In a bizarre turn of events following Tuesday’s elections, Rep. Ron Paul, the government’s #1 “end or audit the Fed” guy, will likely be in charge of Federal Reserve oversight:
Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the Financial Services, which oversees the Federal Reserve, the U.S. Mint and American involvement with international development groups like the World Bank. Unless someone bumps him, he’s next in line for the subcommittee gavel.
This means that Ron Paul will be in charge of ensuring that monetary policy is transparent. Ron Paul, who blames the Fed for manipulating interest rates in a way that deteriorates the way a healthy market functions, will make sure that the public knows what Fed Chairman Ben Bernanke does all day.
Blogging at the D.C. Examiner, I wrote:
The Federal Reserve has enjoyed casual oversight while Congressman Barney Frank served as chairman of the Monetary Policy subcommittee. That is about to change.
Ron Paul has spent his tenure in politics pushing vehemently for a Federal Reserve audit. Paul has been particularly forceful in asking that the Fed reveal where the government is actually spending TARP funds.
After the Nov. 2 election, Ron Paul made it perfectly clear that he intends to use his oversight power to keep the Fed transparent: