Though the House Financial Services Committee voted to attach his amendment toughening oversight of the Federal Reserve Board to legislation aimed at reining in systemic risk, Rep. Ron Paul said Monday that he is unlikely to vote for the broader bill.
"If you look at my record, I don't generally vote for bad stuff to get good stuff in," the Texas Republican said in an interview on CNBC, arguing that the bill approved by the panel contained too much regulation. "I doubt very much if I'm going to change my tradition."
The amendment, which would subject the Fed to broad audits from the Government Accountability Office, is one of Paul's top legislative priorities; he has introduced similar legislation in each session of Congress for the past two decades.
The Fed has opposed the measure, arguing it could interfere with the independence of monetary policy and hurt confidence among foreign investors. But Paul again reiterated his stance Monday that his legislation is not intended to put Congress in charge of monetary policy.
"It had nothing to do with running monetary policy," he said, referring to his amendment. "It's about trying to find out what the Fed's been doing and how they've been spending the money and who benefits."