Ron Paul poised to take on the Fed at head of financial subcommittee

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Schroeder, P. (26 Nov 2010). "Paul poised to take on 'atrocious' Fed at head of Financial subcommittee." On the Money, The Hill.
Retrieved from http://thehill.com/blogs/on-the-money

Representative Ron Paul has called the Federal Reserve an "atrocious organization" and written a best-selling book that argues it should be abolished. Now, thanks to the GOP's commanding victory in the midterm elections, Paul may finally have the chance to take on the central bank from the dais of a congressional hearing room. Paul is poised to take over the Financial Services subcommittee that oversees the Federal Reserve in the next Congress. With the power of that pulpit, Paul said he hopes to shine a light on the Fed's policies, which he has long criticized as opaque and secretive, and make the case that the bank's monetary policies harm the U.S. economy.

... While some GOP members have couched their Fed criticism with the caveat that they are not challenging the Fed's independence, Paul is not worried about the impact his increased scrutiny would bring. Independence does not equate to secrecy, he argues. Paul also emphasizes that the Fed is not authorized in the Constitution, and says it is Congress' responsibility to maintain a sound currency.

... Regardless of what happens legislatively, it's a safe bet that there will be more activity on the subcommittee is Paul is at the helm. The subcommittee hasn't held a hearing since July, according to the panel's website, when Chairman Representative Mel Watt sought testimony on U.S. currency and coins.

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