Senator Seeks Policy Information from Federal Reserve

Letters sent from PA senator concerning race initiatives.

Senator Pat Toomey of Pennsylvania, the ranking member of the Senate Banking Committee, sent letters to regional Federal Reserve leaders in Boston, Minneapolis, and Atlanta expressing concern that they have exceeded the policy bounds of their mission by their recent work regarding economic racial equality.

Senator Toomey pointed out that the Fed’s statutory mandate is nonpartisan, independent, and restricted to monetary and regulatory policies. “It is not the proper role of the Federal Reserve to be engaging in political advocacy,” Senator Toomey wrote.

While he expressed his support for the study of economic disparities along demographic lines, including race and gender, he cautioned, “this subject matter is fraught with ideological assumptions and misrepresentations, and the work and analysis of the Fed seems heavily laden with political and value judgments.” Senator Toomey reminded the three bank chairs that “only Congress has the authority to reform the Federal Reserve or modify its statutory mission.”

As the Lord Leads, Pray with Us…

  • For the Federal Reserve officials to understand their mission and fulfill it.
  • For the president’s administration as they work to support the recovery of the American economy.
  • For the American people to turn to the Lord and find unity.

Sources: Washington Examiner, The Daily Signal, The Hill


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