Minority Press Releases
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
March 15, 2022
Toomey Opening Statement at Transit Hearing
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 decline in transit ridership—coupled with rising crime rates in mass transit systems—call into question the tens of billions of additional taxpayer dollars recently spent on mass transit.Despite transit ridership in certain cities falling almost 70 percent in the last several years, Congress doled out nearly $85 billion for mass transit from March… Continue Reading
March 14, 2022
Toomey Urges Brown to Move Forward with Fed Nominees
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement after Senator Joe Manchin (D-W.V.) announced his decision to oppose the nomination of Sarah Bloom Raskin, Vice Chair for Supervision at the Federal Reserve. “As Senator Manchin suggested today, Ms. Raskin’s past advocacy for having the Federal Reserve allocate capital and discriminate against traditional energy companies would not only politicize the Fed, but weaken economic g… Continue Reading
March 10, 2022
Toomey Raises Concerns Over EXIM Proposal for Taxpayer-Subsidized Domestic Manufacturing
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is raising concerns over a new program the Export-Import Bank of the United States (EXIM) may soon launch to finance domestic manufacturing and domestic infrastructure, areas far outside EXIM’s statutory mandate.Although the bank has not published a comprehensive framework for this unprecedented program or subjected it to a public notice-and-comment rulemaking process, EXIM’s Board of Directors is scheduled… Continue Reading
March 9, 2022
Toomey Statement on President Biden’s Executive Order on Digital Assets
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement on President Biden’s executive order on digital assets.“I’m encouraged to see the Biden administration acknowledge that digital assets, including cryptocurrencies and the underlying technology, have tremendous potential benefits. As the White House itself stated, the U.S. must maintain its leadership in this space, which is why lawmakers and regulators should do nothing to ha… Continue Reading
March 8, 2022
Banking Republicans Call on Biden Administration to Pause Financial Regulatory Efforts That Threaten America’s Energy Security
Washington, D.C. - As Russia’s invasion of Ukraine highlights the problem with the United States and our allies buying Russian energy, U.S. Senate Banking Committee Republicans are calling on President Biden and his administration to pause all financial regulatory efforts targeting America’s energy security. The senators’ request comes as reports indicate the Securities and Exchange Commission (SEC) plans to propose its climate risk rule as early as next week.In a letter to U.S. Departm… Continue Reading
