Founded in 1991, the Republican Liberty Caucus works to advance the principles of limited government, free markets and individual liberty within the Republican Party.

Congressman Ron Paul, an advisory board member of the Republican Liberty Caucus, announced last night that he will be named Chairman of the Monetary Policy Subcommittee in Congress.

According to Paul, “The chairman of the financial services subcommittee, Spencer Bachus (R-AL), has told me today verbally that I will be the chairman of that subcommittee. He was the one who appointed me as the ranking member and he is sticking to his guns and that I will have responsibility of that committee.”

When asked about subpoenas and an audit of the Fed, Paul went on to say that he can issue subpoenas but would need agreement from the chairman as well as speaker.

Watch the clip from Judge Napolitano’s program at the FoxBusiness website.

The Republican Liberty Caucus gathered a coalition of supporters in a letter that was sent out earlier this week in support of Dr. Paul leading the subcommittee. The letter included former New Mexico Governor and Our America Initiative Chairman Gary Johnson.

With 2009 Liberty Index top scorer U.S. Rep. Jeff Flake (R-AZ) being added to the Appropriations Committee earlier in the week, it has been a very good week for constitutionalists in Congress — even with some other very disappointing choices to lead other committees.