Ron Paul to oversee central bank

[luckytxn 2,264]

Representative Ron Paul, Texas Republican and author of "End the Fed," will take control of the House subcommittee that oversees the Federal Reserve.

House Financial Services chairman-elect Spencer Bachus, an Alabama Republican, selected Paul, 75, to lead the panel's domestic monetary policy subcommittee when their party takes the House majority next month, the committee chairman said today.

"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.

Paul, in an interview last week, said he plans a slate of hearings on U.S. monetary policy and will restart his push for a full audit of the Fed's functions.

"We are ready to hit the ground running, and I look forward to continuing our work in the next Congress," Bachus said.

Paul, who has introduced legislation to abolish the Fed, became nationally known during his 2008 presidential campaign. His campaign to audit the Fed picked up steam as the central bankdeployed trillions of dollars in emergency loans in the midst of the worst financial crisis since the Great Depression. Paul's bill gained the support of 320 of 435 members of the House and a portion of the measure ended up in the Dodd-Frank financial regulatory overhaul enacted this year.

Attacks on Bernanke

Paul's assignment comes as the Republican Party has stepped up attacks on Fed Chairman Ben S. Bernanke and the central bank in the wake of the Nov. 3 announcement that it would buy bonds in an attempt to bring down unemployment and prevent inflation.

"Congress must act to rein in Chairman Bernanke and the Fed before they destroy our currency and permanently damage our economy and financial system," Senator Jim Bunning, a Kentucky Republican, said in his farewell speech on the Senate floor today. "Public awareness of what the Fed is doing is increasing while public opinion of the Fed is falling."

Bunning's views are reflected throughout the country, according to a Bloomberg National Poll that reveals deep skepticism about the Fed.

Americans across the political spectrum say the central bank shouldn't retain its current structure of independence, according to the poll. Asked if the central bank should be more accountable to Congress, left independent or abolished entirely, 39 percent said it should be held more accountable and 16 percent that it should be abolished. Thirty-seven percent favor the status quo.

Other Subcommittees

Paul, who has been passed up twice before for the subcommittee chairmanship, may cause a problem for Republicans who have traditionally defended the central bank, RepresentativeBarney Frank, the outgoing chairman of the Financial Services Committee, said today in a Bloomberg Television interview.

"I think you're going to see a significant dispute within the Republican Party," said Frank, who was re-appointed by his party as the senior Democrat on the committee. "I do not believe that Ron Paul's views on the Fed represent the views of most Republicans."

Bachus will keep the senior Republicans on the panel in leadership positions. Representative Jeb Hensarling of Texas will take over as the panel's vice chairman, replacing fellow Texas Republican Randy Neugebauer, who moves over to lead the oversight and investigations subcommittee.

Representative Scott Garrett of New Jersey will become chairman of the capital markets panel, which would oversee any work done on government-owned mortgage companies Fannie Mae and Freddie Mac. Representatives Shelley Moore Capito of West Virginia and Judy Biggert of Illinois will take over the financial institutions and housing subcommittees, respectively. Representative Gary Miller of California will take over as chairman of the international monetary policy panel.

To contact the reporter on this story: Phil Mattingly in Washington atpmattingly@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net

Link:http://www.bloomberg...ight-panel.html

[Kevin and 10]

[Obama 2012 1,714]

Any bets that the Alex Jones crowd is about to be let down significantly by this.... RP will sell out like everyone else does to the FED...

[ready4ONE 5,400]

Word.

[luckytxn 2,264]

Any bets that the Alex Jones crowd is about to be let down significantly by this.... RP will sell out like everyone else does to the FED...

Then you don't know Ron Paul. I have always gotten every vote that he makes sent to my email whenever he votes as I do our Senators. Ron Paul is the only politician that has always voted like he said he would. I also have met and talked to the family as he is our congressman and they are loved here. Everyone of his kids are outstanding. Ron Paul has railed against the Central bank ever since I can recall. This book they referenced is just his latest book and he is considered among the most knowledgeable and experts on the Central banks and monetary money.

The state and national Republican party always funds a candidate heavily in the primaries to try to knock him out of the district to place their own there but he always wins by over 80% of the vote. Usually even the Democrats don't even try to run a candidate or if one does like the last time they don't send money as they know it will be a losing cause. Now I know he will hold the hearings and get under their skin and it will even allow him to AGAIN try to get legislation out to start auditing the Federal bank. The one thing I am sure of though is since it is a sub committee that when he gets it out there that anything will die in the regular committee and never come to the floor unless they are sure they have the votes again to stop it. My only wonder is why they NOW allow him to chair this sub committee. His son just won the seat in Kentucky and is now a Senator but doubt that is why. They usually try to shut Ron Paul out of everything so why now?

[Usui Takumi 1,562]

Yeah I doubt Ron Paul will cave. He hasn't yet in his career.

[B_J 2,752]

There are quite a few positions that I disagree with Ron Paul on. However, he is one of the few politicians I respect. And I've never doubted his honesty and integrity. He is a rare individual and one of the few reasons I'm against term limits.

And I can only imagine how happy he must be to have this position now. It must be a dream come true for him.

[luckytxn 2,264]

There are quite a few positions that I disagree with Ron Paul on. However, he is one of the few politicians I respect. And I've never doubted his honesty and integrity. He is a rare individual and one of the few reasons I'm against term limits.

And I can only imagine how happy he must be to have this position now. It must be a dream come true for him.

Exactly. Main reason the GOP hates him and makes me wonder why they would now allow him to be chairman of the one sub committee that he has tried for and been denied.

The only thing I can figure is they plan on blocking any summons he will issue and have an agreement with the main committee to vote against any bills he tried to bring out.