Ron Paul, the likely Committee Chair overseeing Federal Reserve

H/t: Libertarian Republican.

If Ben Bernanke has a recurring nightmare, it is arriving at work to find Ron Paul running oversight on him. If the rumors are true he might have to learn to live with it.

In the wake of the huge election win by the GOP it appears that Congressman Ron Paul of Texas is about to be appointed Chairman of the Financial Services subcommittee. If this occurs it is a massive win for the fiscal conservative Tea Party wing of the party. The committee has near complete oversight of the Federal Reserve.

Paul has stated that he wants the position from the time the results became clear, and although there has been some resistance from the establishment Democrat lite, RINOs, he seems to be firming up in the calculations. This should be hard for his opponents to resist, as he is a Tea Party favorite and has wide support from the rising fiscal conservative element of the party. It will be in the backs of their minds that the Tea Party, flushed with success are already checking out who to target in 2012.

From The Hill, “Paul poised to take on Fed”:

Speculation has swirled that Paul would immediately use his subpoena powers as chairman of the subcommittee to compel testimony from Federal Reserve officials…

Paul said he wants to foster a debate about the Fed’s role in the American economy and begin the push for greater congressional oversight. He said he wants to use the subcommittee to “discuss the relationship of monetary policy to the business cycle and particularly how they create the booms and the busts” in the economy.

A slew of Republican leaders, ranging from former Alaska Gov. Sarah Palin to Speaker-designate John Boehner (R-Ohio), have criticized the Fed’s decision to buy $600 billion worth of Treasury bonds in an attempt to boost the economy. Republican critics argue the action, which essentially amounts to printing money, will only lead to a less valuable dollar and higher inflation.

It is Boehner and soon-to-be House Majority leader Rep. Eric Cantor who have final say in the appointment.

Ron’s views are articulated well in his Bloomberg interview.

8 thoughts on “Ron Paul, the likely Committee Chair overseeing Federal Reserve

  1. Wow, even after all this time I find it hard to believe Ron Paul might actually be appointed as Chairman Financial Services Subcommittee. It’s stuff like this that makes me believe America can have a rebirth and a true return to the American model. If it does, it will be the saviour of the west, which will otherwise continue in slow decline, or at least stagnation.

  2. There is more news tonight that presumptive speaker Boehner is supporting Jeff Flake for a seat on the appropriations committee.

    Flake is well known as a strongly libertarian fiscal conservative and sometimes comes out ahead of Paul on the RLC liberty index.

  3. Good news:

    http://www.weeklystandard.com/blogs/boehner-supports-flake-appropriations-chair_520796.html

    As the House Appropriations Committee stands poised to make a former earmarker its chairman, incoming House speaker John Boehner throws his support to porkbuster Jeff Flake:

    “I support Congressman Jeff Flake [R-AZ] in his effort to be appointed to serve on the Appropriations Committee, and I join with incoming Majority Leader Cantor in expressing hope that other reform-minded Members of Congress will follow Jeff’s example in seeking appointment to the committee.

    “The Appropriations Committee will be the scene of much action in the next Congress as we work to implement the Pledge to America, which calls for cutting spending to pre-’stimulus’ levels, repealing the job-killing health care law, prohibiting all taxpayer funding of abortion, and bringing greater scrutiny to the broken spending process in Washington. These priorities are among the priorities of the American people, and the Republicans currently serving on the Appropriations Committee are going to need all the additional help they can get in working to ensure the priorities of the people are met.”

    “The new majority in the House is determined to change the culture of spending and arrogance in Washington that has caused so many Americans to lose faith in their government. The commitment to changing this culture is shared by our members currently serving on the Appropriations Committee, those currently serving on other committees, and the more than 80 newly-elected GOP members who will serve in the House beginning in January. Congressional Republicans are unified in our determination to end the job-killing spending binge in Washington and begin restoring the bonds of trust between the American people and their elected leaders.”

  4. There is more news tonight that presumptive speaker Boehner is supporting Jeff Flake for a seat on the appropriations committee. Flake is well known as a strongly libertarian fiscal conservative and sometimes comes out ahead of Paul on the RLC liberty index.

  5. Pingback: Ron Paul: Fighting the Fed | FrontPageSearch

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