Washington, D.C.- U.S. Senator Pat Toomey (R-Pa.) issued the following statement regarding the confirmation of Jerome Powell to be the next chairman of the Federal Reserve:

"After meeting with Mr. Powell and reviewing his testimony before the Banking Committee, I am confident that he will chart a new course for the Fed that will promote a strong economy. It is time that we move away from the unprecedented monetary policy that has kept interest rates near zero and inflated the Fed's balance sheet to $4.5 trillion. I believe that Gov. Powell is committed to normalizing our monetary policy. Gov. Powell will also work to make financial regulatory policy more efficient and effective, thus empowering our nation's banks and financial institutions to be the conduits for economic growth that they ought to be."