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Economics

The GOP’s Toomey Rails Against the Fed Becoming ‘Politburo’ for Credit

The Pennsylvania senator says the central bank shouldn’t decide how capital gets allocated. 

Senator Pat Toomey (R-Pa.)

Senator Pat Toomey (R-Pa.)

Photographer: Bill O'Leary/The Washington Post/AP Photo

When the Federal Reserve starts raising interest rates next week, it can expect to hear “it’s about time” from Pat Toomey. The Republican senator from Pennsylvania was early to call out the central bank for getting behind the curve on its mandate to maintain stable prices—now an often-heard complaint. And he’s also criticized Fed officials for wandering into issues he sees as well outside their authority.

The top Republican on the Senate Banking Committee has rallied party members to call for more accountability from the Fed and fight its “mission creep,” including what he sees as a push by Democrats to have the central bank encourage a move away from fossil fuels.