Minority Press Releases
Toomey Statement on Biden Administration’s Digital Assets Reports
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement regarding the Biden administration’s digital assets reports.“While I appreciate the Biden administration’s engagement on digital assets, true regulatory clarity will require much more than just reports. Our current laws—written decades ago—cannot adequately address these new technologies, which have several fundamentally different features than traditional securities, comm… Continue Reading
September 15, 2022
ICYMI: Toomey Discusses Crypto Regulation on Bloomberg’s Odd Lots Podcast
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) this week joined Joe Weisenthal and Tracy Alloway on Bloomberg’s Odd Lots podcast to discuss his concerns with the Securities and Exchange Commission’s (SEC) regulation-by-enforcement approach to cryptocurrencies.Senator Toomey also highlighted his proposal to establish a new regulatory framework for payment stablecoins and expressed optimism over Congress passing stablecoin legislation by the end of thi… Continue Reading
September 15, 2022
Toomey Statement on CFPB’s ‘Buy Now Pay Later’ Report
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Consumer Financial Protection Bureau (CFPB) released a new report on financial services product ‘Buy Now Pay Later’.“Today’s report shows that consumers value and are increasingly utilizing Buy Now, Pay Later products. Rather than welcoming this innovative product that helps consumers, Director Chopra’s response raises concerns that the CFPB will attempt to stifle… Continue Reading
September 15, 2022
Toomey: Chairman Gensler’s Actions on Crypto, Climate Disclosure Rule Call Into Question Whether the SEC is Appropriately Carrying Out Its Mission
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing with Securities and Exchange Commission (SEC) Chairman Gary Gensler, Ranking Member Pat Toomey (R-Pa.) said that the SEC has failed to provide consumers and innovators alike with much-needed regulatory clarity when it comes to digital assets, prompting the need for Congress to step in.Senator Toomey also criticized the SEC’s proposed climate disclosure rule, which inserts the SEC into controversi… Continue Reading
September 14, 2022
Toomey Statement on Biden Administration Releasing $3.5 B of Afghan Bank Reserves
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the U.S. Department of the Treasury and the Department of State announced the creation of a fund to disburse $3.5 billion of frozen Afghan central bank reserves.“By releasing $3.5 billion in Afghan central bank reserves, the Biden administration has significantly weakened its ability to ensure that these funds do not end up in the hands of the Taliban. While the admin… Continue Reading
September 13, 2022
Toomey: The Best Form of Consumer Protection is a Robust and Competitive Market
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that when it comes to new consumer financial products, individual consumers are better positioned to understand their own needs and preferences than any bureaucrat or politician. Senator Toomey also explained how the best form of consumer protection is a robust, competitive market.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you, Mr… Continue Reading
September 12, 2022
Republican Senators to Chopra: Stop Abusing Your Power to Advance Liberal Policy Preferences
Washington, D.C. - U.S. Senate Banking Committee Republicans today blasted Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra for pursuing a radical and highly-politicized agenda unbounded by statutory limits, and deploying inappropriate and legally dubious tactics to unfairly damage financial institutions’ reputations and customer relationships.In a new letter, Banking Republicans wrote:“Rather than operating as a tough, but fair and sensible regulator, the CFPB is again … Continue Reading
September 8, 2022
Toomey Calls for Greater Transparency Concerning Community Reinvestment Act Agreements
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) wrote to the Board of Governors of the Federal Reserve System (Fed), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) raising concerns over the lack of transparency associated with community benefits plans (CBPs) developed by banks and community activist groups in connection with the Community Reinvestment Act (CRA).In his letter, Ranking Member Too… Continue Reading
September 8, 2022
Toomey: Insurers Should Stick to the Business of Insurance
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that a well-functioning insurance industry is a critical component of economic prosperity and financial security for all Americans. Senator Toomey added that all Americans will be better off if regulators and others resist activist efforts to use insurance as a tool to pursue a social policy agenda, such as decarbonizing the economy, infringing on the Second Amendment rights of law… Continue Reading
August 17, 2022
Whistleblower Reports Say FDIC Headquarters Improperly Stifling Crypto Business for Banks
Washington, D.C. - U.S. Senate Banking Committee Member Pat Toomey (R-Pa.) is asking for more information after learning that the Federal Deposit Insurance Corporation (FDIC) may be improperly deterring banks from doing business with lawful crypto companies.According to whistleblower reports, personnel in the FDIC’s Washington, D.C. headquarters are urging its regional offices to request that banks refrain from expanding relationships with crypto companies, without providing any legal b… Continue Reading
August 10, 2022
Banking Republicans Blast the Fed After New Reports Indicate It Withheld Documents from Congress
Washington, D.C. - U.S. Senate Banking Committee Republicans blasted the Federal Reserve (the Fed) after discovering it is in possession of documents that Banking Committee Republicans specifically requested six months ago.Last week, it was revealed that the Fed does in fact have documents related to former Fed Governor Sarah Bloom Raskin’s involvement in helping secure a Fed master account for financial technology (fintech) company Reserve Trust. According to Bloomberg, on July 29, the … Continue Reading
August 7, 2022
Toomey: Democrats’ Reckless Tax-and-Spending Spree Pours Fuel on the Inflation Fire
Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.) released the following statement opposing Democrats’ reckless tax-and-spending spree:“Last year, Democrats jammed through trillions of dollars in reckless spending that fueled the worst inflation in 40 years. Now, Democrats insist on pouring fuel on the fire with another partisan tax-and-spending spree that will only further exacerbate a recession we’re already likely in.“To fund new ‘green’ corporate welfare and give Obamacare subsidies… Continue Reading
August 6, 2022
Toomey Files Amendments to Democrats’ Reckless Tax-and-Spending Bill
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today filed the following amendments to the Democrats’ reckless tax-and-spending bill. Senators will vote on a series of amendments during the so-called “vote-a-rama,” which is expected to occur this evening.An amendment to allow all industries to write off capital investments in their business by making full expensing permanent, rather than selectively handing out corporate welfare to politically-favored … Continue Reading
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
