Minority Press Releases

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


March 8, 2022

Toomey: Restricting Arbitration Would Benefit Trial Lawyers at the Expense of Consumers

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that restricting arbitration would benefit trial lawyers and liberal advocacy groups at the expense of consumers seeking a fast and fair resolution of their disputes.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you Mr. Chairman.Before turning to today’s topic, I hope this Committee will hold a hearing soon on sanctioning Russia for its h… Continue Reading


March 3, 2022

Toomey: Congress Has a Responsibility to Ensure the Fed Does Not Become a Political Actor

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 Congress has a responsibility to ensure the Fed does not become a political actor.Senator Toomey laid out three ideas for reforming the Fed to ensure it remains focused on its narrow statutory mandates—not politically-charged issues that require tradeoffs. Those tradeoffs must be made by elected representativ… Continue Reading


February 24, 2022

Toomey Calls for Tougher Sanctions on Russia

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement calling on the Biden administration to impose tougher sanctions on Russia.“While the sanctions announced today are a small step in the right direction, I fear they will be inadequate to deter Putin from further aggression. By failing to impose significant sanctions on the Russian oil and gas industry, which accounts for the majority of all Russian exports, the administration… Continue Reading


February 23, 2022

Toomey Statement on Biden Administration Sanctioning Nord Stream 2 Pipeline

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Biden administration imposed sanctions on the Nord Stream 2 pipeline.“I’m glad the Biden administration is finally following the law and imposing sanctions on the Nord Stream 2 pipeline, but this decision is too little too late. With Russian troops already invading Ukraine and preparing for a much larger assault, these sanctions are unlikely to have a deterrent eff… Continue Reading


February 22, 2022

Toomey Calls for Sanctions After Russia Invades Ukraine

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement calling on the U.S. to impose sanctions on Russia after its invasion of Ukraine:“Yesterday’s events are simply Putin’s latest effort to degrade Ukraine’s sovereignty and turn it into a vassal state. This war Russia is choosing to wage will create a humanitarian crisis in Europe with millions of displaced Ukrainians.“The United States and our allies must aim to stop this war… Continue Reading


February 17, 2022

Toomey: We Want Answers Before We Vote on Raskin

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today reiterated that Republicans are ready to move forward with a vote on four of President Biden’s Federal Reserve nominees—Jerome Powell, Lael Brainard, Lisa Cook, and Philip Jefferson. But until answers are received to basic questions about Sarah Bloom Raskin lobbying the Fed on behalf of Reserve Trust, Committee Republicans will not agree to proceed with a vote on her nomination.As Ranking Member Toom… Continue Reading


February 16, 2022

Toomey: Congress and the American People Deserve Answers on Raskin’s Revolving Door

Washington, D.C. - In case you missed it, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said that Congress and the American people deserve answers on Sarah Bloom Raskin’s lobbying on behalf of Reserve Trust, a nonbank fintech, and the Federal Reserve’s decision to reverse itself and award Reserve Trust with valuable access to the Fed’s payment system.As Ranking Member Toomey highlighted in his interview with Squawk Box this morning, CNBC last night reported that t… Continue Reading


February 15, 2022

Toomey Statement on Banking Republicans Seeking Answers on Raskin’s Revolving Door Use Before Committee Vote

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement regarding Banking Committee Republicans’ decision not to provide a quorum at today’s markup. Committee Republicans have been probing Sarah Bloom Raskin’s lobbying on behalf of Reserve Trust, a nonbank fintech, and the Federal Reserve’s decision to reverse itself and award Reserve Trust with valuable access to the Fed’s payment system.“Last week, I told Chairman Brown that Re… Continue Reading


February 15, 2022

Toomey Remains Optimistic About Finding Common Ground on Stablecoin Regulatory Framework

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) expressed optimism over working with his Senate colleagues and the Biden administration to establish a regulatory framework for stablecoins that addresses potential risks without hurting innovation and competition.In December, Senator Toomey also laid out a set of guiding principles to influence Congress’s work on a stablecoin legislative framework. In his rema… Continue Reading


February 11, 2022

Toomey Blasts Fed and Kansas City Fed for Stonewalling Congress

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said that the Kansas City Fed and the Federal Reserve Board of Governors (Fed) are preventing the Senate from obtaining information directly relevant to congressional oversight and its constitutional responsibility to provide advice and consent on a presidential nomination.The Kansas City Fed has repeatedly stonewalled Ranking Member Toomey’s requests for specific information about the Kansas City Fed… Continue Reading


February 11, 2022

Toomey Calls for Reforming the Regional Federal Reserve Banks

Washington, D.C. - In case you missed it, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said that Congress needs to seriously consider reforming or eliminating the regional Federal Reserve (Fed) banks.In an interview with David Westin on Bloomberg TV, Senator Toomey said the regional Fed banks have been completely unaccountable to Congress and the American people, prompting the need for change.Key Excerpts“When [the regional Fed banks] were initially created, they… Continue Reading


February 10, 2022

Toomey Urges Biden Administration to Engage in Bipartisan Housing Finance Reform

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that instead of blaming institutional investors for the rising cost of housing, Congressional Democrats and the administration should engage in bipartisan housing finance reform that relies on free enterprise—not government—to make housing affordable for all Americans.In March 2021, Senator Toomey released a set of principles to help end the government spon… Continue Reading


February 9, 2022

Toomey Opposes Reta Jo Lewis for EXIM President

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today spoke on the Senate floor in opposition to the nomination of Reta Jo Lewis to serve as President and Chair of the Export-Import Bank of the United States (EXIM).Ranking Member Toomey’s remarks, as prepared for delivery:Mr. President, I rise today to discuss the nomination of Reta Jo Lewis to serve as President and Chair of the Export-Import Bank of the United States.I continue to remain deeply skepti… Continue Reading


February 8, 2022

Toomey Requests GAO Review of Recent Massive Hike in CDFI Funding

Washington, D.C. - Ahead of tomorrow’s U.S. Senate Banking subcommittee hearing on Community Development Financial Institutions (CDFIs), Ranking Member Pat Toomey (R-Pa.) is requesting the U.S. Government Accountability Office (GAO) review Treasury’s allocation of the unprecedented levels of taxpayer money given to CDFIs last year.As Ranking Member Toomey notes in his letter, Congress provided $12 billion in taxpayer dollars to benefit CDFIs and Minority Depository Institutions (MDIs) in … Continue Reading


February 7, 2022

Toomey Presses Raskin on Work for Obscure Fintech That Obtained Unusual Access to Fed’s Payment System

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is asking Sarah Bloom Raskin, President Biden’s nominee for Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (the Fed), for more details on how she helped a small financial technology (fintech) company obtain unusual access to the Fed’s payment system.For seven years, Ms. Raskin served in the Obama administration, first as a Fed governor and then as the Deputy Secretary of… Continue Reading

Showing page   of 35