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GAO Agrees with Toomey: Lending Rule Subject to Congressional Review

October 19, 2017
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Washington, D.C.- U.S. Senator Pat Toomey (R-Pa.) released the following statement after receiving a reply from the Government Accountability Office agreeing with the sentiment of a letter his office sent in March 2017 regarding leveraged lending. Below is a statement from Senator Toomey:

"GAO's decision makes clear the Interagency Guidance is a rule, as defined by the Congressional Review Act. Having established that, precedent suggests that Congress can exercise its authority to disapprove such a guidance. This is an important reminder that agencies have a responsibility to live up to their obligations under the Congressional Review Act. When they don't, Congress should hold them accountable. I will explore steps to do so."