Senator Rand Paul has announced that he plans to "grill" Janet Yellen in her confirmation hearing as President Obama's nominee for the next chairman of the Federal Reserve. Currently serving as vice chairman of the Federal Reserve, Yellen is, in the words of Matt Nesto of Yahoo Finance, "known for her staunch support of the controversial easy money policies that have dominated Bernanke's two terms as Fed chief."

Her confirmation hearing will, in other words, become an opportunity to examine the failure of the Fed's vast increase in the nation's money supply to spark economic growth, which has lagged behind all other recoveries from recessions since good data has been available.  In Senator Paul's view:

The Federal Reserve might be the most secretive institution in our history. For decades, Fed officials, politicians and various "experts" have insisted that such secrecy was integral to its independence, and therefore effectiveness. But during Bernanke's two terms we have seen QE1 (quantitative easing), QE2 and QE3, and all were ineffective, if not destructive. An unprecedented amount of new dollars has been injected into the economy. In 2009, it was even reported that the Fed could not account for $9 trillion in off-sheet balance transactions. That amount is more than half our national debt.

When the economy doesn't improve, what is the Fed's eternal answer? Print even more money. In 2013, the Fed has been purchasing - and monetizing the government's debt - at a rate of $85 billion a month.  Just this year, they have added over $800 billion in government debt to their balance sheets.

Apparently President Obama's choice for Fed chairman is just as much an advocate of this policy as her predecessor. This is madness.

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.

Needless to say, Yellen's possession of two x chromosomes will be touted as a "historic first," since no other Fed chair has ever possessed ovaries.  Perhaps we shall be treated to the sight of Democrat senatrors claiming she should not be questioned closely on the policies which she has supported because of her sex. NOW will see nothing wrong with that, either.

Senator Paul, a Kentucky gentleman, no doubt will conduct his questioning with grace, but will not let the nominee skate away from the tough questions he has.

These hearings promise to be quite interesting.

Hat tip: Hot Air