Federal Reserve Critic Ron Paul to Lead House Domestic Monetary Policy Subcommittee
December 10, 2010
(ChattahBox U.S. News)—Congressman Ron Paul (R-TX), author of the controversial “End the Fed,” has been chosen to lead the House Financial Services subcommittee that oversees domestic monetary policy when Republicans take control of the House in January, Bloomberg reports. Paul had previously been passed up twice for chairmanship of the subcommittee.
In an interview last week, Paul said that he plans to line up hearings on American financial policy and will try to institute an audit of the Fed. The news comes as other Republicans have criticized Fed chair Ben Bernanke’s decision that the Fed would buy bonds to try and lower unemployment and prevent inflation, Bloomberg notes.
Spencer Bachus (R-AL) will serve as the new chair of the House Financial Services committee, and the previous chair, Barney Frank (D-MA), will step down from his chairmanship and will begin to serve as the senior Democrat on the committee. Frank told reporters that he doesn’t believe that most Republicans echo Paul’s views on the Fed, and said that he foresees disputes within the GOP on the matter, Bloomberg reports.