Fed Opponent Ron Paul Gets Gavel for House Panel Overseeing it

Rep. Ron Paul, the Texas Republican who passionately called for dismantling the Federal Reserve, will be running the panel that oversees the central bank when Republicans take the House majority next year, it was announced Thursday, according to a report in the Wall Street Journal.

Paul has introduced legislation to abolish the Fed, wrote the book, “End the Fed,” and rallied support for eliminating it.

Rep. Spencer Bachus (R-Ala.), who will take over the House Financial Services Committee from Rep. Barney Frank (D-Mass.), announced that Paul, a libertarian who won a fervent following when he ran for president in 2008, will head the Domestic Monetary Policy Subcommittee.

The 11-term lawmaker was in line for the post, but there had been some talk that Republican leadership might pick someone else.