Photo: Courtesy of CSPAN
Texas Congressman Ron Paul will once again face off against his central bank nemesis this morning, during a Congressional hearing on monetary policy and the Federal Reserve. The hyped-up hearing is titled “The Federal Reserve System: Mend It Or End It?,” and will be hosted by the House Finance Committee’s Domestic Monetary Policy and Technology Subcommittee, which oversees the Federal Reserve and which, incidentally, is chaired by Ron Paul.
The hearing will feature testimony from several economists and lawmakers, all of whom have some problem with the central bank. No one who works for the Fed is scheduled to testify.
The subcommittee will also consider several bills, including Paul’s Federal Reserve Board Abolition Act, which would abolish the Federal Reserve, its Board of Governors, and eliminate the Federal Reserve Act.
“More and more people are beginning to understand just how destructive the Federal Reserve’s monetary policy has been,” Paul said in a press release. “I hope that this hearing will kickstart a serious discussion on the need to rein in the Fed.”
Other witnesses include Rep. Barney Frank (D-MA), the outgoing ranking member of the House Finance Committee who is also an outspoken critic of the Fed, and Rep. Kevin Brady (R-TX), who has introduced legislation to eliminate the Fed’s dual mandate of promoting maximum employment and price stability.
The second panel features five economists. Here’s the list, per Paul’s press release:
- Dr. Jeffrey M. Herbener, Chairman, Economics Department, Grove City College
- Dr. Peter G. Klein, Associate Professor, Applied Social Sciences and Director, McQuinn centre 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 starts shortly, so check back with Business Insider for updates.
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