Federal Reserve Oversight Committee

[Timothy W.]

One of the seemingly little known facts of the GOP sweep last week is this little tidbit. Because of the sweep, the new head of the Federal Reserve Oversight Committee is.....Ron Paul.

What are your thoughts?

Something tells me a new sheriff is in town.

[Kevin Yeats]

First, the GOP has control of only one house of Congress (alas) ... thus any legislation has two more major hurdles to clear before becoming effective (Senate and President).

Given the above plus the fact that Congress just passed a "major" piece of banking legislation (however flawed), I have doubts that they would pass another *Major* piece in the next Congress.

Ending the Fed would be a major piece of legislation.

I think Benanke and the other Fed officials will catch more flak from Ron Paul but won't face any major challenges. They already have to answer tough questions from both sides when tesitfying.

I would certainly fear an absolute end to the Fed and the installation of 535 people implementing monetary policy.