Banking panel's No. 2 Republican will not seek reelection: Report

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WASHINGTON — A senior Republican on the Senate Banking Committee seen as a potential chairman if the GOP holds onto the Senate is expected to announce Monday that he will not seek reelection in 2022, according to The Philadelphia Inquirer.

The newspaper reported over the weekend that Sen. Pat Toomey, R-Pa., will not run in the next midterm election, raising questions about the long-term Republican leadership of the Banking Committee. Toomey is also expected to announce that he will not run for governor of Pennsylvania.

Toomey, currently the panel's No. 2 Republican, could succeed current Chairman Mike Crapo, R-Idaho, if the GOP maintains its Senate majority this November. Crapo may vie to fill an expected opening atop the Senate Finance Committee.

Toomey was one of the key senators involved in drafting the Tax Cuts and Jobs Act, which passed in 2017 without any Democrats supporting the legislation and boosted the earnings of U.S. banks.

Before joining Congress in 1999 as a member of the House, Toomey was a Wall Street banker and derivatives trader.

From 2005, to 2009, Toomey served as president of Club for Growth, a conservative organization and super PAC focused on cutting taxes, free trade and deregulation.

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