The media response to the appointment of Rep. Ron Paul (R-Texas) to the chairmanship of the House Domestic Monetary Policy Subcommittee has been swift and — somewhat surprisingly — mostly positive. Perhaps it is due to the fact that public opinion has been turning against the Federal Reserve, Paul’s longtime target that is overseen by his subcommittee.
It’s official: Texas Congressman Ron Paul will be the Chairman of the House Subcommittee for Domestic Monetary Policy and Technology when the 112th Congress convenes in January. Rep. Spencer Bachus of Alabama, who is slated to be the Chairman of the House Financial Services Committee, of which the Monetary Policy Subcommittee is a part, announced Paul’s appointment as chairman of that subcommittee on December 9.
Will Tuesday be Ron Paul’s big day? Robert Wenzel of EconomicPolicyJournal.com thinks so, as does Paul confidant Lew Rockwell. On December 7 the Republican leadership in the House of Representatives is scheduled to announce the chairmen of various committees and subcommittees, including the Subcommittee for Domestic Monetary Policy and Technology, of which the Texas congressman is currently the ranking Republican member.
Because of President Barack Obama's veto power, it is very unlikely that Congress could successfully repeal ObamaCare for at least another two years. However, there are substantive things that can be done to prevent ObamaCare’s implementation, such as state nullification of the legislation and congressional defunding of its provisions. There are also symbolic things — things that might pass one or both houses of Congress but, if they do pass both houses, will almost certainly be vetoed by Obama. One of the symbolic measures being considered by Republicans is the use of a 1996 law that gives Congress the power to overrule regulations issued by executive branch agencies.
In the 111th Congress Rep. Ron Paul (R-Texas) introduced legislation to perform a wide-ranging audit of the Federal Reserve. That bill was, in Paul’s words, “gutted” before it came to the floor for a vote. Ultimately only a few very weak provisions of Paul’s original bill became law.
Members of Congress may be spendthrifts when it comes to taxpayers’ money; but when it comes to their own, they suddenly develop a sense of responsibility.
There are many positive features about shopping online, including convenience, selection, and speed. There is also the fact that a customer doesn’t have to pay sales tax on items purchased from retailers who don’t have a presence in the customer’s state — a significant savings on big-ticket items. Technically, the customer is still required to pay the tax come next April 15, but in practice hardly anyone does.
The National Flood Insurance Program (NFIP) is drowning in red ink — $19 billion in red ink, to be exact, according to Fox News. The reason is simple: The federal government charges below-market premiums to people who choose to live in flood-prone areas. This encourages people to build in such areas; and the more people who live there, the greater the liability for taxpayers. When a major disaster occurs, as in 2005 with Hurricanes Katrina and Rita, the outlays far outstrip the premiums, and the program goes into debt.