‘End the Fed’? Ron Paul Will Lead House Fed Oversight Panel
- Posted on December 9, 2010 at 5:07pm by
Meredith Jessup
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Congressman Ron Paul, the Texas Republican who has repeatedly called for dismantling the Federal Reserve, will be leading the House panel that oversees the central bank when the GOP takes over the majority next year, according to a report in the Wall Street Journal. The outspoken libertarian has introduced legislation in the past to abolish the Fed, gained conservative support during a brief 2008 run for president and wrote his own monetary policy manifesto, aptly titled “End the Fed.”
Rep. Spencer Bachus, R-Ala., is set to take over the House Financial Services Committee from Rep. Barney Frank, D-Mass. On Thursday, Bachus announced that Paul will head the Domestic Monetary Policy Subcommittee during the upcoming 112th Congress.
Just one day earlier, Paul sounded off on the Fox Business Network with his earnest opinion of President Barack Obama’s tax cut plans:
“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.
“We are ready to hit the ground running, and I look forward to continuing our work in the next Congress,” Bachus said. On the agenda for the new Republican majority are hearings on U.S. monetary policy and a renewed effort in pushing for a full audit of the Fed’s functions.
Bloomberg also notes that Paul’s assignment comes as the GOP has recently stepped up attacks on Fed Chairman Ben Bernanke.
“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. Only 37 percent favor the status quo.
Other Subcommittees
Other notable Republican appointments annonced this week include Rep. Jeb Hensarling of Texas who will take over as the panel’s vice chairman, replacing Texas Rep. Randy Neubegauer who has been tapped to lead the oversight and investigations subcommittee. Rep. Scott Garrett, R-N.J., will chair the capital markets panel, overseeing the work of government-owned mortgage giants Fannie Mae and Freddie Mac. Reps. Shelley Moore Capito, R-W.V., and Judy Biggert, R-Ill., will lead the financial institutions and housing subcommittees, respectively. And Rep. Gary Miller, R-Calif., will oversea the House international monetary policy panel.
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Comments (60)
MeteoricLimbo
Posted on December 9, 2010 at 11:57pmGood.
Report Post »capitalismrocks
Posted on December 9, 2010 at 11:22pmCouldn’t have picked a better man to see digging into the Fed, best decision we’ve seen in a long long time.
Report Post »TotallyBelievableGuy
Posted on December 9, 2010 at 9:26pmYeah, do as Andrew Jackson did, end the institution that controls the country’s money.
Sure, the economy will tank, and we’ll probably go into a depression, but HEY, that‘s right libertarianism for ’ya.
Report Post »red penny
Posted on December 9, 2010 at 9:07pmRon is a bit way out from time to time but on this I agree with him.Get rid of The Fed or if we can’t get rid of it,then audit the damn outfit,lets say every quarter.While we’re at it get the federal government out of the housing business—-shut down The Freddie,Fanny and all the others.If the Federal govt. insists upon staying in the housing business then expand a program already in existence (vouchers to qualified applicants) which is used to rent private housing.Close down the projects—–they all end up the same way——gang infested,drug ridden slums.
Report Post »ronmorgen
Posted on December 9, 2010 at 8:52pmPerfect for the job. He sees the conspiracy.
Report Post »flagbearer
Posted on December 9, 2010 at 8:28pmLet what is coming happen now before the progressive commies want it to happen. They aren’t quite ready, so if we force it now, we have the advantage. Go Ron Paul!
Report Post »Dont_TreadOnMe
Posted on December 9, 2010 at 8:05pmYea! Go Ron! Down with the Fed
Report Post »ChiefGeorge
Posted on December 9, 2010 at 7:21pmThe more and more I hear from this wonderful man the more I like him. I guess I GET Ron Paul finally!!
Report Post »brytank2000
Posted on December 9, 2010 at 7:02pmRon is one man who understands how dangerous the fed is!
Report Post »justice
Posted on December 9, 2010 at 6:54pmGo, Ron Paul. Sock it to them.
Report Post »sabrinacle
Posted on December 9, 2010 at 6:47pmI just hope Ron Paul lives long enough to get it through congress. They killed Kennedy for wanting to audit the Fed. They brass knuckled some other guy who put a spot light on them. What we really need is the National guard to surround the building, order everyone out, and get everything in the building to an incinerator, then clean out the building and turn it into a childrens museum
Report Post »DeltaHawk
Posted on December 9, 2010 at 6:47pmGround Air force 1&2 Let ‘em walk or buy their own $#*)( $3.00 Gasoline. “People who don’t believe in God will believe anything else!”
Report Post »mtnclimberjim
Posted on December 9, 2010 at 6:44pmnothing will change. But then again I’m under moderation
Report Post »emertz8413
Posted on December 9, 2010 at 6:42pmHe gets all my support, GO RON GO!
Report Post »spendthrift
Posted on December 9, 2010 at 6:01pmIt’s about time. Ron Paul will expose the biggest scam in American history and bring down the Federal Reserve. It’s going to be very interesting saga.
Report Post »OneRepublic4us
Posted on December 9, 2010 at 6:33pmShining the light on the fed….This is going to change everything!!
Report Post »RepubliCorp
Posted on December 10, 2010 at 2:36amJust wait & see what a can of worms this opens………
Report Post »awiderview
Posted on December 9, 2010 at 6:01pmHow many here REALLY understand the role/function of the Fed? And, who would take over control of the money supply? Congress? OMG!!! I guess Glenn Beck would be another alternative (if not, Donald Trump).
Report Post »silentwatcher
Posted on December 9, 2010 at 6:10pmBilly the Kid would be a better choice than what is going on now……it could only get better.
Report Post »whitaker
Posted on December 9, 2010 at 6:36pmWell, acording to the constution, Yes, Congress.
Report Post »timber wolf
Posted on December 9, 2010 at 7:22pmThe Federal Reserve is not a federal institution as they pose to be, they are a privately held institution composed of elite bank cartels and wallstreet mafia players. I say God speed to Ron!
Report Post »Via Dolorosa
Posted on December 9, 2010 at 5:44pmSuggestion:
Cut out (completely) ALL of the airline travel for anyone that does not absolutely HAVE to be physically present – and no, saying “But I have to be there for the free coffee and chips” ain’t gonna cut it.
Today we have this wonderful, and oh so modern, device called “conference calling” – via phone and/or video.
Congress/etc. can start calling in for their meetings, votes, gossiping, whatever.
That will save the taxpayers a few pretty pennies. It doesn’t make any logical sense for all of these people to be jetting in and out, using up precious resources – i.e. space, offices, desks, telephones, computers, coffee, eating out EVERY day at our expense, pens, bathroom supplies, electricity, plumbing, water, state issued vehicles/fuel/maintenance……… and on and on and on.
They all do not “need” to even be present for most of the activities that take place. Congress seems to have become a social club – not a place of structure and laws. If you want to socialize, do it on your own dime.
Moral lesson: Before you tell me to cut something out of my life, you should start letting
Report Post »go of some of your perks that I’m paying for.
untameable-kate
Posted on December 9, 2010 at 5:56pmAgree completely. Funny how you never hear any of them complaining about global warming or carbon foot prints while they are jet setting around when it is not necessary. God forbid old ladies keep their heaters set above fifty degrees in the winter though because they are clearly destroying the earth.
Report Post »blacksmith
Posted on December 9, 2010 at 6:38pmPlus this would limit the availability of Our representatives to speacial interests and lobbyists.
Report Post »travka63
Posted on December 9, 2010 at 5:43pmHighlight of the year, at least one good news.
Report Post »bulletsinthegun
Posted on December 9, 2010 at 5:41pmLet the change begin, go Ron go
Report Post »Dustyluv
Posted on December 9, 2010 at 5:40pmBringing down the Federal Reserve will only serve to bring down the unrest quicker. Just the way it is. The vault is empty, we know it, showing this to the American People will lead to riots in the streets much much faster…
Report Post »parmajohn
Posted on December 9, 2010 at 5:47pmI Agree Its Like Assange He’ll tell us what we know
Report Post »silentwatcher
Posted on December 9, 2010 at 6:09pmthey already know the vaults are empty,,,,they also know that illegal money printing is going on. That’s one of the big reasons the citizens are pissed-off.
Report Post »whitaker
Posted on December 9, 2010 at 6:32pmThe longer it takes will allow more people to wakeup and get prepared the less zombies they will have to riot.
Report Post »timber wolf
Posted on December 9, 2010 at 6:42pmMeanwhile the bank cartels and wallstreet mafia are getting rich. The Fed is not even a federal institution …….. it is a private held company and they are ruining this country!
Report Post »LadyIzShy
Posted on December 9, 2010 at 5:39pmI hope he does away with them.. I hope they do away with MUCH of the fed gov
Report Post »untameable-kate
Posted on December 9, 2010 at 5:56pmAbout 75% should do it.
Report Post »silentwatcher
Posted on December 9, 2010 at 6:08pmRon Paul for POTUS.
Report Post »blacksmith
Posted on December 9, 2010 at 6:33pmDemint-Paul 2012 or Paul- Demint. A ticket that I can get behind! True American Patrots cut from the cloth of our Founders.
Report Post »Slobaphobe
Posted on December 9, 2010 at 5:39pmOh boy! The Fed gets Ron Paul in their Christmas stocking! H0-Ho-Ho, Merry 112th Congress!!!!
Report Post »swonga
Posted on December 9, 2010 at 5:38pmamen, sounds refreshing and an answer to our prayers.
Report Post »Bad Thunder
Posted on December 9, 2010 at 5:35pmI’m in….
Report Post »RobertCA
Posted on December 9, 2010 at 6:24pmCount me in too .
Report Post »TOSKIMAN
Posted on December 9, 2010 at 7:15pmPillage and plunder the FED!!!!!
Report Post »walkwithme1966
Posted on December 9, 2010 at 8:16pmSomething tells me that we will never get to see inside the Fed – it just won’t happen. http://maboulette.wordpress.com
Report Post »wbalzley
Posted on December 9, 2010 at 5:35pmThis could get interesting…
Report Post »cubber
Posted on December 9, 2010 at 5:45pmIt will be interesting, but will they get it done in time. BE PREPARED.
Report Post »Konservative PUNK
Posted on December 9, 2010 at 6:02pmEnd the fed!
Report Post »silentwatcher
Posted on December 9, 2010 at 6:07pmHell yes ‘end the Fed.’ Currently, they are giving away yours, mine, and our children’s futures-not to mention the country and what it has always stood for.
Report Post »NoName22
Posted on December 9, 2010 at 6:12pmRon Paul on the Oversight Committee is the best news I’ve read in awhile.
Report Post »TXPilot
Posted on December 9, 2010 at 6:27pmRon Paul is by no means perfect….some of the things he says are a bit “crazy”….however, I think the time for crazy has come…..kick ass Ron Paul!…..
Report Post »american1st
Posted on December 9, 2010 at 6:32pmbest news i have heard in a while too.
Report Post »Stuck_in_CA
Posted on December 9, 2010 at 6:35pmOoo. Can’t wait! Better stock-up on popcorn!
Report Post »ron the veteran
Posted on December 9, 2010 at 6:38pmget em ron! its time for some long long jail terms and its time to bring all this progressive crap to an end!
Report Post »Adam Coble
Posted on December 9, 2010 at 7:06pmI am all for it and ready to ride the wave of the rough time. But my children will be better for it!!
Report Post »grandmaof5
Posted on December 9, 2010 at 9:04pmThat sounds like a stellar idea, the sooner the better. No more voo-doo economics by another Obama puppet.
Report Post »RepubliCorp
Posted on December 10, 2010 at 2:33amNo Barney Frank? We are doomed
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