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Ron Paul to Become Chairman of House Monetary Policy Subcommittee

Republican presidential hopeful Rep. Ron Paul (R-TX) addresses supporters at a campaign stop at Des Moines University in Des Moines, Iowa on January 3, 2008. Iowa will hold its presidential caucus tonight.Ron Paul (R-TX) will be the chairman of the House subcommittee that oversees the Fed. David Wessel beginning in January. The New York Times reported that Paul will be faced with challenges as "it promises to be a miserable time for the Fed chairman as he is peppered with hostile questions at oversight hearings and with legislation to force complete audits of Fed operations."

Paul has always been a critic of the Federal Reserve. According to the New York Times, Paul has denounced the Fed for causing inflation, "saying that producing inflation is the major reason for its existence."

In an interview with the Wall Street Journal, Paul said he will push the Federal Reserve to be more transparent. When asked what his first priority in leading the subcommittee will be, Paul responded:

"To perform oversight of the Federal Reserve. That’s the purpose of the committee and that’s what I’ll do. The best oversight is to get transparency of the Fed, which means we need a full audit of the Fed. We’ve gained a lot of attention on that and it’s been popularized to the point where we had 320 cosponsors last year. We’re moving along and I think the markets are moving in our direction, too."

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