Republicans working behind the scenes to stop Ron Paul from House Chair position
(Examiner.com) -- by Kenneth Schortgen Jr --
The banking industry and Federal reserves biggest nightmare is having Ron Paul become the next House chairman of Monetary Policy. The fear has become so acute that wall street bankers are working behind the scenes with establishment Republicans to keep him out of this leadership position.
In an article from Bloomberg Business week on Thursday, Fed friendly Republicans are plotting ways to keep Congressman Paul from following through with his reform agendas.
Retiring New Hampshire Senator Judd Gregg, one of the Federal Reserve's most stalwart Republican supporters, showed up for a meeting at the central bank in November bearing a surprising gift: a box of End the Fed books. As he handed out the 2009 best seller by Representative Ron Paul, a longtime Fed critic, Gregg told the gathering it would be worth reading to see what the other side is plotting.The biggest problem for Chairman Bernanke however, is that he has been caught in two lies. First, on Capitol Hill, he told a group of lawmakers in a hearing that under no circumstances would the Fed monetize debt. That has occurred now on numerous occasions. Secondly, he vacillated on telling Congress where the TARP money went to, and this last week finally capitulated in revealing tax payer money went to several foreign banks and institutions.
The prospect has Wall Street, Fed officials, and even Republican House leaders worried that Paul's agenda could roil the markets and make a mockery of the U.S. financial system. This is a man, after all, who entered politics because President Richard Nixon bucked the gold standard in 1971, and now wants to make gold and silver legal tender. He is pressing for an audit of the Fort Knox bullion depository and, earlier this year, grilled Fed Chairman Ben Bernanke about the central bank's alleged funding of Watergate and Saddam Hussein's nuclear program. Bernanke called the charges "absolutely bizarre."
However, many establishment Republicans are in bed with the Federal Reserve and the banks, and foresee much of their power hindered if Congressman Paul follows through with the chairmanship.
Five GOP leadership aides, speaking anonymously because a decision isn't final, say incoming House Speaker John Boehner has discussed ways to prevent Paul from becoming chairman or to keep him on a tight leash if he does. If Boehner, who will help determine who gets to chair subcommittees as early as Dec. 8, rejects Paul, he may have to contend with thousands of grassroots supporters and dozens of younger lawmakers who see Paul as a hero. Boehner, through a spokesman, declined to comment. "A lot of the older members probably think Ron is a little bit out of step," says Representative Bill Posey, a Florida Republican and unabashed Paul fan. "The depth of his knowledge on monetary policy, his understanding of it all, is second to none."In 2006, Arlen Specter made an impassioned plea to hold the Senate Judiciary chair, only to later show that he intended to hinder conservative nominees to the Supreme Court. John Boehner is quickly showing himself to be a paid-for politician, who may use his upcoming House Speakership to keep the reforms of Congress that the last election mandated from happening...MORE...LINK