This hearing examines a number of legislative proposals to reform, replace, or abolish the Federal Reserve System.
“More and more people are beginning to understand just how destructive the Federal Reserve’s monetary policy has been,” said Chairman Paul. “I hope that this hearing will kickstart a serious discussion on the need to rein in the Fed. 100 years is far too long for Congress to have taken a hands-off approach,” Paul continued. “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. This reckless behavior must come to an end.”
Witnesses to include:
• Representative Kevin Brady (R-TX)
• Representative Barney Frank (D-MA)
The Federal Reserve System: Mend It Or End It? Part 2
• Dr. Jeffrey M. Herbener, Chairman, Economics Department, Grove City College
• Dr. Peter G. Klein, Associate Professor, Applied Social Sciences and Director, McQuinn Center for Entrepreneurial Leadership, University of Missouri
• Dr. John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University and George P. Schultz Senior Fellow in Economics, Hoover Institution
• Dr. Alice Rivlin, Senior Fellow, Economic Studies, Brookings Institution, and former Vice Chair, Federal Reserve Board of Governors
• Dr. James K. Galbraith, Lloyd M. Bentsen, Jr. Chair in Government/Business Relations, LBJ School of Public Affairs, University of Texas at Austin
The hearing was held on Tuesday, May 8th, at 10:00 a.m. in room 2128 of the Rayburn House Office Building.
Congressman Ron Paul of Texas enjoys a national reputation as the premier advocate for liberty in politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the “one exception to the Gang of 535″ on Capitol Hill.
Ron Paul was born and raised in Pittsburgh, Pennsylvania. He graduated from Gettysburg College and the Duke University School of Medicine, before proudly serving as a flight surgeon in the U.S. Air Force during the 1960s. He and his wife Carol moved to Texas in 1968, where he began his medical practice in Brazoria County. As a specialist in obstetrics/gynecology, Dr. Paul has delivered more than 4,000 babies! He and Carol, who reside in Lake Jackson, Texas, are the proud parents of five children and have eighteen grandchildren.
While serving in Congress during the late 1970s and early 1980s, Dr. Paul’s limited-government ideals were not popular in Washington. He served on the House Banking committee, where he was a strong advocate for sound monetary policy and an outspoken critic of the Federal Reserve’s inflationary measures. He also was a key member of the Gold Commission, advocating a return to a gold standard for our currency. He was an unwavering advocate of pro-life and pro-family values. Dr. Paul consistently voted to lower or abolish federal taxes, spending, and regulation, and used his House seat to actively promote the return of government to its proper constitutional levels. In 1984, he voluntarily relinquished his House seat and returned to his medical practice.
Dr. Paul returned to Congress in 1997 to represent the 14th Congressional district of Texas. He serves on the House Financial Services Committee and the Foreign Affairs Committee. On the Financial Services Committee, Rep. Paul serves as the chairman of the Subcommittee on Domestic Monetary Policy and Technology. He continues to advocate a dramatic reduction in the size of the federal government and a return to constitutional principles.
Dr. Paul is the author of several books, including The Revolution: A Manifesto, End the Fed, Liberty Defined, Challenge to Liberty; The Case for Gold; and A Republic, If You Can Keep It. He has been a distinguished counselor to the Ludwig von Mises Institute, and is widely quoted by scholars and writers in the fields of monetary policy, banking, and political economy. He has received many awards and honors during his career in Congress, from organizations such as the National Taxpayers Union, Citizens Against Government Waste, the Council for a Competitive Economy, and countless others.
Dr. Paul’s consistent voting record prompted one Congressman to comment that “Ron Paul personifies the Founding Fathers’ ideal of the citizen-statesman. He makes it clear that his principles will never be compromised, and they never are.” Another Congresswoman added that “There are few people in public life who, through thick and thin, rain or shine, stick to their principles. Ron Paul is one of those few.”