As the ranking member of the House Subcommittee for Domestic Monetary Policy and Technology, Texas Congressman Ron Paul will more than likely take over as the chair in the next session. From that position he sees taking the committee in a little more aggressive direction.
According to the senior editor at CNBC.com, John Carney, in his blog “NetNet”, Dr. Paul will be looking to make some moves on behalf of sound monetary policy that should appeal to more than just the Austrians in the crowd. “I will approach that committee like no one has ever approached it because we’re living in times like no one has ever seen.”
His position on central banking is well documented and the Federal Reserve’s efforts to avoid full disclosure will soon be in for an even greater amount of scrutiny,“We need to create transparency there. To see what it is they are buying and lending, and who it is they are dealing with.”
When I last spoke to the good doctor in Texas about a month ago, before his son completed his successful bid for a seat in the Senate, Ron expressed understandable enthusiasm about the upcoming session. “We’ve got a lot of work ahead of us and it will be nice to have friends on the Hill.”
If there is to be any true hope for the dollar at least being stabilized until a better solution can be worked out, I like our chances with Ron sitting at the head of this important table. Hopefully he will be able to say ‘The buck stops (failing) here.’