Rep. Ron Paul, the Texas Republican who has passionately called for dismantling the Federal Reserve, will be running the panel that oversees the central bank when Republicans take the House majority next year.

Rep. Ron Paul (R., Texas) (AP Photo/Gerald Herbert)

Mr. Paul has introduced legislation to abolish the Fed, wrote the book, “End the Fed,” and rallied support for eliminating it.

Rep. Spencer Bachus (R., Ala.), who will take over the House Financial Services Committee from Rep. Barney Frank (D., Mass.), announced today that Mr. Paul, a libertarian who won a fervent following when he ran for president in 2008, will head the Domestic Monetary Policy Subcommittee. The 11-term lawmaker was in line for the post, but there had been some talk that GOP leadership might pick someone else.

“This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve,” Mr. Bachus said in a statement.