Texas Congressman Ron Paul announced on Freedom Watch on Wednesday night, that he will be named the Chair of the House Subcommittee on Monetary Policy. Ron Paul stated during the interview “the Chairman of the Financial Services Committee, Spencer Bachus, has told me today verbally that I will be the Chairman of that subcommittee.” The Judge quickly joked that the “blood pressure is going up as we speak over at the Federal Reserve.”
This is a huge victory for friends of liberty as many, including Paul, believe the Federal Reserve is the root cause of the financial crisis. Paul has been one of the most outspoken critics of the Federal Reserve on Capitol Hill over the past 30 years. Paul introduced legislation last year to Audit the Fed (HR 1207) and had over 320 co-sponsors in the House. The bill was later stripped of its substance and a watered down version was included in the Financial Services Act that was passed into law in 2010.
Our politicians routinely call for transparency yet the Federal Reserve continues to operate in total secrecy. The Fed has so much control and influence over the economy, monetary policy, and our national debt, yet, they answer to nobody. The current financial crisis is one this country has not seen since the Great Depression, and now is the time to shed light on the dealings of the Federal Reserve. The fact that Ron Paul will Chair the monetary policy subcommittee is a significant step in the much needed direction of accountability and transparency at the Federal Reserve.