WASHINGTON -- The
Although Yellen confirmation is expected, a quick vote could be problematic because of some Republican opposition.
The committee has received Yellen's paperwork, and she has meetings scheduled with individual senators, committee and White House aides said. Yellen, the Fed's vice chair, was nominated in early October to succeed Bernanke as head of the central bank when his term ends on Jan. 31.
"We look forward to the
Yellen has strong Democratic support, but a number of
Also, some Republicans, such as Sen.
Paul reportedly plans to block a confirmation vote by the full Senate. If he were to filibuster the nomination, Yellen would need the support of 60 senators to get a vote.
Paul wants the Senate to first vote on his proposed Federal Reserve Transparency Act, which would require a more complete audit of the central bank than is currently done by the Government Accountability Office. The legislation, which has 25 Senate co-sponsors, is similar to a House bill long championed by his father, former
"I say vote no on a new Fed chairman without a vote on my new 'audit the Fed' bill," Sen. Paul said in an online video for Campaign for Liberty, a nonprofit free-market-advocacy group chaired by his father.
The senator's spokeswoman did not immediately respond to a request for comment Monday.
Edward Mills, a financial policy analyst at FBR Capital Markets, said Monday it was unlikely Paul could block Yellen's confirmation.
Mills said FBR was "skeptical that Senate Republicans are interested in this fight, especially so close to the
Such a fight would turn out to be moot anyway, Mills said, because Yellen, as the Fed's vice chair, would automatically take over when Bernanke's term ends.
However, Mills said he did not believe the dispute would get to that point. Although a final vote could be delayed until January, he said, he expects that Yellen will be confirmed.