Rand Paul has placed a hold on Janet Yellen's nomination to chair the Fed Board of Governors

As you all probably know, Rand Paul has placed a hold on Janet Yellen's nomination t replace Ben Bernanke to be the chair of the Federal Reserve's Board of Governors.  He has asked for a vote on a piece of legislation he first introduced in 2011, the "Federal Reserve Transparency Act." 

Here's what Paul's website has to say about this piece of legislation

One of my first actions in the U.S. Senate was to introduce legislation allowing for a full audit of the Federal Reserve. This legislation, S. 202 The Federal Reserve Transparency Act of 2011, is a Senate version of similar legislation long-championed by and introduced this session in the House of Representatives by my father, Congressman Ron Paul of Texas.

The Federal Reserve Transparency Act of 2011, will eliminate the current audit restrictions placed on the Government Accountability Office (GAO) and mandate a complete audit of the Federal Reserve to be completed by a firm deadline, finally delivering answers to the American people about how their money is being spent by Washington.

We must take a critical look at the Fed's monetary policy decisions, discount window operations, and a host of other things, with a real audit - and not just pay lip-service to the idea of an audit. At a time when we're seeing great volatility in small Euro-zone economies like Greece, Portugal, and Ireland, it is more crucial than ever that we have real transparency at our own central bank.

It's unclear to me what he means by a "full audit" of the Fed, but it appears that he wants something other than a financial audit (which is, in any case, already being performed), although Paul apparently does not believe what the GAO is doing constitutes an "audit."  Apparently, though, he wants some outside agency to review the Fed's operations--including its monetary policy actions, to make sure they are somehow appropriate. 

Here, for you edification, is the complete text of the bill.  If, after you have read it, you know what he wants, you're ahead of me.

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A BILL To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States before the end of 2012, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Federal Reserve Transparency Act of 2011’.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) In General- Notwithstanding section 714 of title 31, United States Code, or any other provision of law, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 shall be completed before the end of 2012.
(b) Report-

(1) IN GENERAL- A report on the audit required under subsection (a) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House of Representatives, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the chairman and ranking member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.
(2) CONTENTS- The report under paragraph (1) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
(c) Repeal of Certain Limitations- Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after ‘in writing.’.
(d) Technical and Conforming Amendment- Section 714 of title 31, United States Code, is amended by striking subsection (f).