Ron Paul (R., Texas) will take the reins of the monetary policy
WASHINGTON -(Dow Jones)- Rep. Scott Garrett (R., N.J.) will serve as the chairman of a House subcommittee responsible for the U.S. capital markets and government-sponsored enterprises like Fannie Mae (FNMA: 0.31, -0.01, -2.76%) and Freddie Mac (FMCC: 0.32, -0.00, -0.72%), House Financial Services Committee staff said Wednesday.
The announcement ensures that Mr. Garrett will play a key role in House Republicans' oversight of the Obama administration's implementation of the financial sector overhaul law, as well as a likely attempt to resolve the futures of Fannie and Freddie in the coming year.
Long-time Federal Reserve Board critic Rep. Ron Paul (R., Texas) will take the reins of the monetary policy subcommittee with oversight responsibility for the Fed.
Mr. Paul has called for the Fed to be abolished, and the lawmaker will have the ability to keep Fed officials busy answering questions and to haul Fed Chairman Ben Bernanke before the subcommittee to regularly face the GOP-controlled House.
Other subcommittee gavels handed out include Rep. Shelley Moore Capito (R., W. Va.) taking charge of the panel responsible for oversight of the consumer credit industry, Rep. Judy Biggert (R., Ill.) responsible for the subcommittee in charge of the housing and insurance industries, Rep. Gary Miller (R., Calif.) will assume control of an international monetary policy and trade subcommittee while Rep. Randy Neugebauer (R., Texas) will take over the oversight subcommitee.
All the subcommittees will fall under the wider control of Rep. Spencer Bachus (R., Ala.), who took the gavel of the Financial Services Committee when Republicans took over the House earlier this month.
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WASHINGTON -(Dow Jones)- Rep. Scott Garrett (R., N.J.) will serve as the chairman of a House subcommittee responsible for the U.S. capital markets and government-sponsored enterprises like Fannie Mae (FNMA: 0.31, -0.01, -2.76%) and Freddie Mac (FMCC: 0.32, -0.00, -0.72%), House Financial Services Committee staff said Wednesday.
The announcement ensures that Mr. Garrett will play a key role in House Republicans' oversight of the Obama administration's implementation of the financial sector overhaul law, as well as a likely attempt to resolve the futures of Fannie and Freddie in the coming year.
Long-time Federal Reserve Board critic Rep. Ron Paul (R., Texas) will take the reins of the monetary policy subcommittee with oversight responsibility for the Fed.
Mr. Paul has called for the Fed to be abolished, and the lawmaker will have the ability to keep Fed officials busy answering questions and to haul Fed Chairman Ben Bernanke before the subcommittee to regularly face the GOP-controlled House.
Other subcommittee gavels handed out include Rep. Shelley Moore Capito (R., W. Va.) taking charge of the panel responsible for oversight of the consumer credit industry, Rep. Judy Biggert (R., Ill.) responsible for the subcommittee in charge of the housing and insurance industries, Rep. Gary Miller (R., Calif.) will assume control of an international monetary policy and trade subcommittee while Rep. Randy Neugebauer (R., Texas) will take over the oversight subcommitee.
All the subcommittees will fall under the wider control of Rep. Spencer Bachus (R., Ala.), who took the gavel of the Financial Services Committee when Republicans took over the House earlier this month.
Read more: http://www.foxbusine.../#ixzz1BYOHvpJz
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Read more: http://www.foxbusine.../#ixzz1BYO6FNH9
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