Ron Paul to return for hearing on ending Federal Reserve

By Pete Kasperowicz - 05/04/12 02:21 PM ET

Paul's hearing on Tuesday is titled: "The Federal Reserve System: Mend it or End It?"

Republican presidential candidate Rep. Ron Paul (R-Texas) will return to Washington next week to chair a hearing on how the Federal Reserve system might be reformed, or even dismantled.

Paul chairs the Financial Services subcommittee on Domestic Monetary Policy & Technology, and will hear testimony on Tuesday morning from two members of Congress and several economists at his hearing titled, "The Federal Reserve System: Mend it or End It?"

Paul is a longstanding critic who has said the Fed should be dismantled because its control over interest rates lead to boom-bust cycles, and more recently, because of the Fed's involvement in propping up real estate values and banks. But he has also pushed for more moderate solutions, including a bill that would require a public audit of the Fed that now has 224 House co-sponsors.

"More and more people are beginning to understand just how destructive the Federal Reserve's monetary policy has been," Paul said Thursday. "I hope that this hearing will kick-start a serious discussion on the need to rein in the Fed. One hundred years is far too long for Congress to have taken a hands-off approach.

"The Fed continues to reward Wall Street banks while destroying the dollar's purchasing power and driving up the cost of living for average Americans," he added. "This reckless behavior must come to an end."

Paul will hear from two members of Congress with proposals to reform the Federal Reserve. Rep. Kevin Brady (R-Texas) has proposed legislation that would end the Fed's dual mandate of controlling inflation through monetary policy and ensuring job creation. Brady is one of several Republicans who have complained about the Fed's quantitative easing program, under which the Fed bought billions in federal debt in a bid to give the economy a boost.

He will also hear from Rep. Barney Frank (D-Mass.), who in 2011 argued in favor of reducing the size of the Federal Open Market Committee (FOMC), the policy-setting board of the Fed, by removing regional, unelected FOMC members.

A second panel will include Stanford University's John Taylor, and Alice Rivlin, a former vice chairwoman of the Fed's Board of Governors who is now with the Brookings Institution.

"My two cents and adding up to Sirian's posts,

Democracy, whether representative or direct, has the exact same basic flaw. It's a Greek word that reads "rule of the people" and in it's original form not everyone had the right to vote; each man (not…"

"I guess this leaves me with one question.

To all light workers and way showers out there...

What part of our living reality are you transmuting here and now to the vision of that which you want to be apart of in full presence as you are embodied…"

"The gains we did make, should not be foreshadowed by the losses we face. We did not deserve to lose. Only the few we elected deserved to listen to the loss we already suffered with. which, is the message we can rebuild hope from, rather than assign…"

You need to be a member of Ashtar Command - Spiritual Community to add comments!

Join Ashtar Command - Spiritual Community

Comments

Cortex May 6, 2012 at 9:34pm

As the federal reserve is a corrupt company and not a living being it might be better to disolve it completely than trying to reform it.

This reply was deleted.

Ron Paul to return for hearing on ending Federal Reserve

Comments

Note: this page contains paid content.

Note: this page contains paid content.

Note: this page contains paid content.