Minority Press Releases
ICYMI: Toomey Says Fed Must Stay Course Despite Recession Risk
Washington, D.C. - In case you missed it, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today joined Bloomberg TV live from the World Economic Forum in Davos. In an interview with Tom Keene and Lisa Abramowicz, Senator Toomey discussed the importance of advancing free trade agreements and the need to rein in 40-year high inflation.Click here to watch the interviewOn the possibility of the Fed changing course due to recession risk:“I don’t think a recession is inevitable.… Continue Reading
May 19, 2022
Toomey: Mark Uyeda Will Faithfully Carry Out the SEC’s Mission
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today introduced Mark T. Uyeda, nominee for Securities and Exchange Commission (SEC) Commissioner, at his nomination hearing. With over 25 years of experience in securities and corporate law, and nearly two decades in public service, including 15 years at the SEC, Senator Toomey said that Mr. Uyeda’s depth of knowledge on securities and markets is unrivaled.If confirmed, Mr. Uyeda would be the first Asian … Continue Reading
May 19, 2022
Toomey to Barr: Keeping Financial Regulation Apolitical and Independent is as Important Now as Ever
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee nomination hearing, Ranking Member Pat Toomey (R-Pa.) said that keeping financial regulation apolitical and independent is as important now as ever. Senator Toomey warned against financial regulators, including the Fed and the SEC, wading into political issues wholly unrelated to their mandates and expertise. Addressing such issues, like global warming, involve tradeoffs that should be made by elected re… Continue Reading
May 18, 2022
Toomey Statement on President Biden Invoking DPA to Address Baby Formula Shortage
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Biden administration invoked the Defense Production Act (DPA) to force companies to produce baby formula ingredients.“First, it seems the administration has no use for the word ‘defense’ in Defense Production Act. Beyond misusing the DPA statute every time there’s a temporary product shortage, today’s action masks the costly protectionist and welfare policies that … Continue Reading
May 18, 2022
Toomey, Sullivan Introduce Bill to Return Corporate Voting Power to Shareholders
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today joined U.S Senator Dan Sullivan (R-Alaska) in introducing the Investor Democracy is Expected (INDEX) Act to address problems stemming from the consolidated corporate ownership and voting power within Wall Street’s largest investment advisers and their index funds. With passive investing exploding in popularity over the past two decades, these firms have quietly become the largest owners in almost al… Continue Reading
May 18, 2022
Toomey: We Shouldn’t Be Pushing Costly Green New Deal Mandates While Families are Struggling to Fill Up Their Gas Tanks
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that the government should not be imposing Green New Deal policies—like energy efficient mandates and subsidies—while inflation is outpacing wages and families are struggling to fill up their gas tanks.Rather than pushing green subsidies in order to mask the cost of the administration’s anti-energy policies, like its restrictions on pipeline construction, the government should seek… Continue Reading
May 16, 2022
Toomey on Biden Administration’s Housing Plan: “A Plan in Name Only”
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement in response to the Biden administration’s “Housing Supply Action Plan”:“The Biden administration’s Housing Supply Action Plan is a plan-in-name-only. It’s short on new housing supply but long on new risk for the taxpayer.“This ‘plan’ won’t lower housing costs or ease the inflation tax that’s plaguing American families every day. If the administration were serious about hous… Continue Reading
May 12, 2022
Toomey Congratulates Fed Chairman Powell on His Confirmation
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Senate confirmed Federal Reserve Chairman Jerome Powell for a second term.“I congratulate Chairman Powell on his confirmation to a second term as Fed Chairman.“Chairman Powell has a record of acting thoughtfully and constructively, especially in difficult circumstances. From implementing a number of modest, sensible banking reforms that reduced regulatory burdens… Continue Reading
May 11, 2022
Toomey Opposes Gordon for FHA
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged his colleagues to oppose the nomination of Julia Gordon for Federal Housing Administration (FHA) Commissioner.Pointing to Ms. Gordon’s public statements denigrating the police and disparaging elected officials, Senator Toomey said Ms. Gordon’s anti-police views and hostility toward those with different political views should disqualify her from holding a senior leadership position at HUD.In Au… Continue Reading
May 10, 2022
Toomey: Fed Nominee Lisa Cook Unqualified to Fight Inflation
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged his colleagues to oppose the nomination of Lisa Cook for Federal Reserve Governor. Speaking on the Senate floor, Senator Toomey said that the American people deserve a serious nominee who understands monetary economics, has a firm grasp on how to combat inflation and restore stable prices, and will not further politicize the Fed.Ranking Member Toomey’s remarks, as prepared for delivery:Mr. Pre… Continue Reading
May 10, 2022
Toomey: FSOC Must Focus on Real Risks, Not Political Issues
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa) said he is concerned that the Financial Stability Oversight Council (FSOC), like other financial regulators, is becoming politicized. Instead of pursuing political issues that are outside the mandate and expertise of financial regulators, like global warming, Senator Toomey said that FSOC should focus on real and existing threats to the financial system.Ranking … Continue Reading
May 5, 2022
Toomey Voices Concerns Over Proposed Community Reinvestment Act Rule
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today voiced concerns after the Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and Office of Comptroller of the Currency (OCC) issued a proposed rule related to the Community Reinvestment Act (CRA).“I am concerned that the proposed rule adds complexity and regulatory burdens without any benefits to economic growth. In addition to imposing onerous new data collection, reporting, and disclosure… Continue Reading
May 5, 2022
Toomey: Canceling Student Debt is ‘a Slap in the Face’ to Hard-working Taxpayers
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that canceling student debt is grossly unfair to the majority of Americans who have paid off, or did not incur, federal student loan debt. Over 80 percent of adults—or 210 million American adults—have zero federal student loan debt.Senator Toomey said that policymakers should instead address the root cause of the problem: the rising cost of higher education… Continue Reading
April 26, 2022
Toomey Opposes Brainard for Fed Vice Chair
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement opposing the nomination of Lael Brainard for Vice Chair of the Federal Reserve.“I’m concerned Governor Brainard will undermine the Fed’s credibility and independence by straying away from the Fed’s narrow statutory mandate. Governor Brainard has urged the Fed to address the politically-charged issue of global warming, which is beyond the Fed’s expertise and mission. She is a… Continue Reading
April 26, 2022
Toomey: Under Chopra, CFPB is More Out of Control Than Ever Before
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that under Director Rohit Chopra’s leadership, the Consumer Financial Protection Bureau (CFPB) is abusing and exceeding its authorities to pursue a far-Left agenda.Pointing to Chopra having both discarded the rulemaking process for a controversial new regulation and rigged procedural rules against businesses accused of wrongdoing, Senator Toomey said its pa… Continue Reading
April 15, 2022
Toomey Statement on Michael Barr for VC for Supervision
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 Michael Barr for Vice Chair for Supervision at the Federal Reserve.“Michael Barr has defended Dodd Frank’s big-bank bailout mechanism, which enshrined into law taxpayer bailouts of banks. He was also the primary author of the unconstitutional and unaccountable CFPB. For these and other reasons, I have concerns about his … Continue Reading
April 14, 2022
Toomey on EXIM’s Domestic Finance Initiative: This is Worse Than Mission Creep
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today criticized the Export-Import Bank of the United States’ (EXIM) vote to approve a new Domestic Finance Initiative. The program would provide taxpayer subsidies to domestic manufacturing facilities and infrastructure projects—even if the EXIM-financed projects do not export anything. “There is no reason that taxpayers should have to back domestic financing when we live in a highly developed market e… Continue Reading
April 13, 2022
Toomey, Scott Seek Information About Allegations of Racial Discrimination at FDIC Under Acting Chairman Gruenberg
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and U.S. Senator Tim Scott (R-S.C.) today wrote to Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin Gruenberg regarding troubling allegations of racial discrimination and fears of retaliation at the FDIC under his previous leadership of the agency.On September 17, 2018, a group of African American employees wrote to former FDIC Chairman Jelena McWilliams to express their concerns about t… Continue Reading
April 12, 2022
Toomey: SEC Should Avoid Regulating Money Market Funds Out of Existence
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) wrote to Securities and Exchange Commission (SEC) Chairman Gary Gensler regarding the SEC’s proposed amendments to money market fund rules. The SEC voted on December 15, 2021 to propose amendments to certain money fund rules. “Money market mutual funds are a valuable investment option for retail investors, an essential cash management tool for institutional investors, and a vital source of funding for g… Continue Reading
April 12, 2022
Toomey Calls on Minneapolis Fed President to Stop Lobbying on Taxpayer’s Dime
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) called on Federal Reserve Bank of Minneapolis (Minneapolis Fed) President Neel Kashkari to stop his political lobbying and advocacy efforts because they violate the Fed’s mandate and staff code of conduct.In January 2020, the Minneapolis Fed launched an official webpage devoted to advocating for an amendment to the Minnesota constitution. Known as the Page Amendment, it would create a new “fundamental righ… Continue Reading
