Toomey: No on Yellen Nomination

Member Group : U.S. Senator Pat Toomey

FOR IMMEDIATE RELEASE: November 21, 2013

Contact: E.R. Anderson (202) 224-8609


WASHINGTON, D.C. — U.S. Senator Pat Toomey (R-Pa.) issued the following statement about the Senate Banking Committee’s vote to confirm Federal Reserve Vice-Chair Janet Yellen to be Chairman of the Board of Governors of the Federal Reserve System.

"I admire Dr. Yellen’s many years of dedicated public service, her impressive academic background, and her knowledge of, and experience with the Federal Reserve. I also appreciate her taking the time to meet with me.

"However, the Fed’s years of extraordinary monetary easing, including maintaining negative, real short-term interest rates long after the financial crisis has passed, pose grave and growing risks to our economy.

"The danger of a dramatic spike in interest rates, unsustainable asset bubbles, and job-killing inflation will be exacerbated as long as the Fed keeps these policies in place. Moreover, ultra-low interest rates harm middle-class savers, seniors, and retirees in Pennsylvania who rely on interest from their savings and pensions.

"As a senator, my only opportunity to demonstrate serious concerns about Federal Reserve policy is by withholding consent for this nominee and thus I cannot support Dr. Yellen’s nomination."

Acting State Director
U.S. Senator Pat Toomey
100 Station Square Drive, Suite 225
Pittsburgh, PA 15219
412.803.3501 (p)

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