WASHINGTON (TheStreet) — Ron Paul , the controversial Republican House representative from Texas, will take control of the subcommittee that oversees the Federal Reserve.
House Financial Services chairman-elect Spencer Bachus’ (R.-AL) announced Paul’s appointment on Thursday, along with the rest his choices for leadership team. Bachus was appointed chairman of the panel on Wednesday.
Paul, who has introduced legislation to abolish the Fed, will specifically head up the Subcommittee on Domestic Monetary Policy.
Big banking institutions including Bank of America, JPMorgan Chase and Citigroup as well as systematically important institutions like AIG fall under the Fed’s watch.
Bachus also said he plans to modify subcommittee jurisdictions to promote a “more efficient and balanced work-load for committee members,” according to the release.
The release said Paul will assume his position when Republicans take the House majority in January.
“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,” Bachus said in a statement.
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