Minority Press Releases
Republican Leaders of Banking, Finance Committees Introduce Bill to Block IRS Surveillance, Protect American Taxpayers
Washington, D.C. - U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Committee on Finance, and other Senate Republican colleagues introduced the Prohibiting IRS Financial Surveillance Act, which will block future progressive political efforts that would force the Internal Revenue Service (IRS) to snoop on the private information of American taxpayers.In 2021, the Bide… Continue Reading
February 14, 2023
Scott Statement on the Appointment of Fed Vice Chair Lael Brainard to Director of the National Economic Council
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) released the following statement after the White House announced the appointment of Fed Vice Chair Lael Brainard to serve as director of the National Economic Council."I have serious concerns with the appointment of Federal Reserve Vice Chair Lael Brainard to Director of the National Economic Council. It is no secret that Vice Chair Brainard wields significant influence in the Federal Reserve over monetary and sup… Continue Reading
February 14, 2023
Scott Urges a Balanced Approach to Digital Assets that Protects Consumers and Promotes Innovation
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on digital assets, Ranking Member Tim Scott (R-S.C.) explained the importance of safe and sound financial innovation. In addition to calling for Chair Gensler’s testimony before the Committee, the Ranking Member urged his colleagues to pursue a thoughtful, balanced approach to digital assets that protects consumers and promotes innovation and opportunity. Ranking Member Scott’s opening remarks, a… Continue Reading
February 9, 2023
Scott Calls for Less Failed Government Spending, More Solutions in Response to Housing Challenges
Washington, D.C. - In his opening statement at today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on the state of housing, Ranking Member Tim Scott (R-S.C.) emphasized that despite spending trillions of dollars on federal housing programs over many decades, homeownership rates for American families have not meaningfully improved. In light of the data, Sen. Scott asserted the need for new approaches that address the root causes of the problem. The Ranking Member … Continue Reading
February 8, 2023
Brown, Scott Announce Banking and Housing Subcommittee Assignments for the 118th Congress
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Tim Scott (R-SC) today announced the panel’s subcommittee assignments for the 118th Congress.“On this committee, we are focusing everything we do on workers, their families, and the issues that matter most to their lives,” said Chairman Brown. “I look forward to working with these subcommittee chairs, their ranking members, and other committee … Continue Reading
February 7, 2023
Republican Staff of the Banking Committee Publicize Whistleblower Resource for Federal Government Misconduct
Washington, D.C. - Republican staff of the U.S. Senate Banking Committee 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 go… Continue Reading
February 2, 2023
Scott Announces Banking Committee Priorities for the 118th Congress
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) today released his legislative and oversight priorities for the 118th Congress. By increasing access to credit, promoting innovation, and holding the Biden administration accountable, the Senator’s commonsense policy solutions will expand opportunities for all Americans and empower families to find success and financial stability.“Economic opportunity can breathe life into America’s struggling communities,… Continue Reading
February 1, 2023
Scott Announces Republican Members of the Banking Committee for the 118th Congress
Washington, D.C. - Today, the incoming Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Tim Scott (R-S.C.), released the following statement on the Committee’s membership for the 118th Congress."The Banking Committee tackles key issues that impact the lives of everyday Americans, from access to capital and financial services to housing and more,” said Senator Scott. “I’m honored to welcome these new and returning members to the committee and loo… Continue Reading
December 21, 2022
Toomey Introduces Legislation to Guide Future Stablecoin Regulation
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today introduced legislation that would establish the first federal regulatory framework for payment stablecoins and guide Congress towards a path for sensible regulation of cryptocurrencies.“Stablecoins are an exciting technological development that could transform money and payments. By digitizing the U.S. dollar and making it available on a global, instant, and nearly cost-free basis, stablecoins could be… Continue Reading
December 21, 2022
Toomey, Republican Senators Introduce Federal Reserve Reform Legislation
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today introduced the Federal Reserve Accountability Act to increase accountability, address left-leaning political activism, and ensure greater geographic and professional diversity within the Federal Reserve System (Fed). The bill’s cosponsors are Senators Kevin Cramer (R-N.D.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), and Ted Cruz (R-Texas).“Despite their na… Continue Reading
December 19, 2022
Toomey Applauds Confirmation of GOP Nominees Jonathan McKernan and Travis Hill to FDIC
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Senate confirmed Jonathan McKernan and Travis Hill as members of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC). Hill will also serve as the Board’s vice chairman.“Jonathan McKernan is highly qualified to serve as a Member of the Board of Directors at the FDIC. I know firsthand that his knowledge of banking and housing finance issues wil… Continue Reading
December 15, 2022
Toomey, Hagerty Introduce Bill to Make CFPB Accountable to Congress
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and Senator Bill Hagerty (R-Tenn.) today introduced the CFPB Stability Act to make the Consumer Financial Protection Bureau (CFPB) accountable to Congress and the American people. The legislation will reform the agency’s unconstitutional funding structure by subjecting it to congressional appropriations. It would also replace the agency’s single director with a bipartisan five-member commission—an idea pre… Continue Reading
December 15, 2022
Toomey Urges Congress to Hold CFPB Accountable Through Appropriations
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) suggested a possible path forward for fixing constitutional infirmities with the Consumer Financial Protection Bureau (CFPB) in light of a recent court decision. Sen. Toomey also reiterated his concern about the current director’s pursuit of a far-left political agenda. Pointing to the Fifth Circuit’s decision that found the CFPB’s funding structure to be an uncon… Continue Reading
December 14, 2022
Toomey: Misconduct, Not Crypto, to Blame for FTX Collapse
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) urged federal authorities to continue their investigations of mismanagement at FTX and determine what happened. Senator Toomey also emphasized the need to distinguish between an individual’s misconduct and perfectly lawful and innovative cryptocurrencies.Ranking Member Toomey’s opening remarks, as prepared for delivery:Mr. Chairman, thank you. We’re here today to … Continue Reading
December 9, 2022
Toomey, Warren Unveil Bipartisan Legislation to Advance Federal Reserve Accountability, Ensure Financial Regulators Provide Ethics Information to Congress
Washington, D.C. - United States Senators Elizabeth Warren (D-Mass.) and Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, announced the bipartisan Financial Regulators Transparency Act, legislation that would strengthen Federal Reserve accountability and ensure that no financial regulator can withhold critical ethics-related information from Congress. The bill would subject the regional Federal Reserve Banks to the Freedom of Information Act (FOIA) and ensure their respo… Continue Reading
December 8, 2022
Annual Defense Bill Includes Toomey Provision to Require Federal Reserve Transparency on Master Accounts
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after his provision requiring the Federal Reserve to provide transparency to the public about master accounts was included in the National Defense Authorization Act (NDAA).“Events and information gleaned over the last year have raised significant policy questions about the Fed’s approach to awarding master accounts. Access to the Fed’s payment system is a highly valuable pub… Continue Reading
December 6, 2022
New Banking GOP Report Reveals How Asset Managers Use Proxy Voting Power to Advance Liberal Policies
Washington, D.C. - Republican staff of the U.S. Senate Banking Committee today released a report detailing how BlackRock, State Street, and Vanguard (the “Big Three” asset managers) use shareholder voting power to advance a liberal political agenda.The staff report, titled “The New Emperors: Responding to the Growing Influence of the Big Three Asset Managers”, explains how the Big Three leverage their ability to vote on behalf of passive index fund investors to promote liberal political p… Continue Reading
December 5, 2022
Toomey, Van Hollen Comment on G7 Price Cap Agreement
WASHINGTON - Today, U.S. Senators Chris Van Hollen (D-Md.) and Pat Toomey (R-Pa.), who have authored secondary sanctions legislation to hold Russia accountable for its war in Ukraine, released the following statement on the G7’s agreement to a price cap on Russian oil:“The G7’s agreement to implement a price cap on Russian oil is a significant step in holding Russia accountable for its unprovoked war against Ukraine. To ensure the price cap is as effective as possible, we must monitor comp… Continue Reading
December 1, 2022
Toomey to Biden Admin: Stop Abusing Authority to Advance Misguided, Liberal Legal Theory
Washington, D.C. - Ranking Member Pat Toomey (R-Pa.) in his opening statement at today’s U.S. Senate Banking Committee hearing urged the Biden administration to stop using disparate impact—a misguided, liberal legal theory. Senator Toomey also warned that disparate impact enables regulatory overreach, which the Consumer Financial Protection Bureau (CFPB) has already engaged in without rulemaking or meaningful oversight. It also creates significant uncertainty for financial institutions t… Continue Reading
November 30, 2022
Toomey Praises Republican Nominees to FDIC
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today praised the two Republican nominees to the Federal Deposit Insurance Corporation’s (FDIC) Board of Directors, Jonathan McKernan and Travis Hill. McKernan is currently a Banking Committee staffer, detailed to Committee from the Federal Housing Finance Agency.Read more on the backgrounds of Messrs. McKernan and Hill HERE.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you, Mr. … Continue Reading
