Ron Paul to Head Fed Oversight Panel

Ron Paul, the controversial Texas Republican House representative, will take control of the subcommittee that oversees the Fed.
By Laurie Kulikowski ,

WASHINGTON (

TheStreet

) --

Ron Paul

, the controversial Republican House representative from Texas, will take control of the subcommittee that oversees the

Federal Reserve

.

House Financial Services chairman-elect Spencer Bachus' (R.-AL) announced Paul's appointment on Thursday, along with the rest his choices for leadership team. Bachus was appointed chairman of the panel on Wednesday.

Paul, who has introduced legislation to abolish the Fed, will specifically head up the Subcommittee on Domestic Monetary Policy.

Big banking institutions including

Bank of America

(BAC) - Get Report

,

JPMorgan Chase

(JPM) - Get Report

and

Citigroup

(C) - Get Report

as well as systematically important institutions like

AIG

(AIG) - Get Report

fall under the Fed's watch.

Bachus also said he plans to modify subcommittee jurisdictions to promote a "more efficient and balanced work-load for committee members," according to the release.

Ron Paul May Oversee Fed

The release said Paul will assume his position when Republicans take the House majority in January.

"This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of

Fannie Mae

(FNMA.OB)

and

Freddie Mac

(FMCC.OB)

, and enforce a strong audit of the Federal Reserve," Bachus said in a statement.

"By working together, we will honor our commitment to aggressive oversight, reform of the GSEs, and monitoring the implementation of the Dodd-Frank Act to ensure more jobs aren't lost to unnecessary regulations on community banks and businesses," Bachus added.

Bachus' first priority is to "end the taxpayer funded bailout of Fannie and Freddie," according to the statement.

Paul, in an interview with

Bloomberg

last week, said he plans to hold several hearings on U.S. monetary policy. He will also resume his push for a full audit of the Fed's functions,

Bloomberg

said.

-- Written by Laurie Kulikowski in New York.

To contact the writer of this article, click here:

Laurie Kulikowski

.

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.

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