Minority Press Releases
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
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
