Ron Paul, Bernanke's Worst Nightmare, Heading Fed Oversight Panel

In what has probably kept Ben Bernanke up in cold sweats since Republicans took control of the house, were fears nemesis Ron Paul would be named as head of the House subcommittee that oversees the Federal Reserve, and by extension, Bernanke.

Paul isn't going to waste any time in his new role, saying he's going to hit the ground running and have a plethora of hearings on U.S. monetary policy.

He added he's going to renew his effort to have the Federal Reserve undergo a full audit.

Jim Bunning, Senator from Kentucky, whose seat will be taken by Ron Paul's son Rand, said this, “Congress must act to rein in Chairman Bernanke and the Fed before they destroy our currency and permanently damage our economy and financial system. Public awareness of what the Fed is doing is increasing while public opinion of the Fed is falling.”

The Federal Reserve, which has largely received a free pass for decades as to its secretive actions and deals, can't be happy about the renewed interest and focus on them, which is a worst case scenario from their point of view.

Add Ron Paul, who has written a book called "End the Fed" to the mix, and things aren't going to be boring over the next several years concerning the Fed and the increasingly nervous and defensive Ben Bernanke.