Ron Paul to Head Fed Oversight Panel
WASHINGTON (
) --
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.
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.
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Laurie Kulikowski
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