Doug Mataconis · · No comments

Ron Paul, who wrote a book a few years back calling for the Federal Reserve to be eliminated, has been named as the new head of the House Subcommittee that oversees the Federal Reserve:

Representative Ron Paul, Texas Republican and author of “End the Fed,” will take control of the House subcommittee that oversees the Federal Reserve.

House Financial Services chairman-elect Spencer Bachus, an Alabama Republican, has chosen Paul to lead the panel’s domestic monetary policy subcommittee when Republicans take the House majority next month, the committee chairman said today.

“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.

Paul, in an interview last week, said he plans a slate of hearings on U.S. monetary policy and will restart his push for a full audit of the Fed’s functions.

“We are ready to hit the ground running, and I look forward to continuing our work in the next Congress,” Bachus said.