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Full Text: Bachus Announces Financial Services Leadership Team (Including Ron Paul)

Bachus Announces Financial Services Leadership Team, Subcommittee Jurisdictions for 112th Congress

December 9, 2010

WASHINGTON: Financial Services Committee Chairman-elect Spencer Bachus today announced his appointments for committee leadership positions in the 112th Congress. In addition to naming the vice chairman and subcommittee leaders, Bachus announced plans to modify subcommittee jurisdictions to promote a more efficient and balanced work-load for committee members.

"This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve," Bachus said. "By working together, we will honor our commitment to aggressive oversight, reform of the GSEs, and monitoring the implementation of the Dodd-Frank Act to ensure more jobs aren't lost to unnecessary regulations on community banks and businesses. We are ready to hit the ground running, and I look forward to continuing our work in the next Congress."

Bachus said the jurisdictional adjustments will augment the housing policy related subcommittee to include all insurance issues, formerly under the purview of the Capital Markets and Government Sponsored Enterprises Subcommittee. "Our first priority is to end the taxpayer funded bailout of Fannie and Freddie. This adjustment frees up more resources for the subcommittee chairmen and expands the jurisdictional mandate of the housing-related subcommittee to include insurance issues."

The 112th Congress Financial Services Committee Leadership is as follows:

Rep. Jeb Hensarling, Vice Chairman, Financial Services Committee

Rep. Judy Biggert, Chairman, Insurance, Housing and Community Opportunity

Jurisdiction: Insurance generally, housing, urban development, and the Department of Housing and Urban Development.

Rep. Shelley Moore Capito, Chairwoman, Financial Institutions Subcommittee

Jurisdiction: Banks and banking, depository institutions, federal deposit insurance, and safety and soundness.

Rep. Scott Garrett, Chairman, Capital Markets and Government-Sponsored Enterprises Subcommittee

Jurisdiction: Capital markets, securities, and government sponsored enterprises.

Rep. Ron Paul, Chairman, Domestic Monetary Policy Subcommittee

Jurisdiction: Domestic monetary policy, currency, precious metals, valuation of the dollar, economic stabilization, defense production, commodity prices, financial aid to commerce and industry.

Rep. Gary Miller, Chairman, International Monetary Policy Subcommittee

Jurisdiction: International monetary policy, international finance and banking, international financial and monetary organizations, including the IMF and World Bank, and the promotion of international trade in financial services.

Rep. Randy Neugebauer, Chairman, Oversight and Investigations Subcommittee

Jurisdiction: Oversight of all matters within the jurisdiction of the full Committee.

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http://republicans.financialservices.house.gov/index.php?opt...

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I am so dubious.

I am so dubious. Skeptical. It's not like the good ol' boys to go down without a struggle. The announcement says Bachus is changing the responsibilities of the committees. "In addition to naming the vice chairman and subcommittee leaders, Bachus announced plans to modify subcommittee jurisdictions to promote a more efficient and balanced work-load for committee members." Could he say the monetary policy subcommittee is only in charge of paper-clip inventory?

The duties spelled out in the release look pretty broad: "Jurisdiction: Domestic monetary policy, currency, precious metals, valuation of the dollar, economic stabilization, defense production, commodity prices, financial aid to commerce and industry."

Can anyone google up what the jurisdiction is now?

Edit: I find this: http://financialservices.house.gov/singlepages.aspx?NewsID=406

Notice that it contains paragraphs on "Regular Oversight of the Federal Reserve," and "Audits of the Federal Reserve." The Bachus statement of jurisdiction conspicuously omits any reference to the Fed.

Edit 2: This is important. Since this comment will get shuffled down the list, I created a separate thread for it. http://dailypaul.com/node/151775 Please post discussion there.

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Audit the Fed!

!

Watching for the...

leash...if any restraint is applied the best thing for him to do is run for prez which I hope he will do anyway...

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northstar's picture

...plans to modify subcommittee jurisdictions?

I knew it. What will they strip away from Ron Paul?

Real eyes realize real lies

We want our country back

Every year is a year for Ron Paul!

It says in there

something to do with isurance oversight...its on another sub committee...something about making it easier to stop bailing out freddy and fannie....looks like
rp is not effected. But do keep your eyes pealed for the leash.