He shall have power, by and with the advice and consent of the Senate, to make treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the advice and consent of the Senate, shall appoint ambassadors, other public ministers and consuls, judges of the Supreme Court, and all other officers of the United States, whose appointments are not herein otherwise provided for, and which shall be established by law: but the Congress may by law vest the appointment of such inferior officers, as they think proper, in the President alone, in the courts of law, or in the heads of departments.
—United States Constitution, II.2
Sometimes it feels like fantasy: “These are dark times, there is no denying . . . .”
It would be wrong to call JeeYeon Park’s CNBC report—
Equities briefly pared their gains after Senator Rand Paul threatened to put Janet Yellen’s Fed chair nomination on hold this week, according to sources close to Paul.
Paul is insisting on a vote on his Fed transparency bill, and has informed Senate leadership of his intentions, according to the source.
Meanwhile, a Senate Democratic aide told CNBC that the ability of Paul to single-handedly block the nomination “should not be overstated” as Paul would need 40 other senators to join him to cut off a motion to end debate and bring the nomination to the floor. Although hearings have not yet been scheduled, the aide said the leadership at this point is confident the nomination will succeed.
—little noticed, as the markets noticed and reacted, causing other people to notice—
Sen. Rand Paul is getting a lot of attention this morning for his threat to hold up the nomination of Janet L. Yellen to head the Federal Reserve, but he may have very little leverage to stop her confirmation.
The Kentucky Republican is seeking a vote on his Federal Reserve transparency legislation as part of considering the Yellen nomination. The announcement came in a YouTube video posted Thursday by the Campaign for Liberty, a nonprofit affiliated with Paul’s father, former Rep. Ron Paul, R-Texas.
Legislation to require an audit of the Federal Reserve has had bipartisan support in the past when pushed by both Pauls, but it has faced no shortage of opposition and roadblocks.
“Sen. Rand Paul will be demanding a vote on audit the Fed in the Senate when they consider the new Fed nominee,” John Tate, the chairman of Campaign for Liberty, said in the video.
However, Majority Leader Harry Reid, D-Nev., could decide to ignore Paul’s request by moving to limit debate on Yellen’s nomination by filing cloture. If Reid gets 60 votes, there’s no need to make a deal with Paul or anyone else. Yellen appears to already have enough support to overcome a filibuster, unless Republicans and some sympathetic Democrats decide to back his quest for a vote on the audit bill.
“Right now, the Senate is preparing to debate and confirm the new Obama nominee to chair the Federal Reserve,” Paul said. “I say vote no on a new Fed chairman without a vote on my audit the Fed bill. This will be the fight of our lives.”
—and now we have an issue.