Ron Paul: The Fed Spends "More Money Than the Congress Does"

This morning, Dr. Ron Paul (R-TX) held his first interview since being appointed chair of the House Monetary Policy Subcommittee. From what he says in the video below, he’s going “to think things through and not overdo things too soon,” but ultimately plans to stick to his guns, and “emphasize the oversight of the Federal Reserve.”

He also points out why he views his new role as important in these times…

“Obviously, it is very popular with the American people to audit the Fed and know what they’re doing when they can spend trillions of dollars and we don’t know where it goes. They have a bigger budget; they spend more money than the Congress does. Yet, we have no oversight. It was never intended that a secret body like this could create money out of thin air spend to take care of some banks and big business and foreign banks and the American people struggle? We have to look into it and we have to start to consider reforms.”

You can see and hear more details in the clip below, which came to our attention via Bloomberg Television in its recent exclusive interview with Ron Paul.