March 16, 2022

Toomey Statement on Fed, FHFA Nominees

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today voted to confirm Jerome Powell for Chairman of the Federal Reserve (Fed) and Philip Jefferson for Fed Governor. He opposed the nominations of Lael Brainard for Vice Chair of the Fed, Lisa Cook for Fed Governor, and Sandra Thompson for Director of the Federal Housing Finance Agency (FHFA).

“I’m concerned Governor Brainard and Professor Cook will undermine the Fed by straying away from the Fed’s limited responsibilities and into unrelated and highly charged political issues.

On Governor Brainard:

“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 monetary policy framework, which led to the 40-year high inflation we’re witnessing today.”

On Professor Cook:

 “Professor Cook, who has a history of inflammatory partisan rhetoric and extreme left-wing political advocacy, will further politicize an institution suffering from a credibility problem due to its involvement in controversial policy debates.”

On Acting Director Thompson:

“As Acting Director, Ms. Thompson has allowed the GSEs to be re-purposed as instrumentalities of the administration’s radical housing policy. To that end, she has reduced capital requirements, suspended restrictions on the GSEs’ acquisitions of high-risk loans, and required the GSEs to develop plans to advance affirmative action in housing. These steps will only drive further increases in housing prices and risk another round of taxpayer bailouts.”