There’s a New Sheriff in Town | Paul to Lead Subcommittee for Fed Oversight

Ron Paul, Author of `End the Fed,’ to Lead Panel Overseeing Central Bank

By Phil Mattingly|Bloomberg

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. Photo:Ron

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 bank deployed 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.

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