Here's a little irony in the House GOP sweep: The next chairman of the monetary policy subcommittee — overseeing the Federal Reserve?
None other than Ron Paul (R-Texas), who'd just as soon abolish the Fed.
Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the Financial Services , which oversees the Federal Reserve, the U.S. Mint and American involvement with international development groups like the World Bank. Unless someone bumps him, he's next in line for the subcommittee gavel.
The Republican Conference has to vote on the matter, however. Paul has long called for the abolition of the Fed and restoration of a gold standard.