Editor’s Note – There are many who celebrate this appointment and have high hopes that Congressman Ron Paul will finally reveal the deep dark secrets of the Federal Reserve.
With such great expectations, much of which Paul, a leading critic of the Federal Reserve for decades, has built up himself, is it even possible for him to live up to them?
Regardless, the author of the book “End the Fed” will now be overseeing the central bank, so he’ll get his opportunity…we’ll soon see what results he delivers.
Considering the challenges our country faces, we wish him well in this endeavor!
Ron Paul To Chair Monetary Policy Subcommittee Overseeing Fed
By Felicia Sonmez
Texas Republican Rep. Ron Paul is poised to chair the House Domestic Monetary Policy Subcommittee, putting the gavel of the panel overseeing the Federal Reserve into the hands of one of the central bank’s most outspoken critics.
Rep. Spencer Bachus (R-Ala.), the incoming chairman of the House Financial Services Committee, announced Thursday that Paul will head the subcommittee when Republicans assume the majority in the 112th Congress.
“This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve,” Bachus said in a statement, adding that the committee’s “first priority is to end the taxpayer funded bailout of Fannie and Freddie.”
On Wednesday, a group of about 30 tea party-aligned groups wrote a letter urging Bachus and House Speaker-designate John Boehner (R-Ohio) to support Paul’s bid for subcommittee chairman. The letter was in response to reports that GOP leaders were mulling ways to block Paul from becoming chairman over concerns that his views are too radical.
In the letter, the groups warned that the “implied message” of blocking Paul would be “one of indifference towards the concerns of those who helped put the Republican Party back in the majority.”
Paul has been a harsh critic of the Federal Reserve and has pushed for measures that would audit the central bank or abolish it altogether. The subcommittee also has jurisdiction over “precious metals,” and Paul has advocated a return to the gold standard.