Minority Press Releases

July 22, 2021

Toomey Meets with Masih Alinejad, Iranian-American Dissident Journalist and Target of Tehran’s Kidnapping Plot

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today met with Iranian-American journalist and human rights activist Masih Alinejad. Last week, the Department of Justice announced an indictment charging four Iranian intelligence officials for plotting to kidnap Ms. Alinejad, an American citizen, from her home in New York City.“I commend Masih Alinejad for her extraordinary courage in the face of Tehran’s determination to silence her,” said Senator Toomey… Continue Reading


July 20, 2021

Toomey: Murky Global Warming Data Does Not Justify Higher Prices for Consumers

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said that the data on global warming is not clear enough to justify imposing new regulatory burdens on consumers.In his opening statement during today’s Senate Banking Committee hearing, Senator Toomey argued that regulators must avoid the temptation to think they are smarter than the market, as insurance companies have been assessing and adjusting to risk for several decades.Ranking Member Toomey’s … Continue Reading


July 15, 2021

Toomey: Inflation is Here, and It’s More Severe Than Expected

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing with Federal Reserve Chairman Jerome Powell, Ranking Member Pat Toomey (R-Pa) said that inflation is here, and it’s more severe than even the Fed expected.Reiterating his longstanding concern that the Fed will be unable to swiftly respond if inflation is not “transitory,” Senator Toomey encouraged the Fed to stop subordinating its price stability mandate in an effort to maximize employment. Toome… Continue Reading


July 13, 2021

Banking Republicans Slam CFPB Nominee Chopra Ahead of Senate Confirmation Vote

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and all Republican members of the committee sent a letter slamming Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau (CFPB), for his refusal to respond to a congressional request seeking information about an alleged purge of civil servants at the CFPB.“Your refusal to answer basic questions about whether you were privy to the troubling and possibly unlawful actions des… Continue Reading


July 13, 2021

Toomey Opening Statement During Commerce, HUD Nomination Hearing

Washington, D.C. - During today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) urged Mr. Arun Venkataraman, nominee for Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service, to effectively support U.S. exporters overseas and attract foreign investment to the U.S.Senator Toomey also pressed Mr. Damon Smith, nominee for General Counsel at the Department of Housing and Urban Development (HUD), to ensure HUD fait… Continue Reading


July 1, 2021

Toomey and Johnson Raise Concerns Over Asset Managers Prioritizing ESG Objectives Over Federal Employees’ Retirement Savings

Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, and U.S. Senator Ron Johnson (R-Wis.), Ranking Member of the Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations, are raising concerns about whether asset managers are prioritizing liberal policy objectives over federal employees’ retirement savings.In a letter to the Federal Retirement Thrift Investment Board (FRTIB), the Senators questioned whether… Continue Reading


June 30, 2021

Toomey Blasts Regional Fed Banks for Refusing to Comply with Congressional Request

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today blasted the San Francisco, Minneapolis, Atlanta, and Boston Federal Reserve Banks for refusing to comply with congressional oversight requests for documents pertaining to their shift toward publishing politically-charged research and engaging in “racial justice” advocacy—activities that are outside the bounds of the Federal Reserve’s mission and statutory mandate.In letters to each of the four banks,… Continue Reading


June 25, 2021

Toomey and Van Hollen Urge Pres. Biden to Hold CCP Accountable for Apple Daily Shutdown

Washington, D.C. - In the wake of the forced closure of Apple Daily, the last pro-democracy newspaper in Hong Kong, U.S. Senators Pat Toomey (R-Pa.) and Chris Van Hollen (D-Md.) are urging President Biden to hold the Chinese Communist Party (CCP) accountable by using the Hong Kong Autonomy Act to identify and sanction individuals and entities responsible.In a letter to President Biden, the Senators wrote:“The newspaper Apple Daily has long been a voice in support of democracy and indivi… Continue Reading


June 25, 2021

Toomey Statement on Biden Admin. Proposal to Reinstate Obama-Era Disparate Impact Rule

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Department of Housing and Urban Development (HUD) announced its proposed rule to reinstate the Obama administration’s 2013 disparate impact rule.“By reinstating this Obama-era rule, the Biden administration is inviting a wave of baseless and frivolous lawsuits against housing providers that will make it harder and costlier for Americans to access affordable housin… Continue Reading


June 24, 2021

Toomey: Massive Expansion of the Housing Welfare State Won’t Support Families

Washington, D.C. - In his opening statement during today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) cautioned against further expanding the welfare state by increasing government spending on housing.While emphasizing that he welcomes bipartisan compromise on housing legislation, like housing finance reform, Senator Toomey said more government spending without implementing reforms will not help American families.Ranking Member Toomey’s opening remarks, as p… Continue Reading


June 23, 2021

Toomey Statement on Pres. Biden Removing FHFA Director Calabria

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after President Biden removed Federal Housing Finance Agency (FHFA) Director Mark Calabria.“Mark Calabria has been an exceptional leader at the Federal Housing Finance Agency and has been remarkably effective in improving the safety and soundness of the GSEs while attempting to prepare a path to end the conservatorships.“I agree with the Supreme Court that the statutory res… Continue Reading


June 22, 2021

Toomey to Treasury Nominees: We Need Strong Leaders Willing to Push Back on Biden Policies That Undermine U.S. National Security

Washington, D.C. - During today’s U.S. Senate Banking Committee hearing with U.S. Department of Treasury nominees Brian Nelson and Elizabeth Rosenberg, Ranking Member Pat Toomey (R-Pa.) emphasized the need for strong leaders who will stand up to the White House or State Department when they advance policies that undermine America’s national security. Brian Nelson has been nominated for U.S. Department of Treasury Under Secretary for Terrorism and Financial Crimes and Elizabeth Rosenberg … Continue Reading


June 17, 2021

Toomey Seeks Answers on Reports of Senior Career Staff at CFPB Being Pushed Out of Agency

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is demanding the Consumer Financial Protection Bureau (CFPB) turn over documents in the wake of reports that the Biden administration is removing senior career officials in order to replace them with handpicked activists, calling into question whether the agency has potentially violated civil service protections.In a letter to CFPB Acting Director Dave Uejio, Ranking Member Toomey wrote:“According to pres… Continue Reading


June 17, 2021

Economists to the Federal Reserve: Stop Weakening the Fed’s Credibility and Undermining its Independence by Exceeding Monetary and Regulatory Mandates

Washington, D.C. - In case you missed it, today 42 independent economists expressed concern over the Federal Reserve weakening its credibility and independence by exceeding its mandates as it delves into areas such as environmental and social policy.In an open letter published in the National Review, the economists wrote:“We the undersigned are deeply concerned about the changing role of the Federal Reserve. The Fed is among the nation’s most important institutions. Its monetary and regu… Continue Reading


June 17, 2021

Toomey: Let’s Use NFIP Reauthorization as an Opportunity to Move it in the Right Direction

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) expressed his desire to reach a bipartisan agreement on a long-term reauthorization of the National Flood Insurance Program (NFIP) that will improve the program for taxpayers, homeowners, and future homebuyers.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you, Mr. Chairman. Thank you, Administrator Maurstad.Today we hold our second NFIP reauth… Continue Reading


June 15, 2021

Toomey: More Wasteful Government Spending is Not What Our Economy Needs

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) reiterated that any infrastructure package must responsibly support real physical infrastructure—such as roads, bridges, and airports—without undoing 2017’s pro-growth tax reform or driving the country further into debt.Senator Toomey also warned against more wasteful government spending as Americans experience the fastest inflation in 13 years.Ranking Member T… Continue Reading


June 14, 2021

Toomey and Crapo Call on Commerce Dept. to Release Series of Reports Justifying Use of National Security Tariffs

Washington D.C. - U.S. Senators Pat Toomey (R-Pa.), Ranking Member of the U.S. Senate Banking Committee and Mike Crapo (R-Idaho), Ranking Member of the U.S. Senate Finance Committee are calling on Commerce Department Secretary Gina Raimondo to release a series of reports that make recommendations on the imposition of Section 232 ‘national security tariffs’ on various products.In a letter to Secretary Raimondo, Senators Toomey and Crapo request the release of the five relevant reports by … Continue Reading


June 14, 2021

Banking Committee Republicans to the SEC: Reject New Global Warming Disclosures

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 any proposal to implement new global warming disclosures.In a letter to SEC Chair Gary Gensler and Commissioner Allison Herren Lee, the Senators wrote:“We do not believe that any further securities regulations to specifically address global warming are necessary or appropriate, and will only serve… Continue Reading


June 10, 2021

Toomey Raises Concern Over Burdensome Cryptocurrency Regulations

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) urged the Department of Treasury to significantly revise two recent proposals related to the regulation and oversight of cryptocurrencies.In a letter to Treasury, Ranking Member Toomey wrote:“While I recognize that [these] proposals are seeking to address the misuse of cryptocurrencies for illicit activity, if adopted, they would have a detrimental impact on financial technology (“fintech”), the fundamental … Continue Reading


June 10, 2021

Toomey Demands Biden Admin. Turn Over Documents on Iran Nuclear Agreement Reentry

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today wrote to Treasury Secretary Janet Yellen expressing grave concern over the Biden administration’s efforts to rejoin the Joint Comprehensive Plan of Action (JCPOA) and provide billions of dollars in sanctions relief to the world’s foremost state sponsor of terrorism, Iran.Yesterday, Deputy Secretary of State Wendy Sherman confirmed the U.S. is set to resume talks in Vienna this weekend. Meanwhile, the… Continue Reading

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