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Pat Toomey

Pat Toomey

Former U.S. Senator (R-PA)

Appears in 1 story

Notable Quotes

After GAO’s 2017 decision, Toomey said agencies must ‘live up to their obligations under the Congressional Review Act’ and that Congress should hold them accountable when they do not.

Stories

U.S. regulators dismantle post-crisis limits on leveraged lending

Rule Changes

Initiated GAO review that undermined legal footing of 2013 guidance

In March 2013, U.S. bank regulators issued joint supervisory guidance on leveraged lending to prevent a return of pre-2008-style underwriting excesses, with examiners informally anchoring scrutiny around a roughly six-times-EBITDA leverage benchmark. Over the next decade, banks' pullback shifted riskier deal finance toward private-credit funds, CLOs, and other nonbanks—expanding an opaque "shadow banking" ecosystem even as regulators maintained the guidance was supervisory, not a binding rule.

Updated 7 days ago