Representative Ron Paul, Texas Republican and author of “End the Fed,” will take control of the House subcommittee that oversees the Federal Reserve.

While we don’t agree with Ron Paul on many things, this appointment and his investigation of the Fed may be one of the best things to come out of the 2010 elections. Lets hope its not too late. ~ Editor

By Phil Mattingly – Dec 9, 2010 at Bloomberg.com

EXCERPTS:

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.

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.

“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.”

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