AP
In a statement, Paul said he would place a "hold" on Yellen's nomination unless he gets a vote on the bill, which would require audits of the Fed and provide for other measures he argues would make the bank more transparent.
He wrote a letter to Senate Majority Leader
"The American people have a right to know what this institution is doing with the nation's money supply. The Federal Reserve does not need prolonged secrecy - it needs to be audited, and my bipartisan Federal Reserve Transparency Act will do just that," Paul said in the statement.
A "hold" is an informal Senate procedure to signal a senator's intentions that he or she does not want a bill or nomination to reach the floor. In February, Paul put a hold on the nomination of John Brennan to be CIA Director while he awaited answers to questions about the U.S.' drone program. A few weeks later, Paul began his historic talking filibuster of Brennan's nomination.
Paul's intention to hold Yellen's nomination depends on whether fellow Senate Republicans go along with him. If Senate Majority Leader Harry Reid has 60 votes, Yellen's nomination will get through to a final confirmation vote and around a hold.
"I don't know enough yet to know whether his request for a vote will be taken seriously, but I kind of doubt it," a Senate Democratic leadership aide told Business Insider last week.
Here's Paul's letter to Reid: