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New chair of US MPC wants to abolish Fed

Friday 10 December 2010 - by Nicola York

US Congressman Ron Paul

Outspoken US Republican House representative Ron Paul is the surprise choice to head up the subcommittee in Congress which will oversee the Federal Reserve.

Paul has previously introduced legislation both to audit and abolish the Fed and his new position will mean the Fed is likely to have a battle on its hands.

Paul was appointed chairman of the Domestic Monetary Policy Subcommittee yesterday by Financial Services Committee chairman-elect Republican Spencer Bachus.

Bachus, who was appointed on Wednesday, announced the rest of his team which included Republican Representative Jeb Hensarling as vice chairman of the Financial Services Committee and
 Republican Representative Judy Biggert as chairman of Insurance, Housing and Community Opportunity. 

Bachus said: "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.

"By working together, we will honor our commitment to aggressive oversight, reform of the GSEs, and monitoring the implementation of the Dodd-Frank Act to ensure more jobs aren't lost to unnecessary regulations on community banks and businesses. We are ready to hit the ground running, and I look forward to continuing our work in the next Congress."

Other appointments include Rep. Shelley Moore Capito as chairwoman of the Financial Institutions Subcommittee, Rep. Scott Garrett, chairman of the Capital Markets and Government-Sponsored Enterprises Subcommittee and Rep. Gary Miller as chairman of the International Monetary Policy Subcommittee.

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