Minority Press Releases
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
October 8, 2021
Toomey Raises Concerns Over Administration’s Forthcoming Stablecoin Report
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is raising concerns over both the process and the reported content of the President’s Working Group on Financial Markets’ (PWG) forthcoming report on stablecoins. In July, the Department of the Treasury (Treasury) and the PWG announced they would issue a report this year with written recommendations on the regulation of stablecoins.In a letter to Treasury Secretary Janet Yellen, Ranking Member Toomey wrot… Continue Reading
October 7, 2021
Toomey Raises Concerns Over HUD Nominees
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today raised concerns over certain Housing and Urban Development (HUD) nominees’ suitability to serve in key leadership positions.Ranking Member Toomey expressed particular concern over HUD nominee Mark Colón’s character and fitness for office given his documented history of making vitriolic and profane public attacks on government officials.Nominees appearing before the Committee today included: Mark Colo… Continue Reading
October 6, 2021
Toomey on Senate Floor: I’ve Never Seen a More ‘Radical’ Regulatory Nominee Than Saule Omarova
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 express concern over President Biden’s intent to nominate Saule Omarova as Comptroller of the Currency.This morning Senator Toomey released a letter to Ms. Omarova requesting a copy of her thesis, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” to allow the Committee to fully assess her nomination. Ms. Omarova’s thesis, which she a… Continue Reading
October 6, 2021
Toomey Calls on Omarova to Turn Over Her Moscow State Thesis on Marxism
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is asking Ms. Saule Omarova, President Biden’s nominee to head the Office of the Comptroller of the Currency (OCC), to turn over a copy of her thesis, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” to allow the Committee to fully assess her nomination.Ms. Omarova’s thesis, which she authored while studying at Moscow State University on the V.I. Lenin Personal Academic Scholars… Continue Reading
October 5, 2021
Toomey: Lifting Sanctions on Taliban Would Be a Grave Mistake
Washington, D.C. - In his opening statement during today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) implored the Biden administration not to bestow international legitimacy on the Taliban—a brutal, murderous, terrorist group intertwined with al Qaeda—and provide them sanctions relief.Ranking Member Toomey’s remarks, as prepared for delivery:Mr. Chairman, thank you.Last month, we all watched in horror as chaos unfolded at Kabul’s airport. This administrat… Continue Reading
September 30, 2021
Toomey: Chopra Would Return CFPB to Lawless, Overreaching, Highly Politicized Agency
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 express his opposition to the nomination of Rohit Chopra for Director of the Consumer Financial Protection Bureau (CFPB).In July, all Republican members of the Senate Banking Committee sent a letter criticizing Chopra for his refusal to respond to a congressional request seeking information about an alleged purge of civil servants at the CFPB. The members stat… Continue Reading
September 30, 2021
Toomey to SEC: Don’t Restrict Investor Freedom Under the Guise of Investor Protection
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is urging the Securities and Exchange Commission (SEC) not to impose new regulations on digital trading technologies that restrict investor freedom under the guise of investor protection. After the GameStop trading frenzy earlier this year and the rise of Robinhood’s mobile trading app, the SEC solicited public comments on digital trading technologies.In a new letter to SEC Chairman Gary Gensler, Senator … Continue Reading
September 30, 2021
Toomey to Nominees: EX-IM Should Not Be Lender of First Resort
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) reiterated his longstanding concerns regarding the lack of taxpayer protections at the Export-Import Bank (EX-IM). Senator Toomey also cautioned against the National Credit Union Administration (NCUA) misusing its authority to pursue social objectives like global warming.Appearing before the committee today are Todd Harper, nominee for the National Credit Union Administration, Judith Pr… Continue Reading
September 29, 2021
Toomey Urges Biden Administration to Preserve Taxpayer Protections Against Fannie and Freddie Bailouts
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is urging the Department of the Treasury and the Federal Housing Finance Agency (FHFA) to retain taxpayer protections that were created by the last administration to guard against future bailouts of Fannie Mae and Freddie Mac (the GSEs).On September 14, 2021, Treasury and FHFA suspended certain restrictions on Fannie and Freddie’s risk taking and footprints that were added in January 2021 to agreements bet… Continue Reading
September 28, 2021
Toomey Opening Statement at Hearing with Secretary Yellen, Chair Powell
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa) warned U.S. Treasury Secretary Janet Yellen that Democrats’ reckless tax-and-spending spree would hurt economic growth, while also pointing out that inflation rates are far outpacing projections by the Federal Reserve.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you, Mr. Chairman. Secretary Yellen and Chair Powell, welcome.Last year, Congress,… Continue Reading
September 24, 2021
Toomey Presses Gensler for Regulatory Clarity on Cryptocurrencies
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is asking Securities and Exchange Commission (SEC) Chairman Gary Gensler to provide public guidance surrounding emerging technologies like cryptocurrencies.In a letter to Chairman Gensler, Sen. Toomey said:“For investors to benefit from a fair and competitive marketplace, regulators must proactively provide rules of the road to industry. Unfortunately, the SEC has instead adopted a strategy of regulation-… Continue Reading
September 24, 2021
Toomey: I Have Serious Reservations About OCC Nominee
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement regarding President Biden’s nomination of Saule Omarova to lead the Office of the Comptroller of the Currency (OCC). “Ms. Omarova has called for ‘radically reshaping the basic architecture and dynamics of modern finance’ including nationalizing retail banking and having the Federal Reserve allocate credit. She has also advocated for ‘effectively end[ing] banking as we know… Continue Reading
September 21, 2021
Toomey Calls on Democrats to Uphold President Biden’s Agreement Not to ‘Double-Dip’ on Transit Spending
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is calling on Democrats to uphold President Biden’s agreement not to “double-dip” by pumping billions of more dollars into mass transit as part of the Democrats’ new tax-and-spending spree.In a letter to Banking Committee Chairman Sherrod Brown (D-Ohio), Senator Toomey wrote:“As you are aware, as part of early negotiations on physical infrastructure between the White House and the bipartisan group of senato… Continue Reading
