Federal Reserve Chairwoman Janet YellenJanet Louise YellenWhite House touts Nobel economists' support for Biden agenda Joe Manchin is wrong — we can't afford not to invest in our children The Hill's Morning Report - Presented by National Industries for the Blind - What do Manchin and Sinema want? MORE is meeting Thursday with Senate Democrats.
The meeting comes a day after Sen. Rand PaulRandal (Rand) Howard PaulSenate lawmakers let frustration show with Blinken Rand Paul: 'Hatred for Trump' blocking research into ivermectin as COVID-19 treatment Masks and vaccines: What price freedom? MORE (R-Ky.) reintroduced legislation that would require a full audit by the Government Accountability Office for the Fed.
Yellen has repeatedly opposed such legislation and said in December she would “forcefully” argue against another audit bill in 2015.
Senate Banking Committee Chairman Richard Shelby (R-Ala.) told reporters earlier Thursday he would hold hearings on Paul's Audit the Fed legislation, despite him not being a co-sponsor on the bill.
“I want to make sure that what we do is the right thing. We don't want to run the Fed, but I do believe that the Fed — especially with the portfolio that is has — we need to know what they're doing."
He said that he will "absolutely" have a Banking Committee hearing on the idea and that he "might" end up supporting Paul's bill.
"I support the concept," Shelby told reporters.
Paul already has some heavy-hitters onboard with the Fed legislation, including Sens. Marco Rubio (R-Fla.) and Ted Cruz (R-Texas), who are potential rivals for the White House in 2016. Senate Majority Leader Mitch McConnell (R-Ky.) is also a sponsor.
Yellen and the Fed are separately debating whether and when to raise interest rates. No rate hike was announced at the Fed’s meeting this week.
— This story was updated at 1:36 p.m.