Toomey Supports Barr for Fed, Uyeda and Lizárraga for SEC
Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today voted to advance the nominations of Michael Barr, nominee for Governor and Vice Chair for Supervision at the Board of Governors of the Federal Reserve System; Mark Uyeda, nominee for Securities and Exchange Commission (SEC) Commissioner; and Jaime Lizárraga nominee for SEC Commissioner.
Professor Barr yesterday sent a letter to Ranking Member Toomey committing to help promote transparency and accountability within the Federal Reserve System, including the regional Reserve Banks. To read Professor Barr’s full letter to Ranking Member Toomey, click here.
Ranking Member Toomey’s opening remarks, as prepared for delivery:
Thank you, Mr. Chairman. I look forward to supporting all three of today’s nominees.
Professor Barr is well-qualified to serve as the Fed’s Vice Chair for Supervision based on his prior government service and distinguished career focused on financial services and regulation. While I disagree with Professor Barr on a number of policy issues, he has pledged to fight the record high inflation that’s hurting American families.
He has also publicly acknowledged that the Fed does not have the authority to—nor should it—allocate credit or use its regulatory powers to accelerate the transition to a lower carbon economy. Importantly, in our conversations and in written correspondence, Professor Barr has strongly committed to promote transparency and accountability at the Fed, including the regional Reserve Banks.
Now turning to the SEC nominees. Mr. Lizárraga is well-qualified to serve as a SEC Commissioner based on his many years of work on financial services issues on Capitol Hill and in the executive branch. He has received multiple statements of support for his nomination, including from former SEC Commissioners who know him. I appreciate his willingness to continue his long career of public service at the SEC.
Mr. Uyeda is also well-qualified to serve as a SEC Commissioner based on his over 25 years of experience in securities and corporate law, including the last 15 years as a career SEC attorney. Having personally worked with Mr. Uyeda during his time detailed to the Banking Committee, I know firsthand that he is exceptionally hard working, smart, knowledgeable, and fair. He has also received multiple statements of support for his nomination, including from former SEC Commissioners who know him.
Mr. Uyeda's nomination is historic for the SEC. If confirmed, he’ll be the first Asian Pacific American to serve as an SEC Commissioner in the agency's 88-year history.
I look forward to the full Senate promptly voting on all three of these nominees.
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