April 26, 2022

Toomey Opposes Brainard for Fed Vice Chair

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement opposing the nomination of Lael Brainard for Vice Chair of the Federal Reserve.

“I’m concerned Governor Brainard will undermine the Fed’s credibility and independence by straying away from the Fed’s narrow statutory mandate. Governor Brainard has urged the Fed to address the politically-charged issue of global warming, which is beyond the Fed’s expertise and mission. She is also an author and outspoken advocate of the Fed’s new pro-inflation monetary policy framework, which imposed an inflation tax on all Americans to see if the Fed could temporarily promote faster job growth in some sub-groups of people over others. As Governor Brainard steps into her new role as Vice Chair, I hope she will reverse course and shift her focus to reining in the record-high inflation plaguing Americans every day.”