Rep. Ron Paul (R-Texas), who has called for the abolition of the Federal Reserve, will hold a hearing next Wednesday on the Fed's impact on unemployment.
"Despite enormous amounts of monetary and credit expansion by the Federal Reserve in recent years, the nation's unemployment picture remains bleak. While many focus on the impact of fiscal policies on employment, the effect of monetary policy often goes unexamined. In my view we are now experiencing the bust that inevitably results from the misallocation of capital and human resources in a period of artificially cheap credit,'' Paul said in a statement.
Paul chairs the House Financial Services Committee's Domestic Monetary Policy and Technology Subcommittee.
His book End the Fed was on several best seller lists.
The hearing, for which witnesses haven't been announced, is scheduled to take place on Feb. 9 at 10 a.m.
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