Minority Press Releases

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


April 8, 2022

Toomey: We Must Maintain America’s Number One Position as the Leader in Capital Markets

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that excessive costs have discouraged companies from going and staying public. Unless that changes, America could lose its position as the global leader in active and efficient capital markets.Ahead of the 10th anniversary of enactment of the bipartisan Jumpstart Our Business Startups (JOBS) Act, Banking Committee Republicans yesterday unveiled a discussion draft of the JOBS Act 4… Continue Reading


April 6, 2022

Toomey Praises Nomination of Mark Uyeda for SEC Commissioner

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 Mark Uyeda and Jaime Lizárraga to serve as commissioners at the Securities and Exchange Commission (SEC).“With nearly two decades of dedicated public service, including the last 15 years at the SEC, Mark Uyeda is exceptionally qualified to serve as an SEC Commissioner. Having personally worked with Mark during his time as … Continue Reading


April 6, 2022

Toomey Announces Legislation to Create Responsible Regulatory Framework for Stablecoins

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today released a discussion draft of legislation establishing a new regulatory framework for payment stablecoins.“While today stablecoins facilitate trading with cryptocurrencies, tomorrow stablecoins could be widely used in the physical economy. They have the potential, among other things, to speed up payments and automate transactions,” said Ranking Member Toomey. “The proposed regulatory framework I’m r… Continue Reading


April 6, 2022

Toomey Opening Statement at CFIUS, Mint Nomination Hearing

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 Congress and the Biden administration must be very cautious about taking any actions that would unduly burden, distract, or meddle with the core mission of the Committee on Foreign Investment in the United States (CFIUS).Appearing before the Committee today are Paul Rosen, nominee for Assistant Secretary of the Treasury for Investment Securi… Continue Reading


April 4, 2022

Banking Republicans Roll Out Capital Formation Legislation to Mark 10th Anniversary of JOBS Act

Washington, D.C. - Ahead of the 10th anniversary of enactment of the bipartisan Jumpstart Our Business Startups (JOBS) Act, U.S. Senate Banking Committee Republicans today unveiled a discussion draft of a new plan to help accelerate economic growth and spur new business formation. The draft’s working title is the JOBS Act 4.0.“The JOBS Act helped to revitalize interest in the public markets and spur economic growth, but it is clear significant work remains to be done to give retail inves… Continue Reading


March 31, 2022

Toomey: Misguided Government Policy Is Making Housing Unaffordable

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that to reduce inflation and make housing in America more affordable, the government should pursue reforms that leverage the power of free enterprise to increase housing supply and make markets more competitive.Senator Toomey also reiterated his desire to work with his colleagues in Congress and with the administration to seek consensus on housing finance reform. In March 2021, Sen… Continue Reading


March 30, 2022

Toomey Opposes Pryor for EXIM Vice President

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged his colleagues to oppose the nomination of Judith Pryor for First Vice President of the Export-Import Bank of the United States (EXIM).On March 10, Senator Toomey sent a letter to EXIM raising concerns over a new program to finance domestic manufacturing and domestic infrastructure, areas far outside EXIM’s statutory mandate. The letter asked for more information about the proposal and urged E… Continue Reading


March 30, 2022

ICYMI: George Will Highlights EXIM Mission Creep in New Washington Post Column

Washington, D.C. - In case you missed it, the Washington Post today published a column by George Will highlighting concerns from U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) about a new Export-Import Bank of the United States (EXIM) program meant to finance domestic manufacturing and infrastructure.The proposed Domestic Financing Program, which the EXIM board will vote on April 14, would give taxpayer-subsidized loans to domestic manufacturers and infrastructure projec… Continue Reading


March 29, 2022

Toomey on Senate Floor: Lisa Cook Will Further Politicize the Fed

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged his colleagues to vote against the motion to discharge Professor Lisa Cook, President Biden’s nominee for Federal Reserve Governor, from the Committee.Senator Toomey expressed concern that Professor Cook will further politicize the Fed at a critical time, when inflation is at a 40-year high and the Fed is already suffering from a credibility problem because of its involvement in politics.Ranking… Continue Reading


March 29, 2022

Toomey: Government Should Not Suppress the Reporting of Accurate Credit Information

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing on medical debt, Ranking Member Pat Toomey (R-Pa.) said the government should not intervene in the reporting of accurate credit information. Such intervention may actually raise health care costs or reduce access to health care.Senator Toomey also pointed out that evidence suggests medical debt is actually falling, not growing. According to the Consumer Financial Protection Bureau’s (CFPB) own estimate, medical debt in c… Continue Reading


March 24, 2022

Toomey Opening Statement at Hearing on Home Appraisal Process

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing on the home appraisal process, Ranking Member Pat Toomey (R-Pa.) said that when it comes to housing in America, including housing discrimination, government has historically been a part of the problem.Senator Toomey also said the government should reject any changes to the appraisal process that could increase the cost of appraisals or result in more overvaluation of homes, which harms taxpayers and borrowers—often minor… Continue Reading


March 22, 2022

Toomey: Democrats’ Pro-Inflation Policies and Reckless Spending—Not Supply Chains—Led to 40-Year High Inflation

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that Democrats’ pro-inflation policies and reckless spending, not supply chains, have contributed to the 40-year high inflation Americans are witnessing today.Ranking Member Toomey’s remarks, as prepared for delivery:Mr. Chairman, thank you.This hearing is about supply chain resiliency. Of course, the Banking Committee is talking about supply chains for on… Continue Reading


March 21, 2022

ICYMI: Toomey Op-ed in the WSJ: There’s Still Much More Sanctions Can Do to Help Ukraine

Washington, D.C. - In case you missed it, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) penned an op-ed in the Wall Street Journal calling for the Biden administration and Congress to impose secondary sanctions on the entirety of Russia’s financial sector. These sanctions would help give Ukraine a fighting chance by effectively cutting off Vladimir Putin’s oil and gas sales globally—severing the revenue stream funding his war machine.Senator Toomey has been calling for t… Continue Reading


March 21, 2022

Toomey Statement on SEC Proposal to Mandate New Global Warming Disclosures

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement on the Securities and Exchange Commission’s (SEC) proposed rule that would require publicly-traded companies to provide new global warming disclosures.“Today’s action hijacks the democratic process and disrespects the limited scope of authority that Congress gave to the SEC. This is a thinly-veiled effort to have unelected financial regulators set climate and energy policy f… Continue Reading


March 17, 2022

Toomey: Ukraine is Actively Utilizing Crypto to Save Lives

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that Ukraine has been actively utilizing cryptocurrencies to do tremendous good. As of today, Ukraine has raised approximately $100 million in crypto to defend against Russia’s invasion, which has been used to purchase military equipment that is saving Ukrainian lives.Senator Toomey also pointed out that while some have raised concerns over crypto being use… Continue Reading


March 16, 2022

Toomey Statement on Fed, FHFA Nominees

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today voted to confirm Jerome Powell for Chairman of the Federal Reserve (Fed) and Philip Jefferson for Fed Governor. He opposed the nominations of Lael Brainard for Vice Chair of the Fed, Lisa Cook for Fed Governor, and Sandra Thompson for Director of the Federal Housing Finance Agency (FHFA).“I’m concerned Governor Brainard and Professor Cook will undermine the Fed by straying away from the Fed’s limited … Continue Reading


March 15, 2022

Toomey Statement on Sarah Bloom Raskin Withdrawing Her Nomination

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement after Sarah Bloom Raskin withdrew her nomination for Vice Chair for Supervision at the Federal Reserve.“The Senate’s bipartisan rejection of Sarah Bloom Raskin’s nomination sends a powerful message to the Fed, and to all financial regulators, that it is not their job to allocate capital or stray from their mission to pursue extraneous or politically charged campaigns. The Bide… Continue Reading

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