In his opening statement at a hearing entitled “Regulatory Restructuring: Balancing the Independence of the Federal Reserve in Monetary Policy with Systemic Risk Regulation“, held on July 9, 2009 at the House Financial Service Committee’s Subcommittee on Domestic Monetary Policy and Technology, Ron Paul explained that his “Audit the Fed” bill HR 1207 won’t affect the Federal Reserve’s authority to conduct monetary policy as it sees fit. He said, “We are not looking for the Congress to run monetary policy. We just want to know what’s going on.”
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