November 22, 2021

Toomey: I Look Forward to Supporting Powell’s Confirmation

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement as President Biden intends to renominate Federal Reserve Chairman Jerome Powell for a second term and Governor Lael Brainard for Vice Chair.

When the pandemic hit in 2020, Chairman Powell acted swiftly and took extraordinary and necessary steps to help stabilize financial markets and the economy. He also worked constructively with those of us developing the CARES Act.

“During his tenure, he implemented a number of sensible regulatory reforms that helped spur economic growth while preserving the best capitalized banking system in American history.

“While I have strongly disagreed with Chairman Powell’s decision to continue the Fed’s emergency accommodative monetary policy—long after the economic emergency had passed—Chairman Powell’s recent comments give me confidence that he recognizes the risks of higher and more persistent inflation and is willing to act accordingly to control it. I look forward to supporting his confirmation.

“While I have concerns about regulatory policies that Governor Brainard would support as Vice Chair, I look forward to meeting with her to discuss these and other matters.”