Minority Press Releases

March 10, 2021

Toomey Opposes Gensler, Chopra Nominations

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today announced he will not be supporting Gary Gensler, nominee for Securities and Exchange Commission (SEC) Chairman, or Rohit Chopra, nominee for Director of Consumer Financial Protection Bureau (CFPB). In his remarks during today’s markup, Senator Toomey reiterated concerns that both Mr. Gensler and Commissioner Chopra may seek to use the regulatory powers of their respective agencies to impose burdensom… Continue Reading


March 10, 2021

Toomey: Fudge Lacks Temperament, Bipartisanship and Experience Necessary to Serve as HUD Secretary

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 Rep. Marcia Fudge (D-Ohio) to serve as Secretary of the Department of Housing and Urban Development (HUD). Citing both her history of attacking and disparaging Republican colleagues and her lack of experience in and knowledge of housing policies, Senator Toomey raised serious concerns over Congresswoman Fudge’s nomination.Ranking Member Toom… Continue Reading


March 9, 2021

Toomey: New Apps, Zero Dollar Trades Helping More Americans Reap Gains From Equities Than Ever Before

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged his colleagues in Congress and regulators to avoid imposing unnecessary restrictions and burdens on investors in response to January’s market volatility. In his opening statement during today’s Senate Banking Committee hearing on ‘GameStop, Robinhood, and the State of Retail Investing’, Ranking Member Toomey argued that innovative developments, such as zero-commission trading and user-friendly mo… Continue Reading


March 4, 2021

Toomey: This is no time to abandon capitalism

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today pushed back on the false narrative that capitalism is failing too many people and the only cure is to reduce economic freedom and expand the power of government. In his opening statement during today’s Senate Banking Committee hearing on ‘Wall Street vs. Workers’, Sen. Toomey argued no other economic system has lifted more people out of poverty, created more opportunity, and produced a higher standard… Continue Reading


March 2, 2021

Senate Slashes $140 Million Silicon Valley Subway Earmark from COVID-19 Relief Bill

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today announced that the Senate Parliamentarian ruled that an earmark in the House COVID-19 relief bill violated the Byrd Rule and could be removed from the bill. That earmark would provide approximately $140 million in funding to expand an underground rail project in Silicon Valley.“Expanding Silicon Valley’s subway has nothing to do with COVID-19 relief and should not have been included in the House bill,… Continue Reading


March 2, 2021

Toomey Opening Statement During Chopra, Gensler Nomination Hearing

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today expressed concern over the nominations of Gary Gensler and Rohit Chopra to lead the Securities and Exchange Commission (SEC) and Consumer Financial Protection Bureau (CFPB) respectively. In his opening statement, Sen. Toomey said Messrs. Gensler and Chopra may seek to impose burdensome and restrictive regulations that would stifle the economic recovery and to expand each agency’s authority to enact li… Continue Reading


February 25, 2021

Toomey, Hearing Witnesses Highlight Harmful Impacts of Democrats’ $1.9 Trillion Spending Bill

Washington, D.C. - In this morning’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) discussed the impact of the COVID-19 pandemic and the $1.9 trillion Democrat spending bill with Dani Ritchie, owner of Studio Alchemy hair salon in Harmony, Pa., and Joel Griffith, a research fellow at The Heritage Foundation.Ranking Member Toomey asked Ms. Ritchie about the harmful impacts on small businesses of a $15-an-hour minimum wage and extended lockdowns and restrictions:… Continue Reading


February 25, 2021

Toomey Opening Statement at Banking Hearing on COVID and Small Businesses

Washington, D.C. - In this morning’s U.S. Senate Banking Committee, Ranking Member Toomey said the Democrat stimulus package, with its $15-an-hour minimum wage and massive increase in unemployment benefits, would do more harm than good for the economy. Further, another government-run credit program would needlessly duplicate other COVID-relief efforts like the Paycheck Protection Program and crowd out private credit and capital.Ranking Member Toomey’s opening remarks, as prepared for deliv… Continue Reading


February 23, 2021

Toomey: In the Midst of Robust Economic Rebound, Congress and Fed Must Not Distort Economy

Toomey: In the Midst of Robust Economic Rebound, Congress and Fed Must Not Distort EconomyWashington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) warned both his colleagues in Congress and Federal Reserve Chair Jerome Powell that more spending and accommodative monetary policy could further overheat the economy and distort financial markets.You can watch the video of Ranking Member Toomey’s opening statement here, an… Continue Reading


February 18, 2021

Toomey: Democrats Using COVID Spending Bill to Push Policy Wish List

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on COVID and the economy, Ranking Member Pat Toomey (R-Pa.) highlighted how the Biden administration had packed numerous left-wing policy wish list items, completely unrelated to COVID-19, into their $1.9 trillion spending bill. You can watch the video of his statement here. Ranking Member Toomey’s opening statement, as prepared for delivery: “Less than a month ago, President Biden made a call for unity… Continue Reading


February 16, 2021

Toomey, McHenry Ask SEC to Undertake ‘Good Government’ Reforms

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and U.S. House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) are urging the Securities and Exchange Commission (SEC) to start or complete seven good government initiatives, several of which have been awaiting action for years.In a letter to Acting Chair Allison Herren Lee, the ranking members wrote:“We hope that you will be a steady and effective caretaker of the SEC’s tripartite mission of … Continue Reading


February 12, 2021

Toomey, GOP Banking Members Urge SEC to Block NASDAQ’s Proposed Diversity Quota

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 a proposed rule from NASDAQ that requires publicly traded corporations adopt new racial and gender diversity standards for boards of directors.In the letter to acting SEC Chair Allison Herren Lee, the lawmakers wrote:“While we think America’s corporations benefit from boards that avoid groupthink an… Continue Reading


December 1, 2020

Crapo Statement at CARES Act Oversight Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a remote hearing entitled “The Quarterly CARES Act Report to Congress.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today, we welcome the witnesses to the Committee to provide testimony as required under Title IV of the CARES Act: The Honorable Steven T. Mnuchin, Secretary of the Department of the Treasury; and … Continue Reading


November 20, 2020

Crapo Commends OCC for Promoting Fair Access to Banking

WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, praised the Office of the Comptroller of Currency today for proposing a rule that would require banks to evaluate customer risks individually and prevent them from terminating services to broad categories of customers. “We are seeing a disturbing trend in the financial services industry - the intentional discrimination of entire industries, such as firearms manufacturers, by the largest… Continue Reading


November 19, 2020

Crapo Statement on Emergency Lending Facilities

WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, issued the following statement agreeing with U.S. Treasury Secretary Steven T. Mnuchin on the status of the 13)3 facilities that have utilized funding provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. “I agree with Secretary Mnuchin’s analysis of the success of the 13(3) facilities and the termination language of the CARES Act. Returning the unused $455 bil… Continue Reading


November 17, 2020

Crapo Statement at SEC Oversight Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a remote hearing on “Oversight of Securities and Exchange Commission.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today we will receive testimony from Securities and Exchange Commission Chairman Jay Clayton regarding the work and agenda of the SEC. “I thank you for your appearance before the Committee today, w… Continue Reading


November 10, 2020

Crapo Statement at Financial Regulator Oversight Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a remote hearing on “Oversight of Financial Regulators.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today we welcome to this virtual hearing the federal prudential regulators: Federal Reserve Vice Chairman of Supervision, Randy Quarles; Acting Comptroller of the Office of the Comptroller of the Currency, Brian… Continue Reading


November 2, 2020

Crapo Statement on SEC Amendments to Exempt Offering Framework

WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, issued the following statement regarding the Securities and Exchange Commission’s (SEC) vote to simplify, harmonize and improve the exempt offering framework. “These modernization efforts are a lifeline to small and mid-sized companies who do not have the knowledge, expertise or staff to navigate the previously complex exempt capital market system. The SEC’s work to create clearer, more… Continue Reading


October 22, 2020

Crapo Floor Statement on Rental Assistance

As prepared for delivery:  “Madam President - reserving the right to object - you know, it's remarkable that we see here a series of unanimous consent requests to pass legislation without debate, without amendment, without the opportunity for amendment and improvement, and just a few hours after refusal to proceed to legislation where we could do just that. “Legislation that had 500 billion dollars of additional assistance for the American people, legislation that did address these unempl… Continue Reading


October 20, 2020

Crapo Floor Statement on Community Reinvestment Act

“Mr. President, I rise to oppose the resolution vacating the OCC’s final rule on the Community Reinvestment Act (CRA). “Acting Comptroller of the Currency Brian Brooks has noted, ‘The new Community Reinvestment Act rule was finalized for one reason - to promote more lending and investment in underserved areas - including low- and moderate-income neighborhoods.’ “The new rule includes several key changes. It clarifies what counts for CRA credit; updates where activity is evaluated; evaluates… Continue Reading

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