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