Minority Press Releases
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
October 28, 2021
Toomey: CFPB Returning to Lawless, Anti-Business, Unaccountable Agency
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 has rushed to return the Consumer Financial Protection Bureau (CFPB) to the lawless, anti-business, unaccountable agency that it was under the Obama administration.Senator Toomey also criticized Director Rohit Chopra for his refusal to respond to the Committee’s request for information about an alleged purge of civil servants at… Continue Reading
October 28, 2021
Toomey Launches Effort to Preserve Commission-Free Trading
Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, today introduced the Investor Freedom Act of 2021 to preserve commission-free trading by prohibiting the Securities and Exchange Commission (SEC) from banning payment for order flow. Payment for order flow—which has been permitted by the SEC for decades—is the very small payment a broker receives for executing a trade on behalf of its customer.“New innovations—such as zero commission tradi… Continue Reading
October 26, 2021
Toomey Opening Statement at Nomination Hearing with HUD, EXIM Nominees
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee nomination hearing, Ranking Member Pat Toomey (R-Pa.) highlighted many of the flawed housing provisions in the Democrats’ $3.5 trillion spending bill, including: race-based down payment assistance, repeal of the bipartisan Faircloth amendment limiting public housing expansion, and a $40 billion earmark for Majority Leader Charles Schumer—a “Schu-mark”—for the scandal-plagued New York City Housing Author… Continue Reading
October 22, 2021
Toomey Statement on Fed Announcing New Ethics Rules
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve announced new rules on Fed officials’ investments and disclosures.“Chair Powell is to be commended for effectively addressing this issue. The trading activity of the former Boston and Dallas Fed bank presidents were unfortunate because they created the appearance of a conflict of interest. This episode does raise questions about the operations of t… Continue Reading
October 21, 2021
Toomey Statement on FSOC Report on Global Warming
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Financial Stability Oversight Council (FSOC) issued its report on global warming.“I have yet to see any evidence to support FSOC’s audacious claim that global warming is a legitimate threat to bring down the entire global financial system. The real risk here is of a political nature. This could open the door to unelected, unaccountable financial regulators misusin… Continue Reading
October 21, 2021
Toomey and Johnson Call on GAO to Immediately Withdraw Global Warming Report
Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, and U.S. Senator Ron Johnson (R-Wis.), Ranking Member of the Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations, are calling on the Government Accountability Office (GAO) to immediately withdraw a recent report indicating a possible risk from global warming to federal worker retirement savings. The lawmakers wrote that GAO heavily relied on a report u… Continue Reading
October 21, 2021
Toomey Highlights Reckless Housing Provisions in Democrats’ $3.5 T Spending Spree
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) highlighted many of the flawed housing provisions in the Democrats’ $3.5 trillion spending bill, including: race-based down payment assistance, repeal of the bipartisan Faircloth amendment limiting public housing expansion, and a $40 billion earmark for Leader Schumer—a “Schumark”—for the scandal-plagued New York City Housing Authority (NYCHA).Senator Toomey al… Continue Reading
October 20, 2021
Toomey Criticizes Omarova’s Plan to Have Federal Government Set Price Controls
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) spoke on the floor of the U.S. Senate today to raise concerns over the plan of Saule Omarova—President Biden’s pick for the Comptroller of the Currency—to have the federal government set price controls for large sectors of the U.S. economy, including food, gas, wages, and home prices.Ranking Member Toomey’s full remarks, as prepared for delivery:Mr. President, I rise to discuss President Biden’s nominee to… Continue Reading
October 19, 2021
Toomey: Biden Administration Must Stop Circumventing Congress When Enacting International Policies
Washington, D.C. - In his opening statement during today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) criticized the Biden administration’s efforts to circumvent Congress when implementing its troubling international policies. Senator Toomey highlighted his concerns with the administration’s failure to impose mandatory sanctions on Nord Stream II AG and Chinese purchasers of Iranian oil, and enact the OECD tax treaty without the approval of two-thirds of the… Continue Reading
October 13, 2021
Banking Republicans Call on Boston, Dallas Fed Boards to Follow Fair, Transparent, and Non-Political Process When Picking Next President
Washington, D.C. - U.S. Senate Banking Committee Republicans are urging the Boston and Dallas Federal Reserve Bank boards of directors to keep politics out of the selection process for their respective new presidents.In letters to the Federal Reserve Banks of Boston and Dallas’ Boards of Directors, the senators wrote:“It has come to our attention that policymakers in Washington, D.C. are attempting to influence the selection of a new president of the Federal Reserve Bank of [Boston/Dall… Continue Reading
