Minority Press Releases
Toomey and Van Hollen Urge Pres. Biden to Hold CCP Accountable for Apple Daily Shutdown
Washington, D.C. - In the wake of the forced closure of Apple Daily, the last pro-democracy newspaper in Hong Kong, U.S. Senators Pat Toomey (R-Pa.) and Chris Van Hollen (D-Md.) are urging President Biden to hold the Chinese Communist Party (CCP) accountable by using the Hong Kong Autonomy Act to identify and sanction individuals and entities responsible.In a letter to President Biden, the Senators wrote:“The newspaper Apple Daily has long been a voice in support of democracy and indivi… Continue Reading
June 25, 2021
Toomey Statement on Biden Admin. Proposal to Reinstate Obama-Era Disparate Impact Rule
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Department of Housing and Urban Development (HUD) announced its proposed rule to reinstate the Obama administration’s 2013 disparate impact rule.“By reinstating this Obama-era rule, the Biden administration is inviting a wave of baseless and frivolous lawsuits against housing providers that will make it harder and costlier for Americans to access affordable housin… Continue Reading
June 24, 2021
Toomey: Massive Expansion of the Housing Welfare State Won’t Support Families
Washington, D.C. - In his opening statement during today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) cautioned against further expanding the welfare state by increasing government spending on housing.While emphasizing that he welcomes bipartisan compromise on housing legislation, like housing finance reform, Senator Toomey said more government spending without implementing reforms will not help American families.Ranking Member Toomey’s opening remarks, as p… Continue Reading
June 23, 2021
Toomey Statement on Pres. Biden Removing FHFA Director Calabria
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after President Biden removed Federal Housing Finance Agency (FHFA) Director Mark Calabria.“Mark Calabria has been an exceptional leader at the Federal Housing Finance Agency and has been remarkably effective in improving the safety and soundness of the GSEs while attempting to prepare a path to end the conservatorships.“I agree with the Supreme Court that the statutory res… Continue Reading
June 22, 2021
Toomey to Treasury Nominees: We Need Strong Leaders Willing to Push Back on Biden Policies That Undermine U.S. National Security
Washington, D.C. - During today’s U.S. Senate Banking Committee hearing with U.S. Department of Treasury nominees Brian Nelson and Elizabeth Rosenberg, Ranking Member Pat Toomey (R-Pa.) emphasized the need for strong leaders who will stand up to the White House or State Department when they advance policies that undermine America’s national security. Brian Nelson has been nominated for U.S. Department of Treasury Under Secretary for Terrorism and Financial Crimes and Elizabeth Rosenberg … Continue Reading
June 17, 2021
Toomey Seeks Answers on Reports of Senior Career Staff at CFPB Being Pushed Out of Agency
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is demanding the Consumer Financial Protection Bureau (CFPB) turn over documents in the wake of reports that the Biden administration is removing senior career officials in order to replace them with handpicked activists, calling into question whether the agency has potentially violated civil service protections.In a letter to CFPB Acting Director Dave Uejio, Ranking Member Toomey wrote:“According to pres… Continue Reading
June 17, 2021
Economists to the Federal Reserve: Stop Weakening the Fed’s Credibility and Undermining its Independence by Exceeding Monetary and Regulatory Mandates
Washington, D.C. - In case you missed it, today 42 independent economists expressed concern over the Federal Reserve weakening its credibility and independence by exceeding its mandates as it delves into areas such as environmental and social policy.In an open letter published in the National Review, the economists wrote:“We the undersigned are deeply concerned about the changing role of the Federal Reserve. The Fed is among the nation’s most important institutions. Its monetary and regu… Continue Reading
June 17, 2021
Toomey: Let’s Use NFIP Reauthorization as an Opportunity to Move it in the Right Direction
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) expressed his desire to reach a bipartisan agreement on a long-term reauthorization of the National Flood Insurance Program (NFIP) that will improve the program for taxpayers, homeowners, and future homebuyers.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you, Mr. Chairman. Thank you, Administrator Maurstad.Today we hold our second NFIP reauth… Continue Reading
June 15, 2021
Toomey: More Wasteful Government Spending is Not What Our Economy Needs
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) reiterated that any infrastructure package must responsibly support real physical infrastructure—such as roads, bridges, and airports—without undoing 2017’s pro-growth tax reform or driving the country further into debt.Senator Toomey also warned against more wasteful government spending as Americans experience the fastest inflation in 13 years.Ranking Member T… Continue Reading
June 14, 2021
Toomey and Crapo Call on Commerce Dept. to Release Series of Reports Justifying Use of National Security Tariffs
Washington D.C. - U.S. Senators Pat Toomey (R-Pa.), Ranking Member of the U.S. Senate Banking Committee and Mike Crapo (R-Idaho), Ranking Member of the U.S. Senate Finance Committee are calling on Commerce Department Secretary Gina Raimondo to release a series of reports that make recommendations on the imposition of Section 232 ‘national security tariffs’ on various products.In a letter to Secretary Raimondo, Senators Toomey and Crapo request the release of the five relevant reports by … Continue Reading
June 14, 2021
Banking Committee Republicans to the SEC: Reject New Global Warming Disclosures
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and all Republican members of the committee are urging the Securities and Exchange Commission (SEC) to reject any proposal to implement new global warming disclosures.In a letter to SEC Chair Gary Gensler and Commissioner Allison Herren Lee, the Senators wrote:“We do not believe that any further securities regulations to specifically address global warming are necessary or appropriate, and will only serve… Continue Reading
June 10, 2021
Toomey Raises Concern Over Burdensome Cryptocurrency Regulations
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) urged the Department of Treasury to significantly revise two recent proposals related to the regulation and oversight of cryptocurrencies.In a letter to Treasury, Ranking Member Toomey wrote:“While I recognize that [these] proposals are seeking to address the misuse of cryptocurrencies for illicit activity, if adopted, they would have a detrimental impact on financial technology (“fintech”), the fundamental … Continue Reading
June 10, 2021
Toomey Demands Biden Admin. Turn Over Documents on Iran Nuclear Agreement Reentry
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today wrote to Treasury Secretary Janet Yellen expressing grave concern over the Biden administration’s efforts to rejoin the Joint Comprehensive Plan of Action (JCPOA) and provide billions of dollars in sanctions relief to the world’s foremost state sponsor of terrorism, Iran.Yesterday, Deputy Secretary of State Wendy Sherman confirmed the U.S. is set to resume talks in Vienna this weekend. Meanwhile, the… Continue Reading
June 10, 2021
Toomey Demands Biden Nominees Turn Over Deleted Tweets
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is demanding two of President Biden’s nominees for senior positions at the Department of Housing and Urban Development (HUD) request their data from Twitter in an effort to obtain any previously deleted tweets.“As you know, based on a review of your public Twitter account and the archived copy of your tweets that are publicly available on the Internet Archive’s Wayback Machine, my Committee staff discovere… Continue Reading
June 9, 2021
Toomey: Congress Should Encourage Continued Development of Private Digital Currencies
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Economic Policy Subcommittee hearing on digital currencies, Ranking Member Pat Toomey (R-Pa.) encouraged the continued development of private digital currencies while remaining hesitant about the creation of a central bank digital currency.Expressing concerns over the potential interference with free enterprise and infringements on privacy, Senator Toomey said the private sector is best positioned to increase acce… Continue Reading
June 4, 2021
Toomey Statement on SEC Firing PCAOB Chairman
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Securities and Exchange Commission (SEC)—under Chairman Gary Gensler’s leadership—terminated Public Company Accounting Oversight Board (PCAOB) Chairman William Duhnke and announced its intention to fill all five PCAOB seats.“The unwarranted firing of Chairman Duhnke prior to the expiration of his term and the SEC’s plan to replace all of the PCAOB’s remaining boar… Continue Reading
May 27, 2021
Toomey to Twitter: Turn Over Biden Nominees’ Deleted Tweets
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today wrote to Twitter’s Chief Executive Officer Jack Dorsey requesting the deleted tweets of two of President Biden’s nominees for senior positions at the Department of Housing and Urban Development (HUD).Mark Colón, nominee for HUD Assistant Secretary for Community Planning and Development, and Solomon Greene, nominee for HUD Assistant Secretary for Policy Development and Research, may appear before the … Continue Reading
May 26, 2021
Toomey: Big Banks’ Embrace of ‘Stakeholder Capitalism’ Undermines Economic Growth and Prosperity
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) raised concerns about the increasing pressure on U.S. banks to embrace “stakeholder capitalism” as a substitute for democratic capitalism.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you, Mr. Chairman.Today’s hearing is about the U.S. financial system. The financial system proved to be remarkably resilient during COVID, but I am concerned ab… Continue Reading
May 25, 2021
Toomey: We Must Preserve the Credibility and Independence of the Federal Reserve
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing with Federal Reserve Vice Chairman for Supervision Randal Quarles, Ranking Member Pat Toomey (R-Pa) said that the Federal Reserve (the Fed) must preserve its credibility and independence by focusing on its narrowly-defined monetary and regulatory missions—not issues such as global warming or racial justice activism.In case you missed it, Ranking Member Toomey expanded his review of the regional … Continue Reading
May 25, 2021
ICYMI: Washington Examiner Editorial Board: We don’t need a woke Fed
Washington, D.C. - In case you missed it, ahead of today’s Senate Banking Committee hearing with Federal Reserve Vice Chairman for Supervision Randal Quarles, the Washington Examiner Editorial Board published a piece applauding Ranking Member Pat Toomey’s (R-Pa.) review of woke mission creep at the regional Federal Reserve Banks.Ranking Member Toomey yesterday expanded his review of the regional Federal Reserve Banks’ increasing focus on politically-charged issues, requesting briefings … Continue Reading
