Representative Ron Paul, the Republican congressman who hated the Federal Reserve before hating the Federal Reserve was the fashionable thing to do, is now in charge of overseeing the Fed. Bloomberg reports that Mr. Paul will be conducting a few hearings on monetary policy and plans to renew his efforts to put the Fed through a meat grinder of scrutiny. Also:
His campaign to audit the Fed picked up steam as the central bank deployed trillions in emergency loans in the midst of the worst financial crisis since the Great Depression. Paul’s bill gained the support of 320 of 435 members of the House and a portion of the measure ended up in the Dodd-Frank financial regulatory overhaul enacted this year.
Here are some things Ron Paul, who has introduced legislation to dismantle the Federal reserve, has written about the central bank: “I think the system of Fed domination must come to an end”; “Ending the Fed would be the single greatest step we could take to restoring American prosperity.”
It should surprise few people then that Mr. Paul intends to expand the role of the committee he will lead. From The Daily Paul, a pro-Paul blog:
Many people have never heard about that Subcommittee, and Paul says in the past it has been concerned with “commemorative coins.” However, Paul says he will use it to impact monetary policy. Paul doesn’t believe that this new position alone will result in the elimination of the Fed, which he has championed for quite some time, but he will use the position as another venue to criticize the Fed and call more attention to its drawbacks.
Poor Ben Bernanke. His quantitative easing has drawn the ire of experts; one in six Americans wants to get rid of his workplace entirely; and now the guy who has done more than anyone to demonize American central banking is going to trot him in front of Congress and ask some mean questions. He just can’t catch a break.
C-SPAN viewers, on the other hand, are in for a real treat. Paul and Bernanke — we just can’t wait for the sparks to fly.
mtaylor [at] observer.com | @mbrookstaylor