It is time for all of our communities and the workers and their families that call them home to share in our country's prosperity.
Pat Toomey
The Public Record
Patrick Toomey is a former United States Senator from Pennsylvania, serving from 2011 to 2022. A member of the Republican Party, Toomey was known for his focus on fiscal conservatism, economic growth, and limited government. During his tenure, he served on several Senate committees, including the Banking, Housing, and Urban Affairs Committee, where he was involved in financial regulation and economic policy discussions.
I have yet to receive a response. When will Treasury respond and comply with my request?
In fact, there are a lot of reasons to believe China's digital currency will not be terribly appealing.
China, after all, has a State-controlled economy, has a repressive authoritarian Government that has got capital controls on the yuan.
What problem is the central bank digital currency trying to solve? In other words, do we need one?
Nor do we want a Government entity like the Fed positioned to possibly infringe on our privacy.
But we should not lose sight of the tremendous benefits that the underlying technology that digital currencies offer.
I do not think we need a State-sponsored bank interfering with this very successful free enterprise system.
Private digital currencies have the potential to increase access to financial services for all Americans while increasing individual privacy.
For 50 years, average spending has been about 20 percent of GDP, just a little more than that. Under the President's budget, spending remains at about 25 percent of GDP.
We had the best economy in 50 years. And that is if you measure it by objective metrics.
I have a concern, and my concern is how much detailed information we have about what is actually available to be repurposed.
That is a massive amount of spending increase when we have, let us face it, a very strong economy, 5.8 percent unemployment.
Why haven't you provided the reports and the drawdown reports, right down to account level detail?
I just want to close by urging you please defend the capitalist system that has worked so well for so many for so long.
Do you believe that capitalism is the best economic system for producing the most prosperity for the greatest number of people?
I am concerned about increasing pressure on banks to embrace 'wokeism' and appease the far left's attacks on capitalism.
It seems to me, in fact, that access to credit is a necessary precondition for poor people to move up to the middle class, not the other way around.
Would you agree that if regional Fed banks engage in partisan advocacy masquerading as research, that advocacy would harm the Fed's credibility?
As Larry Summers said last week, there seems to be an overemphasis of certain risks like climate change by central banks.





