Ron Paul Wants a Spot on Federal Reserve Board of Governors

Ron Paul's group, "Campaign for Liberty," is trying to get him a spot on the U.S. Federal Reserve's Board of Governors, a senior politics editor with the Huffington Post reports.

Paul, a former GOP member of Congress from Texas, earlier this week criticized the Federal Reserve, saying it was manipulating the economy.

"We do not work on a free-market principle, we do not have sound money, it's all manipulated," he told Maria Bartiromo on Fox Business Network.

"Prices are going to go up and the money's going to be so bent according to political reasons and not because of business decisions, so we want the government out of it, we want people to save money, create capital, but capital cannot come from the Federal Reserve working with a computer, that's the fallacy and that's why zero rates of interest didn't work because they weren't realistic."

The Board of Governors oversees the work of the Federal Reserve Banks and plays a major role in crafting U.S. monetary policy. There are seven members, all appointed by the president of the United States.

Paul established "Campaign for Liberty," his nonprofit political organization, during his presidential run in 2008 with the purpose of spreading his idea that the government should be limited in its role.

Paul also has run for president as a Republican and as a Libertarian.

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Ron Paul Wants a Spot on Federal Reserve Board of Governors