Pennsylvania Sen. Pat Toomey today was named ranking Republican on a panel of the Banking, Housing and Urban Affairs Committee.
The appointment makes him the ranking minority member on the Financial Institutions and Consumer Protection Subcommittee.
His work will involve oversight of financial institutions and regulatory agencies including the Financial Oversight Council, Federal Reserve, the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau.
In his new role, Mr. Toomey said he 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.”
A former Wall Street derivatives trader, Mr. Toomey has a strong interest in financial issues.
Barely into his third year of his freshman term, Mr. Toomey already has been serving a key role in the Senate, Minority Leader Mitch McConnell said in a telephone interview this week.
He serves as Steering Committee chairman for his caucus and in 2011 was one of three Senate Republicans that Mr. McConnell picked to serve on the bicameral Select Committee on Deficit Reduction.
“He’s a leader here, and he’s risen very quickly,” said Mr. McConnell, R-Ky.