KEY POINTS

  • Republican Sen. Pat Toomey announced Monday he will neither run for reelection nor run for governor in 2022
  • The Senate Banking Committee is made up of 13 Republicans and 12 Democrats 
  • Toomey is still optimistic that Republicans will retain the majority at the ballot box this fall amid a fierce battle for Senate

Republican Sen. Pat Toomey announced Monday he will neither run for reelection nor run for governor in 2022, a major blow to Republicans' long-term game plan for competing statewide in Pennsylvania.

The decision comes as Republicans in November face the possibility of losing their majority in the Senate. In recent years, Republicans Jeff Flake of Arizona, Bob Corker of Tennessee, retired after serving a combined total of three terms. There are 53 Republicans in the Senate with Democrats hoping to flip it in November.

“It’s incredibly surprising,” Charlie Gerow, a state Republican consultant, told the Philadelphia Inquirer. “It throws dozens of wild cards into the mix.” He also added that the Republican primaries for governor and senate will “be a free for all.”

Toomey's decision comes as the battle has heated up with elections just weeks away.

“I think it’s 50-50,” Sen. Mitch McConnell, R-Ky., said Friday when asked whether Republicans will hold the Senate. “We always knew this was going to be challenging.”

“We are feeling very good,” said Sen. Chuck Schumer, D-N.Y., told the New York Times in August. “Republicans tried to intervene in the primaries, but we looked for the candidates who were most competitive. The bottom line is we have candidates who represent their states very well and are talking about the issues the public really cares about.”

Toomey, 58, said he decided to announce his intentions because of numerous inquiries about whether he planned to seek reelection or run for governor. In 2016, Toomey defeated Democrat Katie McGinty, 48.8%-47.3%.

Toomey ultimately decided within the past few days to leave politics and head to the private sector, the Inquirer reported. He said he decided to disclose his plans in the middle of the 2020 presidential race because he wanted to be transparent.

"I've made a decision. It's not going to change, and I want everybody to know," Toomey said.

Toomey added he is optimistic Republicans will retain the majority in the coming election, putting him in line to become chairman of the Senate Banking Committee for the remainder of his term.

Toomey is the only statewide elected Republican in Pennsylvania though it remains a presidential battleground and top target for both parties. Trump won Pennsylvania in 2016 but the state has mostly trended blue.

While Toomey’s retirement is a loss for the Republican party, it also will leave a void in the Senate where Toomey remains an outlier.

Though a diehard fiscal conservative, Toomey occasionally broke with his party. He is one of just two Senate Republicans still serving who supported expanded background checks on gun sales and is the only member of his conference to oppose President Trump’s trade deal with Mexico and Canada.

Most notably the Senate Banking Committee holds the power over confirmations to the Federal Reserve Board of Governors.

Most recently the committee approved Judy Shelton, a controversial economist, to serve on the board. Shelton has advocated for the U.S. to return to the Gold Standard, which most economists disagree with. Shelton also questioned the need for a central bank even though she was nominated to the board.