Minority Press Releases

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


September 15, 2022

Toomey Statement on CFPB’s ‘Buy Now Pay Later’ Report

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) released a new report on financial services product ‘Buy Now Pay Later’.“Today’s report shows that consumers value and are increasingly utilizing Buy Now, Pay Later products. Rather than welcoming this innovative product that helps consumers, Director Chopra’s response raises concerns that the CFPB will attempt to stifle… Continue Reading


September 15, 2022

Toomey: Chairman Gensler’s Actions on Crypto, Climate Disclosure Rule Call Into Question Whether the SEC is Appropriately Carrying Out Its Mission

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing with Securities and Exchange Commission (SEC) Chairman Gary Gensler, Ranking Member Pat Toomey (R-Pa.) said that the SEC has failed to provide consumers and innovators alike with much-needed regulatory clarity when it comes to digital assets, prompting the need for Congress to step in.Senator Toomey also criticized the SEC’s proposed climate disclosure rule, which inserts the SEC into controversi… Continue Reading


September 14, 2022

Toomey Statement on Biden Administration Releasing $3.5 B of Afghan Bank Reserves

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the U.S. Department of the Treasury and the Department of State announced the creation of a fund to disburse $3.5 billion of frozen Afghan central bank reserves.“By releasing $3.5 billion in Afghan central bank reserves, the Biden administration has significantly weakened its ability to ensure that these funds do not end up in the hands of the Taliban. While the admin… Continue Reading


September 13, 2022

Toomey: The Best Form of Consumer Protection is a Robust and Competitive Market

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that when it comes to new consumer financial products, individual consumers are better positioned to understand their own needs and preferences than any bureaucrat or politician. Senator Toomey also explained how the best form of consumer protection is a robust, competitive market.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you, Mr… Continue Reading


September 12, 2022

Republican Senators to Chopra: Stop Abusing Your Power to Advance Liberal Policy Preferences

Washington, D.C. - U.S. Senate Banking Committee Republicans today blasted Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra for pursuing a radical and highly-politicized agenda unbounded by statutory limits, and deploying inappropriate and legally dubious tactics to unfairly damage financial institutions’ reputations and customer relationships.In a new letter, Banking Republicans wrote:“Rather than operating as a tough, but fair and sensible regulator, the CFPB is again … Continue Reading


September 8, 2022

Toomey Calls for Greater Transparency Concerning Community Reinvestment Act Agreements

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) wrote to the Board of Governors of the Federal Reserve System (Fed), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) raising concerns over the lack of transparency associated with community benefits plans (CBPs) developed by banks and community activist groups in connection with the Community Reinvestment Act (CRA).In his letter, Ranking Member Too… Continue Reading


September 8, 2022

Toomey: Insurers Should Stick to the Business of Insurance

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that a well-functioning insurance industry is a critical component of economic prosperity and financial security for all Americans. Senator Toomey added that all Americans will be better off if regulators and others resist activist efforts to use insurance as a tool to pursue a social policy agenda, such as decarbonizing the economy, infringing on the Second Amendment rights of law… Continue Reading

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