Minority Press Releases

December 15, 2021

Toomey Lays the Groundwork for Stablecoin Legislation

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said Congress should work on legislation surrounding stablecoins, but be careful not to stifle innovation in an evolving digital economy or undermine our own country’s competitiveness.During the hearing, Senator Toomey also laid out a set of guiding principles to influence Congress’s work on a stablecoin legislative framework. To read his full set of principles,… Continue Reading


December 14, 2021

Toomey Outlines Stablecoin Principles to Guide Future Legislation

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing on stablecoins, Ranking Member Pat Toomey (R-Pa.) released a set of principles to lay the framework for forthcoming legislation.“Stablecoins offer tremendous potential benefits, including greater payment speed, lower payment costs, expanded access to the payment system, and programmability,” said Ranking Member Toomey. “A regulatory framework should follow from legislation. The legislation should address consumer protect… Continue Reading


December 10, 2021

GOP Senators Call on Labor Department to Stop Politicizing Americans’ Retirement Savings

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.), U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho), U.S. Senate Health, Education, Labor and Pensions (HELP) Committee Ranking Member Richard Burr (R-N.C.), and U.S. Senate Aging Committee Ranking Member Tim Scott (R-S.C.) are urging the Department of Labor (DOL) to protect the retirement savings of millions of Americans by withdrawing a recent proposal that allows Wall Street asset manager… Continue Reading


December 10, 2021

Toomey Statement on Inflation Reaching Nearly 40-Year High

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the November Consumer Price Index (CPI) release showed inflation reaching a 39-year high.“Today’s jaw-dropping inflation report should alarm every single American, but especially policymakers. Hardworking American families are suffering as a direct result of the Biden administration’s reckless borrowing and spending and anti-energy policies. If the message wasn’t clear… Continue Reading


December 9, 2021

Toomey Statement on Chopra’s Illegitimate FDIC Coup

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement regarding Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra’s and Federal Deposit Insurance Corporation (FDIC) Board Member Martin Gruenberg’s unlawful attempt to circumvent FDIC Chairman Jelena McWilliams.“This failed, publicity-seeking attempted coup is exactly the kind of lawless overreach that Senate Republicans warned about with Rohit Chopra. His reckless … Continue Reading


December 7, 2021

Toomey Opening Statement at Hearing with FHFA IG, EXIM IG Nominees

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) delivered the following opening statement at today’s nomination hearing for Parisa Salehi, nominee for Export-Import Bank (EXIM) Inspector General, and Brian Tomney, nominee for Federal Housing Finance Agency (FHFA) Inspector General.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you, Mr. Chairman.Ms. Salehi and Mr. Tomney, welcome to you both. I commend you for your commitment to public … Continue Reading


December 3, 2021

Gensler Skips Chance to Give Regulatory Clarity on Cryptocurrencies

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Toomey (R-Pa.) today expressed disappointment in Securities and Enforcement Commission (SEC) Chairman Gary Gensler’s responses to the Senator’s request for public guidance surrounding emerging technologies like cryptocurrencies.“For investors to benefit from a fair and competitive marketplace, federal agencies should answer questions about whether - and if so, how - new and emerging technologies fit under existing regulatio… Continue Reading


December 2, 2021

Toomey Opposes HUD Nominee Over Schu-mark

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today opposed the nomination of Arthur Jemison for Housing and Urban Development (HUD) Assistant Secretary for Public and Indian Housing, citing Mr. Jemison’s support for expanding government-controlled public housing.Senator Toomey noted Mr. Jemison’s failure to commit to two simple requests: (1) stopping Senator Schumer’s $40 billion earmark—a “Schu-mark”—for the scandal-plagued New York City Housing Au… Continue Reading


December 2, 2021

Toomey, Cardin Unveil Bipartisan Iran Sanctions Legislation in Press Conference with Masih Alinejad

Washington, D.C. - U.S. Senators Pat Toomey (R-Pa.) and Ben Cardin (D-Md.) today held a press conference to unveil the Masih Alinejad Harassment and Unlawful Targeting (HUNT) Act, bipartisan legislation aimed at holding the Iranian regime responsible for its ongoing efforts to silence dissidents by imposing new mandatory sanctions. During the press conference, the senators were joined by Iranian American journalist and human rights activist Masih Alinejad, who inspired the senators’ legisl… Continue Reading


December 2, 2021

Toomey Opposes Treasury Nominee Brian Nelson Over Nord Stream II AG

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement opposing Brian Nelson, nominee for U.S. Department of Treasury Under Secretary for Terrorism.“For months, Republicans on the Banking Committee have told the Biden administration that we would oppose the nomination of Brian Nelson unless the president follows the law and imposes sanctions on Russia’s Nord Stream 2 AG. The president has refused to comply with the law and inste… Continue Reading


November 30, 2021

Toomey: Democrats’ Reckless Spending Contributed to Highest Inflation in 31 Years

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 Biden administration’s extreme Leftist policies and the Democrats’ reckless spending has contributed to the highest inflation in 31 years.Senator Toomey also reiterated his longstanding view that the Fed should have begun tapering its asset purchases long ago, as the economy has not just recovered from the pandemic, but has come roaring back.Ranking… Continue Reading


November 22, 2021

Toomey: I Look Forward to Supporting Powell’s Confirmation

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement as President Biden intends to renominate Federal Reserve Chairman Jerome Powell for a second term and Governor Lael Brainard for Vice Chair.“When the pandemic hit in 2020, Chairman Powell acted swiftly and took extraordinary and necessary steps to help stabilize financial markets and the economy. He also worked constructively with those of us developing the CARES Act.“During … Continue Reading


November 18, 2021

Toomey: I’ve Never Seen a Nominee with More Radical Ideas

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) highlighted Professor Saule Omarova’s, President Biden’s nominee for Comptroller of the Currency, long history of promoting ideas that she herself describes as “radical.” Among these ideas are her proposals to “effectively ‘end banking’ as we know it,” turn community banks into “franchisees” of the Fed, channel credit to what she deems “productive uses in the na… Continue Reading


November 16, 2021

Toomey: Hard to Find a Worse Idea Than Postal Banking

Washington, D.C. - U.S. Senators Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, John Boozman (R-AR), and a number of their Senate colleagues are raising concerns over the U.S. Postal Service’s postal banking pilot program.In a letter to Postmaster General Louis DeJoy, the senators questioned the Post Service’s legal authority to implement a banking pilot program that is completely unrelated to its mission of providing “reliable, affordable, universal mail service.” T… Continue Reading


November 8, 2021

Toomey Praises Quarles’ Tenure at Federal Reserve

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after Federal Reserve Governor Randal Quarles submitted his resignation.“I want to thank Governor Quarles for his service at the Federal Reserve. As Vice Chair for Supervision, he played a pivotal role in assuring our nation’s economic stability and recovery before, during, and after the pandemic. Because of the reforms he implemented, our banking system is stronger and more… Continue Reading


November 3, 2021

Toomey Opposes EXIM Nominees

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today opposed the nominations of Reta Jo Lewis for Export-Import Bank of the United States (EXIM) President and Board Chair, Judith Pryor for EXIM First Vice President, and Owen Herrnstadt for EXIM Board Member, citing concerns that they will not protect U.S. taxpayers from EXIM’s inherently risky transactions.Senator Toomey voted to support Matthew Axelrod, nominee for Commerce Assistant Secretary for Exp… Continue Reading


November 3, 2021

Toomey Statement on Fed Taper Announcement

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 begin tapering its asset purchases.“Today’s decision by the Fed to begin tapering is welcome but long overdue. As I warned this spring, the Fed’s overly accommodative monetary policy risked leaving it behind the curve if inflation persisted. And as any American family can tell you, inflation is real, and it’s worse than expected.“… Continue Reading


November 3, 2021

Toomey on Professor Omarova’s Refusal to Turn Over Thesis on Marxism: What is She Hiding?

Washington, D.C. - The U.S. Senate Banking Committee formally received President Biden’s nomination of Professor Saule Omarova for Comptroller of the Currency. Notably missing from her paperwork, however, is a copy of her thesis, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.”On October 5, 2021, Senator Toomey sent a letter asking Ms. Omarova to provide the Committee with a copy of the thesis no later than October 13, 2021, to allow the Committee adequate tim… Continue Reading


November 2, 2021

Toomey Warns Regulators Against Restricting SOFR Alternatives

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on the London Interbank Offered Rate (LIBOR) transition, Ranking Member Pat Toomey (R-Pa.) said that banks should retain the option to choose the qualified benchmark rate for new contracts and not be forced to adopt regulators’ preferred Secured Overnight Funding Rate (SOFR).Senator Toomey also said any federal legislation addressing tough legacy contracts must be very narrowly tailored, not change… Continue Reading


November 1, 2021

Toomey Statement on Biden Administration’s Stablecoin Report

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the President’s Working Group on Financial Markets (PWG) released a report on the regulation of stablecoins.“As the Biden administration acknowledges in its report, it is the responsibility of Congress to clarify whether, and to what extent, federal agencies have jurisdiction over stablecoins. While Congress works on thoughtful legislation, I hope the administration wil… Continue Reading

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