Ron Paul has been named the next chairman of the House Financial Services Subcommittee on Domestic Monetary Policy. Put more succinctly, the libertarian Texan now will be wielding a gavel over the Federal Reserve. (His main campaign theme as the nascent tea party’s favorite 2008 presidential campaign was that the Fed should be abolished.) So unless Boehner reins him in, Paul will have all the power he needs to push legislation limiting the power of the central bank and promoting gold and silver as legal tender — and to summon Fed Chairman Ben Bernanke to a public inquisition whenever he wants. The market moving possibilities (and the headaches for commercial bank lobbyists) seem almost limitless.
Although he’s starting his 11th full term, this will be the first time Paul has occupied the top GOP seat on any subcommittee, mainly because he’s been peripatetic about his committee assignments during his separate stints in the House. His initial legislative push will be for a full-fledged Fed audit. (He got only a very limited audit into the financial services overhaul.)
Although he’s starting his 11th full term, this will be the first time Paul has occupied the top GOP seat on any subcommittee, mainly because he’s been peripatetic about his committee assignments during his separate stints in the House. His initial legislative push will be for a full-fledged Fed audit. (He got only a very limited audit into the financial services overhaul.)
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