Ron Paul, Author of 'End the Fed,' to Chair Monetary Subcommittee

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Rep. Ron Paul, author of the best-selling book End the Fed, will head the House subcommittee overseeing the Federal Reserve.

Spencer Bachus, House Financial Services chairman-elect, selected Paul, 75, to lead the domestic monetary policy subcommittee in the next session of Congress, Bloomberg News reported. Paul is a Texas Republican.

"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.

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Paul has previously introduced legislation to abolish the Federal Reserve. His skepticism of the institution has gained wider public support after the Fed took a prominent role in managing the financial crisis, extending credit lines to companies such as American International Group (AIG).

The Fed was the subject of strong criticism after it announced plans last month to buy $600 billion of assets in a bid to boost the economy. Sarah Palin, former governor of Alaska, called on Fed Chairman Ben Bernanke to "cease and desist" while Sen. Jim Bunning (R-Ky.) said the plan would "destroy our currency."
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