Minority Press Releases

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


May 24, 2021

Toomey Expands Review of Woke Mission Creep by Regional Federal Reserve Banks

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is expanding his review of the increasing focus on politically-charged issues, like global warming and racial justice, by regional Federal Reserve Banks. He has requested briefings and documents from the Minneapolis, Boston, and Atlanta regional Federal Reserve Banks on their recent “racial justice” activism, an activity that is outside the bounds of the Fed’s mission and statutory mandate.Pointing to the … Continue Reading


May 20, 2021

Toomey Statement on Biden’s “Green” Finance Executive Order

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement in response to President Biden’s executive order directing Treasury Secretary Janet Yellen, head of the Financial Stability Oversight Council (FSOC), to issue a report on so-called “climate-related financial risk data.”“Today’s executive order demonstrates that the Biden administration is preparing to misuse financial regulation to further environmental policy objectives. N… Continue Reading


May 20, 2021

Toomey: Bipartisan Agreement on Real Physical Infrastructure Package is Possible

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on infrastructure, Ranking Member Pat Toomey (R-Pa.) said Congress and the Biden administration can work to reach a bipartisan agreement on a bill that responsibly boosts federal support for the nation’s infrastructure without increasing wasteful government spending and contributing to inflation.Senator Toomey, one of the leading Republicans negotiating with the Biden administration, said the pac… Continue Reading


May 19, 2021

Toomey and Van Hollen Statement on Treasury’s Hong Kong Sanctions Report

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and Senator Chris Van Hollen (D-Md.) issued the following statement in response to the Department of Treasury’s report pursuant to Toomey and Van Hollen’s Hong Kong Autonomy Act:“The Hong Kong Autonomy Act mandates secondary sanctions on banks that service individuals and entities responsible for undermining Hong Kong’s freedom and autonomy. Despite the Chinese Communist Party’s ongoing crackdown, and the S… Continue Reading


May 18, 2021

Toomey: National Flood Insurance Program Reauthorization Must Continue Progress Towards Fiscal Sustainability

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 seek a long-term reauthorization of the National Flood Insurance Program (NFIP) that moves the program towards fiscal sustainability. Advocating for policies that incentivize increasing private capital in the flood insurance industry, Sen. Toomey said that—to the extent they continue to exist—government subsidies must be better targeted to t… Continue Reading


May 18, 2021

Republican Banking Committee Launches New Whistleblower Resource

Washington, D.C. - U.S. Senate Banking Committee Republican staff today encouraged any individuals with knowledge or evidence of waste, fraud, abuse, or any other misconduct occurring within the Federal government to report such allegations to Committee staff.Any individuals possessing information concerning the wasteful use of taxpayer dollars, fraud in federal programs, abuse—such as harassment, discrimination, or retaliation—or any other misconduct occurring within the Federal governme… Continue Reading


May 13, 2021

Banking Committee Republicans Urge President Biden to Withhold Sanctions Relief From Iran

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and a number of Banking Committee Republicans joined Senator Marco Rubio (R-Fl.) in urging President Joe Biden to stand with Israel by refusing to offer sanctions relief to Iran, the world’s leading state sponsor of terrorism.“Over the past couple days, Palestinian terrorists in Gaza, who are funded by Iran, have launched a series of rocket attacks into Israel,” the senators wrote. “This is troubling as mem… Continue Reading


May 11, 2021

Toomey: Misguided Attempts to Overturn True Lender Will Hurt Americans’ Access to Credit

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) spoke on the Senate floor today to urge his colleagues to oppose S.J. Res. 15, which would overturn the Office of the Comptroller of the Currency’s (OCC) True Lender rule.Ranking Member Toomey’s remarks, as prepared for delivery:Mr. President, I rise today in opposition to S.J. Res. 15. This misguided resolution would overturn an important banking regulation—the OCC’s True Lender rule—that helps give cons… Continue Reading


May 11, 2021

Toomey: We Can’t Continue Throwing Money at Federal Agencies Without Oversight and Reforms

Washington, D.C. - In his opening statement during today’s Senate Banking Committee hearing with Adrianne Todman, nominee for Deputy Secretary of the Department of Housing and Urban Development (HUD), and Nuria Fernandez, nominee for Administrator of the Federal Transit Administration, Ranking Member Pat Toomey (R-Pa.) urged the Biden administration to stop throwing money irresponsibly at agencies like HUD and the FTA without implementing proper oversight and reforms. Pointing to the was… Continue Reading


May 5, 2021

Toomey Demands HUD Follow the Law on Down Payment Assistance to Homebuyers

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is demanding the Department of Housing and Urban Development (HUD) follow federal law on down payment requirements meant to safeguard taxpayer dollars and protect borrowers from overpaying for HUD-financed homes.In a letter to HUD Secretary Marcia Fudge and HUD Inspector General Rae Oliver Davis, Ranking Member Toomey wrote:“Even though Congress passed legislation to eliminate all harmful circular funding… Continue Reading


April 29, 2021

Toomey: We Can Preserve the Dignity of Work by Allowing Free Enterprise to Flourish

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said the most effective way to preserve the dignity of work is to allow the economy and free enterprise to flourish. Sen. Toomey pointed out that Democrat proposals to prohibit share buybacks and raise taxes on capital gains would prevent the economic growth necessary to provide well-paying, dignified work opportunities to all Americans.Ranking Member Toomey’s o… Continue Reading

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