Paul vows not to move against Fed too quickly

Rep. Ron Paul, the Texas Republican who wrote a book about auditing and abolishing the Federa Reserve Bank, is assumed to be plotting such a move in the 112th Congress where he will be chairman of a House Financial Services Subcommitte with oversight authority for the controversial institution.

But in an interview with Bloomberg Television, Paul sounds a rather cautious note, saying  he won't be lighting torches and grabbing pitchforks on the opening day of the new Congress:

“Even in my book about ending the Fed, I do not talk about turning the keys and locking the doors. I talk about a transition and why don't we legalize the Constitution and allow legal tender to compete with paper money,” Paul told Bloomberg.

“Today it's the opposite. We are forced to use depreciating money and they do a very good job of depreciating money. At the same time, the Constitution still says that the only thing you are allowed to use is gold and silver. All I want to do is legalize that and if nobody cares, if nobody likes gold and silver, in paper assets and put their savings accounts in paper money.”

Interestingly, despite the fact the two men have diametrically opposed ideological perspectives, Paul has good things to say about Rep. Barney Frank, the Massachusetts Democrat who will become the committee's ranking minority member after four years as its chairman.

“We are good friends. We talk about the Fed a whole lot, and although he did not vote to audit the Fed, he was very sympathetic and we wouldn't have that bill put into the financial reform bill if it hadn't have been for him. He could have prevented that,” Paul said.

“In many ways, he is a subtle ally in that he wants to know more about the Fed and look into the Fed, although his conclusions on what to do with monetary policy wouldn't be the same.”

 

Beltway ConfidentialCongressPoliticsUS

Just Posted

The Hotel Whitcomb on Market Street was one of many hotels that took in homeless people as part of The City’s shelter-in-place hotel program during the pandemic.<ins> (Kevin N. Hume/The Examiner)</ins>
Closing hotels could disconnect hundreds from critical health care services

‘That baseline of humanity and dignity goes a long way’

Pachama, a Bay Area startup, is using technology to study forests and harness the carbon-consuming power of trees. (Courtesy Agustina Perretta/Pachama)
Golden Gate Park visitors may take a survey about options regarding private car access on John F. Kennedy Drive, which has been the subject of controvers during the pandemic. (Kevin N. Hume/S.F. Examiner)
Your chance to weigh in: Should JFK remain closed to cars?

Host of mobility improvements for Golden Gate Park proposed

Dreamforce returned to San Francisco in person this week – but with a tiny sliver of past attendance. (Courtesy Salesforce)
Dreamforce returns with hundreds on hand, down from 170,000 in the past

High hopes for a larger Salesforce conference shriveled during the summer

San Francisco Police Chief Bill Scott said retail thefts in The City are underreported crimes. (Daniel Montes/Bay City News)
S.F. unveils initiative to tackle rise in retail thefts

Incidents are not victimless crimes, mayor says

Most Read