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Rep. Ron Paul of Texas, also a ranking member of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, blames the subprime mortgage crisis on the Federal Reserve's inflationary monetary policy. He says that lowering rates has influenced buyers to take on mortgages they otherwise could not afford. Federal mortgage programs have also encouraged people to become homeowners when they could not afford to do so.
- He says that to fix the problem, we must switch to a commodity-based money system -- i.e., silver and gold tender. Paul has introduced legislation to abolish the Federal Reserve. He believes that the market should set interest rates, not the Federal Reserve.
No voting record on subprime issues is available.
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"It is time that the federal government get out of the housing business. Through our interventionist legislation we have caused the boom and bust, and any attempts at reform that fail to address the causes of our current problem will only sow the seeds for the next bubble." 
