Minority Press Releases

August 4, 2022

Toomey: The Last Thing American Families Need Are Reckless Policies That Raise Energy Costs

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that with American families facing 40-year high inflation and near-record high gas prices, the last thing we need are policies explicitly designed to reduce American energy production and raise energy prices under the guise of addressing global warming.Moreover, Senator Toomey noted the Democrats’ solutions will have no meaningful effect on the earth’s rising temperature. Ranking … Continue Reading


August 3, 2022

Toomey, Warner, Lummis, Sinema, Portman Drop Legislation to Address Digital Asset Reporting Requirements in Infrastructure Bill

Washington, D.C. - U.S. Senators Pat Toomey (R-Pa,) Mark Warner (D-Va.), Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Ariz.), and Rob Portman (R-Ohio) today introduced legislation to clarify the digital asset reporting requirements signed into law as part of last year’s Infrastructure Investment and Jobs Act.Last August, the senators announced an agreement with the Department of the Treasury (Treasury) on an amendment to the infrastructure package that would have clarified the definition o… Continue Reading


August 2, 2022

Toomey: Housing Costs Will Escalate With Democrats’ Reckless Tax-and-Spending Bill

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that Democrats’ new reckless tax-and-spending bill will worsen 40-year high inflation and the contracting economy. Specifically, Senator Toomey criticized a housing provision in the Democrats’ spending bill that creates a $1 billion slush fund for “greening” taxpayer-subsidized housing.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you, Mr. Chairman.Every … Continue Reading


July 28, 2022

Toomey: SEC’s Regulation-by-Enforcement Approach Harmed Consumers

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that the Securities and Exchange Commission’s (SEC) failure to provide regulatory clarity and enforce existing securities law surrounding digital assets has hurt consumers and innovators alike. On Tuesday, Ranking Member Toomey sent a letter to SEC Chairman Gary Gensler arguing that the SEC’s adoption of the “regulation-by-enforcement” method is a capricious and ineffective approa… Continue Reading


July 27, 2022

Toomey: Gensler’s Refusal to Give Crypto Regulatory Clarity Hurt Consumers

Washington, D.C. - Ahead of Thursday’s U.S. Senate Banking Committee hearing on risks and scams in the cryptocurrency market, Ranking Member Pat Toomey (R-Pa.) said investors have suffered from a continued unwillingness by the Securities and Exchange Commission (SEC) to give regulatory clarity to the cryptocurrency community and consumers.In a letter to SEC Chairman Gary Gensler, Ranking Member Toomey wrote that the SEC’s adoption of the “regulation-by-enforcement” method is a capriciou… Continue Reading


July 26, 2022

Toomey and Sinema Introduce Bipartisan Legislation to Simplify Use of Digital Assets for Everyday Purchases

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and U.S. Senator Kyrsten Sinema (D-Ariz.) today introduced the Virtual Currency Tax Fairness Act to simplify the use of digital assets for everyday purchases. This bipartisan legislation exempts from taxation small personal transactions that use virtual currencies for goods and services.“While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax cod… Continue Reading


July 21, 2022

Banking Republicans Criticize Gensler for Stonewalling Congressional Inquiry Into SEC’s Proposed Climate Rule

Washington, D.C. - U.S. Senate Banking Committee Republicans today criticized Securities and Exchange Commission (SEC) Chairman Gary Gensler for the SEC’s lack of transparency and disregard for a significant congressional oversight request concerning the SEC’s 500-page proposed climate disclosure rule—a sweeping new regulation that will harm consumers, workers, and the entire U.S. economy at a time when energy prices are skyrocketing.On June 15th, Banking Republicans sent a letter asking… Continue Reading


July 21, 2022

Toomey: Bad Policies and Reckless Spending Have Fueled Soaring Housing Costs

Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) called for Congress to abandon the same tax-and-spend strategies of the past, which have had no meaningful impact on homeownership rates over the last five decades. In his opening statement, Senator Toomey said Democrats’ bad housing policies and reckless spending have fueled demand, leading to the soaring housing costs American families are experiencing today.Senator Toomey also highli… Continue Reading


July 14, 2022

Toomey: Current Outbound Investment Screening Ideas Could Impede U.S. National Security and Severely Harm the U.S.

Washington, D.C. - During today’s U.S. Senate Banking Committee hearing with Under Secretary of Commerce for Industry and Security Alan Estevez, Ranking Member Pat Toomey (R-Pa.) raised serious concerns about the National Critical Capabilities Act, also known as outbound CFIUS, which has been discussed in the U.S. House and Senate China competition bill conference.Senator Toomey said today that outbound CFIUS would establish a new federal agency with potentially unchecked authority to reg… Continue Reading


July 13, 2022

Toomey Congratulates Michael Barr on Confirmation as Fed Vice Chair for Supervision

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after voting to confirm Michael Barr, President Biden’s nominee for Governor and Vice Chair for Supervision at the Board of Governors of the Federal Reserve System. “Professor Barr is well-qualified to serve as the Fed’s Vice Chair for Supervision based on his prior government service and distinguished career focused on financial services and regulation. While I disagree wit… Continue Reading


July 12, 2022

Toomey: Congress Shouldn’t Be Throwing Billions of Federal Taxpayer Dollars to Expand Transit as Ridership Continues to Decline

Washington, D.C. - In his opening statement during today’s U.S. Senate Banking Committee hearing with Federal Transit Administration (FTA) Administrator Nuria Fernandez, Ranking Member Pat Toomey (R-Pa.) said that the steep decline in transit ridership calls into question the tens of billions of additional federal taxpayer dollars recently spent on mass transit.Senator Toomey expressed specific concern over FTA’s Capital Investment Grants program (CIG), a grant program being used to exp… Continue Reading


June 29, 2022

Toomey, Scott, Tillis, Lummis Blast Kansas City Fed for Again Stonewalling Congress on Master Account Process

Washington, D.C. - U.S. Senators Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, Tim Scott (R-S.C.), Thom Tillis (R-N.C.), and Cynthia Lummis (R-Wyo.) blasted the Federal Reserve Bank of Kansas City (Kansas City Fed) for its latest refusal to turn over information about a master account that was awarded, then rescinded, to the troubled yet well-connected fintech Reserve Trust.Upon learning that the Kansas City Fed had recently revoked Reserve Trust’s master account, Ra… Continue Reading


June 23, 2022

Toomey Says Flood Insurance Reauthorization Should Protect Taxpayers From Losses

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 will reform the program for taxpayers and homeowners. Senator Toomey also commended the Federal Emergency Management Agency (FEMA) for recognizing that NFIP must be financially stable in order to be a sustainable program. Ranking Member Toomey’s opening re… Continue Reading


June 16, 2022

Toomey: Congress Should Reform NFIP to Protect Taxpayers

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said Congress should seek a long-term reauthorization of the National Flood Insurance Program (NFIP) that will reform the program for taxpayers and homeowners. In his opening statement at today’s hearing, Senator Toomey applauded FEMA’s Risk Rating 2.0 as an important step to creating a fairer and more fiscally sound program, and encouraged Congress to further strengthen the program by eliminating su… Continue Reading


June 16, 2022

Banking Republicans Request SEC Records on Proposed Climate Disclosure Rule

Washington, D.C. - As gas prices hit a record high of $5 per gallon nationally, U.S. Senate Banking Committee Republicans are asking the Securities and Exchange Commission (SEC) to provide more information related to its 500-page proposed climate disclosure rule.“This sweeping, close to 500-page proposed rule is unnecessary and inappropriate, exceeds the SEC’s mission and expertise, will harm consumers, workers, and the entire U.S. economy at a time when energy prices are skyrocketing, a… Continue Reading


June 14, 2022

Banking Republicans Call on HUD to Immediately Reinstate Work Requirement Study for Taxpayer-Funded Housing

Washington, D.C. - U.S. Senate Banking Committee Republicans are calling on Housing and Urban Development (HUD) Secretary Marcia Fudge to immediately reverse HUD’s decision to abruptly end a study on the incentives of work requirements for individuals given taxpayer-funded housing.In 1996, Congress authorized HUD to begin studying work requirements for Americans given public housing or housing vouchers through the Moving to Work (MTW) demonstration program. Congress later expanded this p… Continue Reading


June 14, 2022

Toomey: The INDEX Act Will Return Voting Power to a Company’s True Investors

Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee nomination hearing, Ranking Member Pat Toomey (R-Pa.) said that Congress needs to address the problems of asset managers voting other people’s shares and their consolidation of corporate voting power by returning voting power to the true investors in a company—the people who put their own money at risk.Last month, Ranking Member Toomey and U.S Senator Dan Sullivan (R-Alaska) introduced the Investor Demo… Continue Reading


June 9, 2022

Toomey Statement on Confirmation of Federal Retirement Thrift Investment Board Nominees

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today congratulated Mike Gerber of Pennsylvania on his confirmation to serve as a member of the Federal Retirement Thrift Investment Board (FRTIB), which oversees the Thrift Savings Plan (TSP) for federal workers and retirees. Mr. Gerber was confirmed by voice vote in the U.S. Senate today.“Mike Gerber is exceptionally well-qualified to serve on the Federal Retirement Thrift Investment Board based on his ca… Continue Reading


June 8, 2022

Toomey Opposes Todd Harper for NCUA

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today opposed the nomination of Todd Harper for Chairman of the National Credit Union Administration (NCUA) in part over concerns about the legality of his reappointment.“Mr. Harper’s reappointment appears to violate the prohibition on a board member serving successive terms. While I understand there is an alternative legal interpretation, such reading of the law opens the door to the possibility of a lifeti… Continue Reading


June 8, 2022

Toomey Supports Barr for Fed, Uyeda and Lizárraga for SEC

Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today voted to advance the nominations of Michael Barr, nominee for Governor and Vice Chair for Supervision at the Board of Governors of the Federal Reserve System; Mark Uyeda, nominee for Securities and Exchange Commission (SEC) Commissioner; and Jaime Lizárraga nominee for SEC Commissioner.Professor Barr yesterday sent a letter to Ranking Member Toomey committing to help promote transparency and accountab… Continue Reading

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