Texas congressman Ron Paul, who has long wanted to get rid of the Federal Reserve, was named chairman of the House panel that oversees the central banking system. Paul was appointed chairman of the Domestic Monetary Policy subcommittee by Rep. Spencer Bachus, incoming chairman of the full House Financial Services Committee. Since the late 1990s, he’s introduced legislation to abolish the Fed. Paul also has advocated a gold standard, in which currencies are tied to a specific amount of gold. Paul told Bloomberg last week that he wants to hold hearings on U.S. monetary policy and wants to resume his call for a full audit of the Fed.