Ron Paul Will Head Fed Oversight Committee

Good news. The Republican leadership didn't cave to Wall Street and deprive Ron Paul of the leadership position as chair of the House Domestic Monetary Policy Subcommittee. This is great news considering this Bloomberg News report from December 2:

Five GOP leadership aides, speaking anonymously because a decision isn't final, say incoming House Speaker John Boehner has discussed ways to prevent Paul from becoming chairman or to keep him on a tight leash if he does.

I have had my differences with Ron Paul, I think he can be a crank, and his criticisms of the Iraq war in 2008 were unfounded. However, the Fed needs oversight and accountability to the American people and Ron Paul is the man to provide it.

I blogged previously that I have become uneasy with Fed policies that seem to lack a clear connection to their mission of acting as the country's central bank and policies designed to keep some businesses afloat on your dime. A core Christian principle is that we all need accountability and this goes for purportedly infallible institutions as well. I look forward to Federal Reserve Board of Governors members answering under oath how they perform their duties without favoritism and how they came to bail out businesses not even remotely involved in banking.

I am not advocating abolishing the Fed as Ron Paul has, only that it receive oversight and be held to the same level of scrutiny as all of our governmental institutions.