From CQ Politics:

Long before he danced with the stars, then-House Majority Leader Tom DeLay two-stepped all over fellow Texas Rep. Ron Paul's hopes of overseeing the Federal Reserve, according to an account provided by House Financial Services Committee Chairman Barney Frank .

I know we love to hate on Barney Frank, but if we are to stay objective, the Democrats seem to have shown Dr. Paul more respect than anyone from the Republican leadership in the past. 

In 2003, Ron Paul was in line to be chairman of the Domestic Monetary Policy Subcommittee of this committee. Specifically and solely to frustrate Ron from being the chairman, they merged the Subcommittee on Domestic Monetary Policy with the Subcommittee on International Monetary Policy. Ron Paul then complained to Tom DeLay, and Tom DeLay told [then-Chairman Mike] Oxley [R-Ohio] 'Don't change it' ... [T]wo years later, even though they merged the two subcommittees in the progression, Ron was then again ready to be chairman, this time of the combined one. [Then-Rep. Deborah] Pryce [R-Ohio] was dragooned to come back and assert a subcommittee chairmanship ... Ron at that point said to me, 'I guess I have to wait for you to be chairman for me to have any authority around here.' The Republican Party was a staunch defender of the Fed against Ron Paul."

Paul and Frank share an interest in auditing the Fed, though neither Frank nor any other member of the House has signed onto Paul's bill to repeal the Federal Reserve Act.

Let's be thankful Frank scheduled the H.R. 1207 hearing with Tom Woods of all people. It was well within Barney Frank's power to squash this bill. Don't forget to watch tomorrow morning at 9am eastern.