charlotteconservative.com | In what can only be described as a huge victory for the libertarian wing of the GOP, word is leaking out of Washington that Congressman Ron Paul of Texas is about to be appointed Chairman of the Financial Services subcommittee. The committee has near complete oversight of the Federal Reserve.

From The Hill “Paul poised to take on Fed”:
 

Speculation has swirled that Paul would immediately use his subpoena powers as chairman of the subcommittee to compel testimony from Federal Reserve officials…

 

Paul said he wants to foster a debate about the Fed’s role in the American economy and begin the push for greater congressional oversight. He said he wants to use the subcommittee to “discuss the relationship of monetary policy to the business cycle and particularly how they create the booms and the busts” in the economy.

A slew of Republican leaders, ranging from former Alaska Gov. Sarah Palin to Speaker-designate John Boehner (R-Ohio), have criticized the Fed’s decision to buy $600 billion worth of Treasury bonds in an attempt to boost the economy. Republican critics argue the action, which essentially amounts to printing money, will only lead to a less valuable dollar and higher inflation.

It is Boehner and soon-to-be House Majority leader Rep. Eric Cantor who have final say in the appointment. Sources indicate that the appointment could come early next week.