Reuters’ report ‘Ron Paul vows renewed Fed audit push next year‘ demonstrates one significant political gain from the midterms. Grassroots efforts to expose the private Federal Reserve bank, audit its secretive affairs and end its mandate to print money out of thin air helped fuel the Tea Party Movement and now it has, in part, helped Ron Paul in his campaign against the Fed.
Ron Paul, leading critic of the Federal Reserve and author of ‘End the Fed,’ is poised to head the subcommittee that deals with monetary policy in the Republican majority House. Paul has vowed to use the new position to renew the case against the Fed.
(Reuters) – Republican Representative Ron Paul on Thursday said he will push to examine the Federal Reserve’s monetary policy decisions if he takes control of the congressional subcommittee that oversees the central bank as expected in January.
“I think they’re way too independent. They just shouldn’t have this power,” Paul, a longtime Fed critic, said in an interview with Reuters. “Up until recently it has been modest but now it’s totally out of control.”
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.
Reuters reported that Ron Paul would also scrutinize the role of the IMF and the dollar’s unsustainable status as the world’s reserve currency. He would also examine monetary policy and advocate a return to sound money.
Significantly, Reuters noted the political mandate for Paul’s position on the Fed bank issue, demonstrated in the Tea Party movement victories:
But grassroots outrage over the bank bailouts and other Fed actions helped propel many Republican candidates to victory in Tuesday’s congressional elections — including Paul’s son, Rand Paul, who will represent Kentucky in the Senate.
November 5, 2010