News in Brief: Rep. Ron Paul Announces Presidential Exploratory Committee, and More

Ron Paul to Form Presidential Exploratory Committee

Rep. Ron Paul (R-Texas) is expected to announce on Tuesday that he is forming a presidential exploratory committee, according to The Des Moines Register. The libertarian leaning Republican Congressman ran for president in 2008 and was fueled by grassroots support, though he ultimately did not clench the nomination. His son, Rand Paul, was elected to the United States Senate representing Kentucky despite having no political experience.

Hedge Fund Titans Backing More Republicans Than Democrats in 2012 Elections

More and more hedge fund managers, some of whom were President Obama's biggest backers in 2008, are switching their donations to the GOP for the 2012 elections, reports The Wall Street Journal. Many hedge fund managers, “who bankrolled the Democrats in the 2006 and 2008 elections” are reacting to what they see as “Obama's populist attacks on Wall Street, as well as to Democrat-led efforts to raise their tax bills.”

House Appropriations Chairman Funneled Millions Into Own Groups

Advocacy group Citizens for Responsibility and Ethics in Washington released a report that details how House Appropriations Chairman Hal Rogers (R-Kentucky) has funneled hundreds of millions of taxpayer's dollars into a web of nonprofits and private enterprises he founded. “Rogers’ family members, current and former aides, donors and business associates have benefited personally from the congressman’s largesse with federal dollars, according to the report,” reports Politico.