomination of Janet Yellen to chair the Federal Reserve, a source close to the Kentucky Republican said on Friday.

Paul is insisting on a vote on his Fed transparency bill, and has informed Senate leadership of his intentions, the source said.

Paul intends to formally put the hold in place next week, once the Senate is back in session, the source added.

Markets gave back some of their earlier gains on the report. (Click here for the latest on the markets).

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Rand Paul (L), and Janet Yellen (R)

The senator's bill would mandate a complete audit of the Federal Reserve.

According to his website, his bill is a version of legislation advocated by his father, the former Texas congressman and presidential candidate Ron Paul.

(Watch: Rand Paul says 'audit the Fed')

Sen. Rand Paul is threatening to put a hold on the nomination of Janet Yellen to chair the Fed, a source close to the Kentucky Republican said.