Budget chairman plans to reintroduce bill halving Fed's mandate

Instead, the Fed would be given a single mandate of controlling inflation, which was its original mission before Congress added the employment mission in 1977.

Several Republicans have criticized the Fed's so-called "QE2" decision, arguing it would lead to high inflation. Along with Ryan, Sen. Bob Corker (R-Tenn.) and Rep. Mike Pence (R-Ind.) also introduced legislation in the last Congress to repeal the Fed's employment mandate. Pence is thought to be mulling a 2012 presidential run.

Furthermore, longtime Fed critic Rep. Ron Paul (R-Texas) was awarded the gavel to head the subcommittee that oversees the Fed, which means Fed Chairman Ben Bernanke can expect a scrutinizing eye from that panel for at least the next two years.

Ryan's announcement comes one day before Bernanke is scheduled to testify on Capitol Hill about the U.S. economy. However, for the time being, he'll be able to avoid critics in the House, as he will be testifying before the Senate Budget Committee.