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October 25, 2013 AT 12:27 PM
Sen. Rand Paul, a Republican of Kentucky, has threatened to try to block the nomination of Janet Yellen to replace Ben Bernanke as chairman of the Federal Reserve. The threatened hold means that Yellen will need 60 votes on the Senate floor on a cloture motion to break that hold. The Senate Banking Committee must first hold hearings on Yellen's nomination and recent reports have suggested that hearing will come in mid-November.