December 10, 2010

Ron Paul Will Chair Fed Oversight Committee

Libertarian Texas Congressman Ron Paul will chair the Domestic Monetary Policy Subcommittee in the next Congress; the committee that oversees the Federal Reserve Reserve which Paul is an outspoken opponent of.

Twice before did Paul try to get elected chairman of the committee. In the present Congress, he has been the Republican ranking member on the committee. Reportedly, John Boehner, the next Speaker, tried to prevent Paul's election as he's likely to use his position to continue to criticize the Fed. Polls show that approximately half of all Americans are in favor of either reining in the Fed's power or abolishing it altogether. Particularly among tea partiers, antagonism of the central bank is widespread.

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