Majority Press Releases
Toomey: Financial Regulators Must Not Stray Beyond Mandates into Politically Contentious Issues
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) criticized the politicization of financial regulation and explained how regulators should focus their attention on real challenges such as those in the crypto space and in Treasury markets.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you, Mr. Chairman.Today, we’ll hear from our banking regulators about their recent regulatory activities… Continue Reading
November 4, 2022
Toomey on Fed’s New Master Account Proposal: More Transparency Needed
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve (Fed) released a proposal regarding master accounts. “Events and information gleaned over the last year have raised significant policy questions about the Fed’s approach to awarding master accounts. Access to the Fed’s payment system is a highly valuable public good, and Congress has a responsibility to taxpayers to ensure regulators give out publi… Continue Reading
November 4, 2022
Toomey Urges Fed to Resist New Bond Purchases
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged the Federal Reserve (the Fed) to pursue durable market reforms rather than purchase taxpayer debt in response to increasing illiquidity in the U.S. Treasury market.In a letter to Fed Chairman Jerome Powell, Ranking Member Toomey wrote:“As the Fed has observed, there has been a ‘notable deterioration in Treasury market liquidity’ over the past year due to, among other things, less accommodative mo… Continue Reading
November 3, 2022
Toomey Blasts ESG Ratings Firms for Stonewalling Inquiry
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is once again pressing ratings firms to disclose information regarding their practices on calculating companies’ environmental, social, and governance (ESG) scores.On September 20, Ranking Member Toomey sent letters to twelve ratings firms requesting information about how they calculate companies’ ESG scores. To date, six of the twelve firms (Arabesque S-Ray, Carbon Disclosure Project, FactSet, ISS, RepRisk, … Continue Reading
October 26, 2022
Toomey on CFPB Guidance: No Surprise an Unconstitutional Agency is Sidestepping the Congressionally Mandated Rulemaking Process
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Consumer Financial Protection Bureau (CFPB) issued new guidance on bank fees related to its Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) authority.“Today’s guidance is yet another reminder that the CFPB has never defined UDAAP through a transparent rulemaking process. It’s no surprise that an out-of-control and unaccountable agency—which the Fifth Circu… Continue Reading
October 19, 2022
Toomey Statement on Fifth Circuit Ruling CFPB Funding Unconstitutional
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional.“The Fifth Circuit’s decision to invalidate the CFPB’s payday lending rule because it is the product of an unconstitutional funding scheme calls into question the validity of all of the agency’s actions to date.“The CFPB ha… Continue Reading
October 19, 2022
Toomey, Van Hollen Release Readout on Call with Ukrainian Ambassador on U.S. Support, Secondary Sanctions Proposal
Washington, D.C. - This week, Senators Pat Toomey (R-Pa.) and Chris Van Hollen (D-Md.) spoke with Ukrainian Ambassador Oksana Markarova about the critical importance of continued U.S. support of Ukraine in the face of Vladimir Putin’s aggression. During their call, the Senators discussed ways to maximize the effectiveness of the upcoming G7 price cap on Russian oil, including through their proposal to backstop the Administration’s efforts through secondary sanctions on entities that viola… Continue Reading
September 29, 2022
Toomey on Fed’s New “Pilot Climate Scenario Analysis”: A Stress Test By Another Name
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve (Fed) announced a “pilot climate scenario analysis exercise” with six of the nation’s largest banks.“The Fed’s new ‘pilot’ program is the first step toward pressuring banks into limiting loans to and investments in traditional energy companies and other disfavored carbon-emitting sectors. There is no risk from global warming that banks aren’t alrea… Continue Reading
September 29, 2022
Toomey Warns Against Establishing a Flawed Outbound Investment Regime
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) warned that creating a flawed outbound investment regime could threaten America’s dominance as the greatest global destination for capital formation, research and development, and the smartest minds in the world.Senator Toomey also recommended a set of principles to guide the creation of an outbound investment regime that sets clear statutory boundaries. The Sen… Continue Reading
September 29, 2022
What They’re Saying | Support for Toomey, Scott, Meijer’s Retirement Savings Modernization Act
Washington, D.C. - Earlier today, U.S. Senators Pat Toomey (R-Pa.) and Tim Scott (R-S.C.) and U.S. Representative Peter Meijer (MI-03) introduced the Retirement Savings Modernization Act to bolster Americans’ retirement savings by allowing workers in defined contribution plans, like 401(k)s, to better diversify their portfolios and invest in higher returning asset classes.To read the full text of the bill, click here.For a one page summary of the bill, click here.The Retirement Savings … Continue Reading
September 29, 2022
Toomey, Scott, Meijer Introduce Legislation to Bolster Americans’ Retirement Savings
Washington, D.C. - U.S. Senators Pat Toomey (R-Pa.) and Tim Scott (R-S.C.) and U.S. Representatives Peter Meijer (MI-03) today introduced the Retirement Savings Modernization Act to bolster Americans’ retirement savings by allowing workers to diversify assets included in defined contribution plans, such as 401(k) plans. This legislation will amend the Employee Retirement Income Security Act of 1974 (ERISA) to clarify that private sector retirement plan sponsors may offer plans, including… Continue Reading
September 28, 2022
Toomey Statement on Lawsuit Challenging the Legality of CFPB’s UDAAP Changes
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after financial groups filed a lawsuit challenging the legality of the Consumer Financial Protection Bureau’s (CFPB) recent changes to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) exam manual.“The CFPB should certainly enforce the laws Congress charged them with—including laws protecting against discrimination in consumer finance—but this sneaky change goes … Continue Reading
September 26, 2022
Toomey Blasts Biden Administration for Ongoing Abuse of the Defense Production Act
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today criticized the Biden administration’s increasing abuse of and reliance on the Defense Production Act (DPA).In a letter to President Biden, Ranking Member Toomey wrote:“The repeated invocation of the DPA for non-defense purposes, such as mineral mining, baby food, solar panel components, heat pumps, and possibly now gasoline refining, is irresponsible. It disrupts complex supply chains, wastes taxpayer … Continue Reading
September 22, 2022
Toomey Warns Against the Growing Politicization of Our Nation’s Banks
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) raised concerns about the growing trend of banks inserting themselves into highly charged social and political issues unrelated to their business, including global warming, abortion, and gun control. Senator Toomey warned that if banks don’t reverse course and stick to the business of banking, they risk being treated as public utilities—by both parties—in the fu… Continue Reading
September 21, 2022
Toomey Asks ESG Ratings Firms For Info on Scores, Data Collection Practices
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is asking ratings firms to provide information regarding their practices on calculating companies’ environmental, social, and governance (ESG) scores.In letters to twelve different ratings firms, Ranking Member Toomey wrote:“The industry of ESG investing and related services has grown tremendously in recent years. According to Bloomberg, global ESG assets are projected to reach $50 trillion by 2025, account… Continue Reading
September 20, 2022
Toomey Praises Nomination of Jonathan McKernan for FDIC
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after President Biden announced his intent to nominate Jonathan McKernan as a Member of the Board of Directors and Travis Hill as a Member and Vice Chair of the Board of Directors at the Federal Deposit Insurance Corporation (FDIC).“Jonathan is highly qualified to serve as a Member of the Board of Directors at the FDIC. Between his time practicing law, his public service at … Continue Reading
September 20, 2022
Toomey: We Must Impose Secondary Sanctions on Russian Oil to Shut Down Funding of Putin’s War on Ukraine
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that the sanctions imposed on Russia have failed to deprive the Kremlin of the funds it is using to continue its war on Ukraine. While the Biden administration’s plan for a novel sanctions regime that imposes price caps on the purchase of Russian oil could significantly curtail Russia’s energy revenue, its effectiveness will depend on how widely the cap is ad… Continue Reading
September 20, 2022
Toomey, Van Hollen Release Framework for New Russia Sanctions
Washington, D.C. - Today, U.S. Senators Chris Van Hollen (D-Md.) and Pat Toomey (R-Pa.), both members of the Senate Banking, Housing, and Urban Affairs Committee, put forward a framework outlining new sanctions legislation to hold Russia accountable for its war against Ukraine. The Senators’ framework provides new sanctions authority to the Administration in its efforts to sever funding to Putin’s war machine.“The U.S. and our allies have taken important steps to hold Russia accountable fo… Continue Reading
September 16, 2022
Toomey Statement on Biden Administration’s Digital Assets Reports
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement regarding the Biden administration’s digital assets reports.“While I appreciate the Biden administration’s engagement on digital assets, true regulatory clarity will require much more than just reports. Our current laws—written decades ago—cannot adequately address these new technologies, which have several fundamentally different features than traditional securities, comm… Continue Reading
September 15, 2022
ICYMI: Toomey Discusses Crypto Regulation on Bloomberg’s Odd Lots Podcast
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) this week joined Joe Weisenthal and Tracy Alloway on Bloomberg’s Odd Lots podcast to discuss his concerns with the Securities and Exchange Commission’s (SEC) regulation-by-enforcement approach to cryptocurrencies.Senator Toomey also highlighted his proposal to establish a new regulatory framework for payment stablecoins and expressed optimism over Congress passing stablecoin legislation by the end of thi… Continue Reading