Republican presidential candidate and Texas Congressman Ron Paul, a vocal critic of the Federal Reserve, dropped a potential name for chairman of the Fed on Wednesday evening.

During the online portion of Fox News’ “Special Report with Brett Baier,” Paul said that he would “probably” pick economist Jim Grant, editor of Grant’s Interest Rate Observer, for the position.

The question was posed by Stephen Hayes of The Weekly Standard, who noted that Paul would be unable to immediately abolish the Federal Reserve.

“He’s an Austrian economist, he has experience on Wall Street, he’s brilliant, he’s a good historian,” Paul said of Grant. “He would quit printing money.”

Grant has previously said that Paul should be named the “executor” of the Fed’s “living will.”

Paul was more coy about who he would choose for vice president. He declined to answer, stressing that he first needed to secure the nomination.

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The independent-minded congressman, who ran as the Libertarian Party’s presidential candidate in 1988, also refused to say whether he would run as a third-party candidate if he did not clinch the nomination. (RELATED: Paul says Obama’s student debt plan is possibly illegal)

Paul suggested that, as opposed to Herman Cain’s “9-9-9” tax plan, he would like a “0-0-0” tax system. “What is the real President Paul going to do on taxes?” Baier pressed. He responded that he would seek to lower taxes as much as possible.

Like Cain’s plan, Paul similarly dismissed flax tax proposals. “I don’t think it’s completely fair,” he said, calling it “a regressive tax.”

To win the Republican nomination, Paul said that he would need to place at least third in Iowa. He’ll need to place first or second in some of the early states as well, he said.

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Jeff Poor contributed to this report

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