With the GOP victory a month ago, Ron Paul was given an axe, and the Fed seems to have become a tree.
Ron Paul, Author of `End the Fed,' to Lead Panel Overseeing Central Bank
Dec 9, 2010 1:31 PM PT
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.
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.”
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1 comment:
Interesting isn't exactly the word I would choose. But, I'm sure we will be entertained for some time to come by it.
Funniest part is, even though I'm not all that pleased with the Fed's activities of late, how is it he doesn't know that the fed is already audited every year?
Federal Reserve 2009 Annual Report
But, he sure has his devotees fired up over it, none of whom it seems ever bothers to actually research anything.
His real goal is to eliminate the Fed, which would politicize our money even more than it already is.
Oh well, maybe he will steer some money to the failing Clark County Party of Ron Paul, formerly known as the Clark County GOP.
Ron Paul, truly a legend in his own mind.
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