The Atlantic put up an interview with Ron Paul on the subject of Chris Dodd’s proposals to expand the Fed’s powers yet again:
When I think of someone opinionated about the Federal Reserve, Congressman Ron Paul (R-TX) comes to mind. He also happens to be a rock star of the GOP, fresh off his 2012 Presidential straw poll win at the annual Conservative Political Action Conference last month. So I thought it might be interesting to get his thoughts on some of the more controversial aspects of Dodd’s bill that involve the Fed. Given that Paul wants the Fed abolished, you can probably guess the direction his opinions take: anything that strengthens the Fed he’s against, while anything that limits its independence he’s for. The transcript of our conversation is below.
Me: Are you disappointed that Dodd’s new proposal provides the Fed with more systemic risk authority than his original bill?
Paul: Well, I don’t know whether I’m disappointed or excited. It’s just sort of what I expected. What else do they do? When somebody gets very powerful, and they mess things up, Congress tries to clean it up, and they exacerbate it by giving the people who caused all the trouble more power. I just think it’s typical of the way government works. I don’t expect much good to come form this, and the Fed’s gonna be more powerful than any other, and there’s really not gonna be any real transparency of the Fed. They’re protected from that happening.Published in