Federal Reserve Critic Ron Paul To Oversee Federal Reserve
Well, at the very least, this should make for some interesting Committee hearings:
The next chairman of the monetary policy subcommittee — overseeing the Federal Reserve?
None other than Ron Paul (R-Texas), who’d just as soon abolish the Fed.
Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the Financial Services , which oversees the Federal Reserve, the U.S. Mint and American involvement with international development groups like the World Bank. Unless someone bumps him, he’s next in line for the subcommittee gavel.
Paul is critical of all the institutions he would oversee. He’s long called for killing the Federal Reserve, and this year tried to get an audit of the Fed into the Wall Street reform bill. He’s asserted that the dollar should be tied to the gold standard in order to keep it from losing its value.
The committee has been low key under Rep. Melvin Watts (D-N.C.). His web site says he plans to hold hearings on “equal access by the visually impaired to U.S. coins and currency.”
It’s safe to say that a Paul chairmanship might be a little more intense.
I think that’s pretty certain. During his time on the subcomittee, and the Banking Committee that it is a part of, Paul’s encounters with Fed Chair Ben Bernanke, and Alan Greenspan before him, have been YouTube legends if only because Paul is the only committee member who ever asks questions about, well, monetary policy that don’t involve merely accepting at face value what the witness has to say.
This encounter from 2007 is probably just a preview of what we’ll see come January:
Should be fun.