Texas congressman Ron Paul has long been a fierce critic of the Federal Reserve. In fact, last year he published a book called End the Fed, calling for an end to the central bank and a return to the gold standard.
Now, Paul has been appointed head of the House subcommittee on domestic monetary policy, which, among other things, oversees the Federal Reserve.
So, does Paul see this as his chance to try to end the Fed? “In a partial sense, but not directly,” he tells NPR’s Guy Raz. “What I’m really asking for is competition, to get rid of the monopoly power of the Fed, because they don’t have legitimate power to do what they do.”