Minority Press Releases
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City (Kansas City Fed) for its latest refusal to turn over information about a master account that was awarded, then rescinded, to the troubled yet well-connected fintech Reserve Trust.Upon learning that the Kansas City Fed had recently revoked Reserve Trust’s master account, Ra…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
June 7, 2022
Toomey Intends to Support Michael Barr for Federal Reserve Vice Chair for Supervision
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today announced his intent to support Michael Barr, President Biden’s nominee for Governor and Vice Chair for Supervision at the Board of Governors of the Federal Reserve System. The Committee will vote on Mr. Barr’s nomination tomorrow afternoon.“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 financi… Continue Reading
May 25, 2022
Toomey Opposes Thompson for FHFA
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement opposing the nomination of Sandra Thompson for Director of the Federal Housing Finance Agency (FHFA). “As Acting Director, Ms. Thompson has increased risk taking at the GSEs and reduced taxpayer protections in order to advance the administration’s radical housing policy. I could not vote to effectively ratify policies that have made a red-hot housing market even hotter, a… Continue Reading
May 24, 2022
ICYMI: Toomey Discusses the U.S. Economic Outlook During World Economic Forum Panel
Washington, D.C. - In case you missed it, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today participated in a panel discussion on the United States Economic Outlook at the World Economic Forum. During the panel, Senator Toomey discussed the decisions that have resulted in 40-year high inflation, including massive spending by Congress and the Federal Reserve continuing its overly accommodative monetary policy long after the pandemic had ended. Ranking Member Toomey als… Continue Reading
May 23, 2022
ICYMI: Toomey Says Fed Must Stay Course Despite Recession Risk
Washington, D.C. - In case you missed it, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today joined Bloomberg TV live from the World Economic Forum in Davos. In an interview with Tom Keene and Lisa Abramowicz, Senator Toomey discussed the importance of advancing free trade agreements and the need to rein in 40-year high inflation.Click here to watch the interviewOn the possibility of the Fed changing course due to recession risk:“I don’t think a recession is inevitable.… Continue Reading
May 19, 2022
Toomey: Mark Uyeda Will Faithfully Carry Out the SEC’s Mission
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today introduced Mark T. Uyeda, nominee for Securities and Exchange Commission (SEC) Commissioner, at his nomination hearing. With over 25 years of experience in securities and corporate law, and nearly two decades in public service, including 15 years at the SEC, Senator Toomey said that Mr. Uyeda’s depth of knowledge on securities and markets is unrivaled.If confirmed, Mr. Uyeda would be the first Asian … Continue Reading
May 19, 2022
Toomey to Barr: Keeping Financial Regulation Apolitical and Independent is as Important Now as Ever
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 keeping financial regulation apolitical and independent is as important now as ever. Senator Toomey warned against financial regulators, including the Fed and the SEC, wading into political issues wholly unrelated to their mandates and expertise. Addressing such issues, like global warming, involve tradeoffs that should be made by elected re… Continue Reading
May 18, 2022
Toomey Statement on President Biden Invoking DPA to Address Baby Formula Shortage
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Biden administration invoked the Defense Production Act (DPA) to force companies to produce baby formula ingredients.“First, it seems the administration has no use for the word ‘defense’ in Defense Production Act. Beyond misusing the DPA statute every time there’s a temporary product shortage, today’s action masks the costly protectionist and welfare policies that … Continue Reading
May 18, 2022
Toomey, Sullivan Introduce Bill to Return Corporate Voting Power to Shareholders
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today joined U.S Senator Dan Sullivan (R-Alaska) in introducing the Investor Democracy is Expected (INDEX) Act to address problems stemming from the consolidated corporate ownership and voting power within Wall Street’s largest investment advisers and their index funds. With passive investing exploding in popularity over the past two decades, these firms have quietly become the largest owners in almost al… Continue Reading
May 18, 2022
Toomey: We Shouldn’t Be Pushing Costly Green New Deal Mandates While Families are Struggling to Fill Up Their Gas Tanks
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that the government should not be imposing Green New Deal policies—like energy efficient mandates and subsidies—while inflation is outpacing wages and families are struggling to fill up their gas tanks.Rather than pushing green subsidies in order to mask the cost of the administration’s anti-energy policies, like its restrictions on pipeline construction, the government should seek… Continue Reading
May 16, 2022
Toomey on Biden Administration’s Housing Plan: “A Plan in Name Only”
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement in response to the Biden administration’s “Housing Supply Action Plan”:“The Biden administration’s Housing Supply Action Plan is a plan-in-name-only. It’s short on new housing supply but long on new risk for the taxpayer.“This ‘plan’ won’t lower housing costs or ease the inflation tax that’s plaguing American families every day. If the administration were serious about hous… Continue Reading
