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Ron Paul Set to Lead Federal Reserve Oversight Committee

November 5, 2010 - by Donny Shaw

Rep. Ron Paul [R, TX-14], the most popular member of Congress amongst OC users, is in line next session to take control of the Domestic and International Monetary Policy, Trade and Technology subcommittee, oversees the Federal Reserve, among other things. Paul is well known for being critical of the Fed, having recently authored a book titled “End the Fed” and sponsoring legislation session after session designed to accomplish just what the book title suggests. He has inspired a powerful, Tea Party-aligned grassroots movement around his ideas of abolishing the Fed and changing the fundamental structure of the U.S. monetary system. With the Fed right now at the center of efforts to get the economy back up and running, having Paul take over Fed oversight right now could really shake things up.

Paul recently spoke to Reuters about what he plans to do with his new position:

Paul is currently the top Republican on the House of Representatives subcommittee that oversees domestic monetary policy, and is likely to head the panel when Republicans take control of the chamber in January.

That could create a giant headache for the Fed, which earlier this year fended off an effort headed by Paul to open up its internal deliberations on interest rates and monetary easing to congressional scrutiny. […]

Paul said his subcommittee would also push to examine the country’s gold reserves and highlight the views of economists who believe that economic downturns are caused by bad monetary policy, not the vagaries of the free market.

Global organizations like the International Monetary Fund also will come under scrutiny, he said.

“Eventually we’re going to have monetary reform. I do not believe the dollar can be the reserve standard of the world,” said Paul, who has called for returning the United States to a currency backed by gold or silver.

Earlier this year when Congress was working on financial reform, they caved to the Obama Administration on Fed transparency at the last minute. Both the Senate and the House were on route to pass strong Fed audit language, similar to Paul’s “Audit the Fed” bill, that would have removed all restrictions on which Fed activities the Government Accountability Office can look at and allow full audits to happen regularly into the future. But Obama threatened to veto the whole bill if this language was added, so, led by Sen. Bernie Sanders [I, VT], they swapped it out for language that instead would allow a one-time audit of the Fed’s activities in the financial crisis and leave in place the GAO restrictions on future audits.

With Paul gaining new leadership powers, the battle between Congress and the Administration over Fed transparency and monetary system is definitely going to heat up again next year. The energy he has amassed around his causes, both in and out of Congress, could turn this into the populist fight of our time, with Ben Bernanke and the entrenched powers he is perceived to represent as a very vulnerable target.

Pictured is Ron Paul with his son, the Senator-elect Republican from Kentucky, Rand Paul.

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  • jackdoty523 11/05/2010 4:19pm

    This is wonderful. I’m so excited to expose the destructive things the Fed is doing. So much for Obama’s “transparent” government. Seems like he has a lot to hide.

  • Comm_reply
    ken760ca 11/06/2010 7:16am

    haha yea, obama in the past two years corrupted the FED. hahah you fool obama has been fighting with them. so many ppl want to make obama out to be an elitist that controls every aspect of government when in actuality the republicans are fillibustering and fighting his every move. You have no clue how long the FED has been corrupting our system. Has nothing to do with the past two years. If anything obama has fought them.

  • Comm_reply
    jackdoty523 11/06/2010 9:44pm

    It’s really odd when people respond to things that I didn’t say. I never said Obama himself corrupted the Fed (it is inherently corrupt), and I also never said it had become this way within the past two year, it’s been this way for a while. However, I don’t think it has ever been as bad as it is now. And Obama said flat out he would veto a bill that contains an audit to the Federal Reserve, he relies on the Fed heavily to accomplish his goals (like a lot of politicians unfortunately do). So I don’t have any idea what you’re talking about, or how you came to these weird conclusions.

  • Abaratarrr 11/05/2010 7:42pm

    Opencongress staff, your thread for 3706 is turning into a toilet. please take a look.

    Oh and excellent article this could change the world, for good of for bad i don;t know but will change things.

  • ryandsmith 11/06/2010 12:20am

    I hope Ron Paul gives them pure hell. This is very exciting news. The only person on the hill who has the knowledge to finally get the Fed Reserve in check is Dr. Ron Paul.

  • Comm_reply
    sordidsentinel 11/06/2010 2:41am

    He’s a doctor of economics, right? Oh wait, no, he’s an OB. I guess he IS the only person to get the Fed in check…

  • Comm_reply
    Abaratarrr 11/06/2010 8:10am

    He does not have a Dr. in economics. He has authored at least 6 books on economics some of which are curriculum for people pursuing a degree in economics. He is also a Sr counselor at the Mises institute.

  • Comm_reply
    sordidsentinel 11/06/2010 3:23pm

    Haha, gold standard.

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  • leomoon11 11/16/2010 7:17pm

    both in and out of Congress, could turn this into the populist fight of our time, with Ben Bernanke and the entrenched powers he is perceived to represent as a very vulnerable target.

  • feup 01/06/2011 7:05pm

    Thank you Ron Paul, “We the people” stand behind you. Get rid of those greedy thugs.

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