Sen. Toomey will be the ranking member, or top Republican, on the Subcommittee on Financial Institutions and Consumer Protection. This subcommittee oversees banks and other financial institutions and is responsible for the regulatory agencies that can affect those institutions including the Financial Stability Oversight Council, Federal Reserve, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau.
From this position, Sen. Toomey can help influence the stability of the financial system and help American families and consumers thrive in a growing economy. Subcommittee hearings and legislation often concentrate on regulatory relief particularly for small banks, the safety and soundness of the banking system, and adequate capital requirements.
“As the Republican leader on the Financial Institution Subcommittee, I will work to enhance the soundness of the financial services system, limit taxpayer exposure to bailouts, and eliminate unneeded rules that don’t make sense -- particularly for community banks,” said Sen. Toomey. “I look forward to working with Chairman Sherrod Brown (D-Ohio) to find initiatives that enhance our financial services system and the American economy.”
“I thank Sen. Toomey for taking this leadership role on the Subcommittee on Financial Institutions and Consumer Protection,” said Sen. Mike Crapo (R-Idaho), ranking Republican on the Banking Committee. “This subcommittee covers a broad range of issues that will affect every American, and I appreciate his willingness to accept this challenge. Sen. Toomey’s vast knowledge and commonsense approach will help this subcommittee develop sensible reforms to make our financial system safer and our economy stronger.”
“Sen. Toomey will bring industry experience and new insight to the Financial Institutions and Consumer Protection Subcommittee,” said Sen. Sherrod Brown, chairman of the Senate subcommittee. “I’ve been pleased to work with him on insurance and other financial industries that are important to our neighboring states, and look forward to continuing to work with him to advance the Subcommittee’s important mission of protecting consumers and ensuring a sound financial system.”