Minority Press Releases

February 4, 2022

Toomey Applauds McWilliams’ Tenure at FDIC

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement regarding the resignation of Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams.“Jelena McWilliams is a dedicated public servant who has spent over a decade defending free markets and promoting sensible financial regulations. As Chairman of the FDIC, she worked cooperatively to strengthen the safety and soundness of the banking system, and did so on a bi… Continue Reading


February 4, 2022

With Digital Yuan Rollout at Olympic Games, Toomey Calls on Federal Agencies To Closely Watch for National Security Implications

Washington, D.C. - As China prepares to debut its Central Bank Digital Currency (CBDC) at the Beijing Winter Olympics on Friday, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) wants U.S. agencies to pay close attention to how the digital yuan might affect both U.S. economic and national security interests. In a letter to Department of the Treasury Secretary Janet Yellen and Secretary of State Antony Blinken, Ranking Member Toomey wrote:“While the United States is still … Continue Reading


February 3, 2022

Toomey: Fed Nominees are a Referendum on the Fed’s Independence

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said President Biden’s Federal Reserve (Fed) nominees Sarah Bloom Raskin and Lisa Cook would threaten the independence of the Fed. Senator Toomey said that while global warming, social justice, and education policy are important issues, they are wholly unrelated to the Fed’s limited statutory mandates, and should be left up to elected representatives who are acc… Continue Reading


February 2, 2022

Banking Committee Republicans Release Staff Report on Raskin’s Plan to “Reimagine” Financial Regulation to Save Us From an “Unlivably Hot Planet”

Washington, D.C. - U.S. Senate Banking Committee Republican staff today released a staff report highlighting Sarah Bloom Raskin’s, President Biden’s nominee for Vice Chair for Supervision at the Federal Reserve (the Fed), prior statements on how financial regulation should be “reimagined” to save us from an “unlivably hot planet.”The staff report—Sarah Bloom Raskin In Her Own Words: “Reimagining” Financial Regulation to Save Us From an “Unlivably Hot Planet”—sheds light on how Ms. Raskin … Continue Reading


January 28, 2022

Toomey Raises Alarm Over Serious Omissions in Fed Nominees’ Paperwork

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today raised serious concerns after the Committee discovered numerous omissions in the Committee questionnaires of Sarah Bloom Raskin and Lisa Cook, two of President Biden’s nominees for the Board of Governors of the Federal Reserve System. The nominees are scheduled to appear before the Committee for their nomination hearing next Thursday, February 3.In order for the Committee to fully assess the fitness o… Continue Reading


January 27, 2022

Toomey Presses Taxpayer-backed Housing Group on Weak Oversight

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is raising concerns over the Neighborhood Reinvestment Corporation’s (NeighborWorks) lack of oversight.“The Government Accountability Office (GAO) found NeighborWorks’ oversight of grant management processes were deficient and staff approved procurement contracts to former employees without additional justification,” Ranking Member Toomey wrote. “Yet, NeighborWorks continued to suffer mismanagement challeng… Continue Reading


January 26, 2022

Toomey Statement on SEC’s Proposed Disclosure Mandates for Private Funds

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement on the Securities and Exchange Commission’s (SEC) new proposed disclosure mandates for private funds.“Over time, the reporting and regulatory burdens imposed on public companies have increased so much that they have kept companies from going public. Rather than easing the excessive burden of being a public company, the SEC is now attempting to inflict similarly excessive regul… Continue Reading


January 25, 2022

Toomey Raises Concerns Over Fed Nominees’ Lack of Geographical and Professional Diversity

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is raising concerns over the lack of diversity in geography and professional experience in President Biden’s recent slate of nominees to serve on the Board of Governors of the Federal Reserve System.Section 10 of the Federal Reserve Act mandates that “[i]n selecting the members of the Board, not more than one of whom shall be selected from any one Federal Reserve district, the President shall have due rega… Continue Reading


January 20, 2022

Toomey Statement on Fed’s Central Bank Digital Currency Report

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve released a report on Central Bank Digital Currencies (CBDCs).“Cryptocurrencies, digital assets, and their underlying technologies offer tremendous potential benefits. As such, I’m glad the Fed has constructively contributed to the necessary ongoing public discussion regarding the issuance of a CBDC. “I’m encouraged the report acknowledges the need fo… Continue Reading


January 13, 2022

Toomey Statement on President Biden’s Fed Nominees

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement as the White House informed the Senate it would nominate Sarah Bloom Raskin for Vice Chair for Supervision at the Federal Reserve (the Fed) and Lisa Cook and Philip Jefferson for the Fed Board of Governors.“Members of the Fed’s Board of Governors should have exceptional qualifications and a strict view of the Fed’s narrow mandates on monetary policy and banking supervision. I… Continue Reading


January 13, 2022

Toomey Votes to Impose Sanctions on Nord Stream 2 Pipeline

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after voting to impose mandatory sanctions on the Nord Stream 2 pipeline.“It’s stunning that the Biden administration and most of my Democrat colleagues—who have long opposed the Nord Stream 2 pipeline—are now turning their back on Ukraine in its hour of need. The mere threat of sanctioning Russia after an invasion will do nothing to bolster Ukraine’s security today. Shutti… Continue Reading


January 13, 2022

Toomey Opening Statement at Brainard, Thompson 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.) expressed concerns over the nomination of Lael Brainard to serve as Vice Chair of the Federal Reserve. Senator Toomey cited her repeated insistence that inflation is transitory, her authorship of the Fed’s new pro-inflation monetary policy framework, which subordinates price stability in an effort to maximize employment among certain demographic group… Continue Reading


January 11, 2022

Toomey Opening Statement at Fed Chairman Powell’s Nomination Hearing

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee nomination hearing with Federal Reserve Chairman Jerome Powell, Ranking Member Pat Toomey (R-Pa) said there is broad bipartisan support for Chairman Powell’s re-nomination due to his record of thoughtful and constructive leadership.Senator Toomey did, however, raise concerns over the normalization of the Fed’s new monetary policy framework, which has put the Fed behind the curve as inflation runs at a ne… Continue Reading


December 31, 2021

Toomey Applauds McWilliams’ Tenure at FDIC

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams announced her resignation.“Jelena McWilliams is a dedicated public servant who has spent over a decade defending free markets and promoting sensible financial regulations. As Chairman of the FDIC, she worked cooperatively to strengthen the safety and soundness of the banking system, and did so on a… Continue Reading


December 20, 2021

Toomey Thanks SEC Commissioner Roisman for His Service

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after Securities and Exchange Commission (SEC) Commissioner Elad Roisman announced he is leaving the SEC.“I want to thank Commissioner Roisman for his service at the SEC. From protecting commission-free trading to enhancing disclosures from proxy advisory firms, Commissioner Roisman has been a strong advocate for investor freedom while encouraging the SEC to remain true its s… Continue Reading


December 20, 2021

Toomey Encourages Federal Employees to Report Allegations of Misconduct

Washington, D.C. - In the wake of new confidential whistleblower allegations, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is encouraging individuals with knowledge of misconduct—such as harassment, discrimination, or retaliation—at Federal financial regulators and other agencies in the Committee’s jurisdiction to report such information confidentially to the Committee.“It has come to my attention through confidential whistleblowers that federal employees at multiple a… Continue Reading


December 17, 2021

Banking Republicans Call on the President to Rebuke FDIC Coup Attempt

Washington, D.C. - U.S. Senate Banking Committee Republicans are calling on President Joe Biden to rebuke Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and Federal Deposit Insurance Corporation (FDIC) Director Marty Gruenberg for their illegitimate attempt to violate the FDIC’s 88-year tradition of working independent from partisan political influence. In a letter, the senators also urged President Biden to immediately replace Director Gruenberg—whose term expired thre… Continue Reading


December 16, 2021

Toomey: Gensler Should Work to Achieve Bipartisan Consensus

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement on the Securities and Exchange Commission’s (SEC) rulemakings released today.“Today’s actions by Chairman Gensler on money market funds, stock buybacks, and security based swaps are a partisan overreach that will likely diminish investment opportunities, economic growth, and capital formation. Chairman Gensler should work with all of his colleagues to achieve bipartisan consen… Continue Reading


December 15, 2021

Toomey: Fed Should Move to Normalize Interest Rates

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve announced it would accelerate the taper of its asset purchases.“While long overdue, the Fed's decision to accelerate the taper of its bond buying program is a modest step in the right direction. With inflation now reaching a nearly 40-year high, the Fed needs to continue taking this threat seriously and move to normalize interest rates.” ###… Continue Reading


December 15, 2021

Toomey Opening Statement at Disaster Recovery Hearing

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said Congress should not make permanent the Department of Housing and Urban Development’s (HUD) Community Development Block Grant - Disaster Recovery Program (CDBG-DR).Ranking Member Toomey’s remarks, as prepared for delivery:Mr. Chairman, thank you.I want to start off by acknowledging the horrific destruction that we witnessed over the weekend in Kentucky. I saw a headline this mornin… Continue Reading

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