May 12, 2022

Toomey Congratulates Fed Chairman Powell on His Confirmation

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Senate confirmed Federal Reserve Chairman Jerome Powell for a second term.

“I congratulate Chairman Powell on his confirmation to a second term as Fed Chairman.

“Chairman Powell has a record of acting thoughtfully and constructively, especially in difficult circumstances. From implementing a number of modest, sensible banking reforms that reduced regulatory burdens, to acting swiftly and appropriately to stabilize the financial markets and the economy during the COVID-19 pandemic, Chairman Powell’s leadership has helped spur economic growth while preserving the best capitalized banking system in American history.

“While I strongly disagreed with Chairman Powell’s decision to continue the Fed’s emergency accommodative monetary policy long after the economic emergency had passed, I have been encouraged by the Fed’s recent shift in policy. It’s quite possible, however, that the Fed may need to accelerate monetary tightening because it was so late to change course. I hope Chairman Powell and his colleagues at the Fed will move swiftly to ease the inflation tax that’s plaguing American families every day.”