Congressman Paul says Fed transparency is his goal

WASHINGTON, Dec 19 (BestGrowthStock) – Republican Congressman Ron
Paul, the new head of the subcommittee that oversees the
Federal Reserve, said on Sunday he will seek greater
transparency but will not be sending subpoenas to the central
bank chairman from Day One.

Paul, a longtime critic of the Fed, will be the new
chairman of the domestic monetary policy subcommittee of the
House Financial Services Committee when the new Congress is
seated in January.

“Now that doesn’t mean that the first week in January I
send over a subpoena for (Fed Chairman Ben) Bernanke and demand
that he come over with a pile of papers, I don’t think that
would be logical,” Paul said in an interview on C-SPAN.

He will be sending requests for information to others at
the Federal Reserve such as the accountants, “and say this is
what I want, and to see what happens,” Paul said.

“And then they can still hide behind the law if I want to
demand every transaction with foreign banks,” he said, adding
that it would benefit Americans to know who was getting bailed
out.

Paul has written a book called “End the Fed” and believes
the dollar should be backed by gold or silver. The United
States stopped linking the dollar to gold in 1971.

Republicans will control the House of Representatives in
January after winning a majority of seats in the November
elections on a wave of anti-government and anti-incumbent
sentiment.

(Reporting by Tabassum Zakaria; Editing by Doina Chiacu)

Congressman Paul says Fed transparency is his goal