Ron Paul, Author of `End the Fed,' to Lead Panel Overseeing Central Bank By Phil Mattingly -
Dec 9, 2010 1:50 PM CT Thu Dec 09 19:50:07 GMT 2010 Representative Ron Paul said last week he plans a slate of hearings on U.S. monetary policy and will restart his push for a full audit of the Fed’s functions. Photographer: Brendan Hoffman/Bloomberg Play Video Dec. 1 (Bloomberg) -- U.S. Representative Ron Paul, a Republican from Texas, talks about the Federal Reserve's response to the financial crisis and the bank's that borrowed from the Fed's Term Auction Facility. Paul speaks with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg) Representative Ron Paul, Texas Republican and author of “End the Fed,” will take control of the House subcommittee that oversees the Federal Reserve. House Financial Services chairman-elect Spencer Bachus, an Alabama Republican, selected Paul, 75, to lead the panel’s domestic monetary policy subcommittee when their party takes the House majority next month, the committee chairman said today. “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 and Freddie Mac, and enforce a strong audit of the Federal Reserve,” Bachus said in a statement. Paul, in an interview last week, said he plans a slate of hearings on U.S. monetary policy and will restart his push for a full audit of the Fed’s functions. “We are ready to hit the ground running, and I look forward to continuing our work in the next Congress,” Bachus said. Paul, who has introduced legislation to abolish the Fed, became nationally known during his 2008 presidential campaign. His campaign to audit the Fed picked up steam as the central bank deployed trillions of dollars in emergency loans in the midst of the worst financial crisis since the Great Depression. Paul’s bill gained the support of 320 of 435 members of the House and a portion of the measure ended up in the Dodd-Frank financial regulatory overhaul enacted this year. Attacks on Bernanke Paul’s assignment comes as the Republican Party has stepped up attacks on Fed Chairman Ben S. Bernanke and the central bank in the wake of the Nov. 3 announcement that it would buy bonds in an attempt to bring down unemployment and prevent inflation. “Congress must act to rein in Chairman Bernanke and the Fed before they destroy our currency and permanently damage our economy and financial system,” Senator Jim Bunning, a Kentucky Republican, said in his farewell speech on the Senate floor today. “Public awareness of what the Fed is doing is increasing while public opinion of the Fed is falling.” Bunning’s views are reflected throughout the country, according to a Bloomberg National Poll that reveals deep skepticism about the Fed. Americans across the political spectrum say the central bank shouldn’t retain its current structure of independence, according to the poll. Asked if the central bank should be more accountable to Congress, left independent or abolished entirely, 39 percent said it should be held more accountable and 16 percent that it should be abolished. Only 37 percent favor the status quo. Other Subcommittees Bachus also will keep the senior members of the panel from the current Congress in leadership positions. Representative Jeb Hensarling of Texas will take over as the panel’s vice chairman, replacing fellow Texas Republican Randy Neugebauer, who moves over to lead the oversight and investigations subcommittee. Representative Scott Garrett of New Jersey will become chairman of the capital markets panel, which would oversee any work done on government-owned mortgage companies Fannie Mae and Freddie Mac. Representatives Shelley Moore Capito of West Virginia and Judy Biggert of Illinois will take over the financial institutions and housing subcommittees, respectively. Representative Gary Miller of California will take over as chairman of the international monetary policy panel. Representative Barney Frank of Massachusetts, the outgoing chairman of the Financial Services Committee, will remain the top Democrat on the panel, outgoing House Speaker Nancy Pelosi of California said today. To contact the reporter on this story: Phil Mattingly in Washington at [email protected]. In a 1952 book, Secrets of the Federal Reserve, Mullins blamed Paul Warburg, Bernard Baruch, and other WALL STREE American BANKERS for drowning Americans in debt. According to Mullins, The Federal Reserve Act of 1913 put the nation's banking reserves in the hands of the " International Bankers" for the purpose of carrying out a plan for world dictatorship. The German edition of the book was burned in West Germany in 1955. It was the first book publicly burned in West Germany since the defeat of the Nazi government. He was a veteran of the USAF, with 38 months of active service during World War II. Book " Dismantling America: and other controversial essays "Thomas Sowell SECRETS OF THE FEDERAL RESERVE BY EUSTACE MULLINS. Are We Fighting To Preserve? "Even during the Cold War, the federal reserve system continued to finance the Soviet Union -- which was "never" a viable economy; it was a Third World economy. And we continued to finance, through the federal reserve system, through the Bank for International Settlements, in Switzerland. That's how we kept the Soviet Union going all these years. That's why we had to spend $248 billion a year for defense against this monstrous Soviet Union during the Cold War!." SAID EUSTACE MULLINS AMERICA IS RUN BY NON ELECTED OFFICIALS, FROM THE COUNCIL OF FOREIGN RELATIONS , SUCH AS COL EDWARD HOUSE, ALGER HISS, HENRY KISSINGER (1)1910-2010. BY MR.EUSTACE MULLINS SINCE 1953 THIS BOOK " the secrets of the Federal reserve ..". Thu Nov 11, 10:42 AM ET WHO HAS SENT HER LOVE ONE TO DIE IN FOREIGN LAND ? Council on Foreign Relations panel advises Obama to scale back Afghan occupation AFP Kissinger, in His Own Words "Military men are just dumb stupid animals to be used as pawns in foreign policy." - Henry Kissinger, quoted in "Kiss the Boys Goodbye: How the United States Betrayed Its Own POW's in Vietnam" US Ready to Back Bigger EU Stability Fund: Official ? solution ? Book " Dismantling America: and other controversial essays "Thomas Sowell -- You received this message because you are subscribed to the Google Groups "Cambodia Discussion (CAMDISC) - www.cambodia.org" group. This is an unmoderated forum. Please refrain from using foul language. Thank you for your understanding. Peace among us and in Cambodia. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/camdisc Learn more - http://www.cambodia.org
