Inside Track
Ron Paul Will Head Congressional Subcommittee to Monitor the Fed
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.
Paul himself had made an unofficial announcement of his appointment on the previous day’s Freedom Watch with Judge Andrew Napolitano on the Fox Business Network. Napolitano jested that “the blood pressure is going up as we speak over at the Federal Reserve” as a result of Paul’s appointment, which he termed “great news for those of us who want to find out what the Fed has really been doing.”
Indeed, a quick glance at the policies over which Chairman Paul will have jurisdiction, as listed in Bachus’s announcement, should gladden the heart of anyone who cares about sound money and the future of the U.S. economy. They include: “Domestic monetary policy, currency, precious metals, valuation of the dollar, economic stabilization, defense production, commodity prices, financial aid to commerce and industry.” The Fed, of course, has its crooked fingers in every one of these. Who better to have in a position to oversee them all, with the power to subpoena testimony from Fed Chairman Ben Bernanke, than the author of End the Fed?
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