Minority Press Releases
Senate Slashes $140 Million Silicon Valley Subway Earmark from COVID-19 Relief Bill
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today announced that the Senate Parliamentarian ruled that an earmark in the House COVID-19 relief bill violated the Byrd Rule and could be removed from the bill. That earmark would provide approximately $140 million in funding to expand an underground rail project in Silicon Valley.“Expanding Silicon Valley’s subway has nothing to do with COVID-19 relief and should not have been included in the House bill,… Continue Reading
March 2, 2021
Toomey Opening Statement During Chopra, Gensler Nomination Hearing
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today expressed concern over the nominations of Gary Gensler and Rohit Chopra to lead the Securities and Exchange Commission (SEC) and Consumer Financial Protection Bureau (CFPB) respectively. In his opening statement, Sen. Toomey said Messrs. Gensler and Chopra may seek to impose burdensome and restrictive regulations that would stifle the economic recovery and to expand each agency’s authority to enact li… Continue Reading
February 25, 2021
Toomey, Hearing Witnesses Highlight Harmful Impacts of Democrats’ $1.9 Trillion Spending Bill
Washington, D.C. - In this morning’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) discussed the impact of the COVID-19 pandemic and the $1.9 trillion Democrat spending bill with Dani Ritchie, owner of Studio Alchemy hair salon in Harmony, Pa., and Joel Griffith, a research fellow at The Heritage Foundation.Ranking Member Toomey asked Ms. Ritchie about the harmful impacts on small businesses of a $15-an-hour minimum wage and extended lockdowns and restrictions:… Continue Reading
February 25, 2021
Toomey Opening Statement at Banking Hearing on COVID and Small Businesses
Washington, D.C. - In this morning’s U.S. Senate Banking Committee, Ranking Member Toomey said the Democrat stimulus package, with its $15-an-hour minimum wage and massive increase in unemployment benefits, would do more harm than good for the economy. Further, another government-run credit program would needlessly duplicate other COVID-relief efforts like the Paycheck Protection Program and crowd out private credit and capital.Ranking Member Toomey’s opening remarks, as prepared for deliv… Continue Reading
February 23, 2021
Toomey: In the Midst of Robust Economic Rebound, Congress and Fed Must Not Distort Economy
Toomey: In the Midst of Robust Economic Rebound, Congress and Fed Must Not Distort EconomyWashington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) warned both his colleagues in Congress and Federal Reserve Chair Jerome Powell that more spending and accommodative monetary policy could further overheat the economy and distort financial markets.You can watch the video of Ranking Member Toomey’s opening statement here, an… Continue Reading
February 18, 2021
Toomey: Democrats Using COVID Spending Bill to Push Policy Wish List
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on COVID and the economy, Ranking Member Pat Toomey (R-Pa.) highlighted how the Biden administration had packed numerous left-wing policy wish list items, completely unrelated to COVID-19, into their $1.9 trillion spending bill. You can watch the video of his statement here. Ranking Member Toomey’s opening statement, as prepared for delivery: “Less than a month ago, President Biden made a call for unity… Continue Reading
February 16, 2021
Toomey, McHenry Ask SEC to Undertake ‘Good Government’ Reforms
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and U.S. House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) are urging the Securities and Exchange Commission (SEC) to start or complete seven good government initiatives, several of which have been awaiting action for years.In a letter to Acting Chair Allison Herren Lee, the ranking members wrote:“We hope that you will be a steady and effective caretaker of the SEC’s tripartite mission of … Continue Reading
February 12, 2021
Toomey, GOP Banking Members Urge SEC to Block NASDAQ’s Proposed Diversity Quota
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and all Republican members of the committee are urging the Securities and Exchange Commission (SEC) to reject a proposed rule from NASDAQ that requires publicly traded corporations adopt new racial and gender diversity standards for boards of directors.In the letter to acting SEC Chair Allison Herren Lee, the lawmakers wrote:“While we think America’s corporations benefit from boards that avoid groupthink an… Continue Reading
December 1, 2020
Crapo Statement at CARES Act Oversight Hearing
WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a remote hearing entitled “The Quarterly CARES Act Report to Congress.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today, we welcome the witnesses to the Committee to provide testimony as required under Title IV of the CARES Act: The Honorable Steven T. Mnuchin, Secretary of the Department of the Treasury; and … Continue Reading
November 20, 2020
Crapo Commends OCC for Promoting Fair Access to Banking
WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, praised the Office of the Comptroller of Currency today for proposing a rule that would require banks to evaluate customer risks individually and prevent them from terminating services to broad categories of customers. “We are seeing a disturbing trend in the financial services industry - the intentional discrimination of entire industries, such as firearms manufacturers, by the largest… Continue Reading
November 19, 2020
Crapo Statement on Emergency Lending Facilities
WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, issued the following statement agreeing with U.S. Treasury Secretary Steven T. Mnuchin on the status of the 13)3 facilities that have utilized funding provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. “I agree with Secretary Mnuchin’s analysis of the success of the 13(3) facilities and the termination language of the CARES Act. Returning the unused $455 bil… Continue Reading
November 17, 2020
Crapo Statement at SEC Oversight Hearing
WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a remote hearing on “Oversight of Securities and Exchange Commission.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today we will receive testimony from Securities and Exchange Commission Chairman Jay Clayton regarding the work and agenda of the SEC. “I thank you for your appearance before the Committee today, w… Continue Reading
November 10, 2020
Crapo Statement at Financial Regulator Oversight Hearing
WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a remote hearing on “Oversight of Financial Regulators.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today we welcome to this virtual hearing the federal prudential regulators: Federal Reserve Vice Chairman of Supervision, Randy Quarles; Acting Comptroller of the Office of the Comptroller of the Currency, Brian… Continue Reading
November 2, 2020
Crapo Statement on SEC Amendments to Exempt Offering Framework
WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, issued the following statement regarding the Securities and Exchange Commission’s (SEC) vote to simplify, harmonize and improve the exempt offering framework. “These modernization efforts are a lifeline to small and mid-sized companies who do not have the knowledge, expertise or staff to navigate the previously complex exempt capital market system. The SEC’s work to create clearer, more… Continue Reading
October 22, 2020
Crapo Floor Statement on Rental Assistance
As prepared for delivery: “Madam President - reserving the right to object - you know, it's remarkable that we see here a series of unanimous consent requests to pass legislation without debate, without amendment, without the opportunity for amendment and improvement, and just a few hours after refusal to proceed to legislation where we could do just that. “Legislation that had 500 billion dollars of additional assistance for the American people, legislation that did address these unempl… Continue Reading
October 20, 2020
Crapo Floor Statement on Community Reinvestment Act
“Mr. President, I rise to oppose the resolution vacating the OCC’s final rule on the Community Reinvestment Act (CRA). “Acting Comptroller of the Currency Brian Brooks has noted, ‘The new Community Reinvestment Act rule was finalized for one reason - to promote more lending and investment in underserved areas - including low- and moderate-income neighborhoods.’ “The new rule includes several key changes. It clarifies what counts for CRA credit; updates where activity is evaluated; evaluates… Continue Reading
September 24, 2020
Crapo Statement at Quarterly CARES Act Hearing
WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a hybrid hearing on the “Quarterly CARES Act Report to Congress.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today we welcome our witnesses to this hearing: The Honorable Steven T. Mnuchin, Secretary of the Department of the Treasury; and The Honorable Jerome H. Powell, Chairman of the Board of Governors of the… Continue Reading
September 23, 2020
Crapo Statement on SEC Action Modernizing Shareholder Proposals
WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, issued the following statement on the Securities and Exchange Commission’s (SEC) adoption of amendments to Exchange Act Rule 14a-8, the shareholder-proposal rule. “I commend the SEC for finalizing its efforts to modernize shareholder proposal thresholds. Commissioner Roisman, incorporating years of engagement with investors and market participants, diligently spearheaded these efforts,… Continue Reading
September 9, 2020
Crapo Statement at Hearing on the Status of the Federal Reserve Emergency Lending Facilities
WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a virtual hearing on the status of the Federal Reserve’s emergency lending facilities. The text of Chairman Crapo’s remarks, as prepared, is below. “Today we welcome to this virtual hearing the following witnesses: Mr. Hal Scott, President, Committee on Capital Markets Regulation; Mr. Jeffrey DeBoer, President and Chief Executive O… Continue Reading
September 1, 2020
Crapo Letter to OCC on Cryptocurrency, Payments
WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, today sent a letter to the Office of the Comptroller of the Currency (OCC) encouraging it to develop rules of the road for the use of cryptocurrencies and/or distributed ledger technology (DLT) in payments for national banks. The OCC is seeking input on the digital activities of banks and federal savings associations. Chairman Crapo’s letter requests an update on its findings and i… Continue Reading
