Minority Press Releases
Toomey: Canceling Student Debt is ‘a Slap in the Face’ to Hard-working Taxpayers
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that canceling student debt is grossly unfair to the majority of Americans who have paid off, or did not incur, federal student loan debt. Over 80 percent of adults—or 210 million American adults—have zero federal student loan debt.Senator Toomey said that policymakers should instead address the root cause of the problem: the rising cost of higher education… Continue Reading
April 26, 2022
Toomey Opposes Brainard for Fed Vice Chair
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement opposing the nomination of Lael Brainard for Vice Chair of the Federal Reserve.“I’m concerned Governor Brainard will undermine the Fed’s credibility and independence by straying away from the Fed’s narrow statutory mandate. Governor Brainard has urged the Fed to address the politically-charged issue of global warming, which is beyond the Fed’s expertise and mission. She is a… Continue Reading
April 26, 2022
Toomey: Under Chopra, CFPB is More Out of Control Than Ever Before
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that under Director Rohit Chopra’s leadership, the Consumer Financial Protection Bureau (CFPB) is abusing and exceeding its authorities to pursue a far-Left agenda.Pointing to Chopra having both discarded the rulemaking process for a controversial new regulation and rigged procedural rules against businesses accused of wrongdoing, Senator Toomey said its pa… Continue Reading
April 15, 2022
Toomey Statement on Michael Barr for VC for Supervision
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after President Biden announced his intent to nominate Michael Barr for Vice Chair for Supervision at the Federal Reserve.“Michael Barr has defended Dodd Frank’s big-bank bailout mechanism, which enshrined into law taxpayer bailouts of banks. He was also the primary author of the unconstitutional and unaccountable CFPB. For these and other reasons, I have concerns about his … Continue Reading
April 14, 2022
Toomey on EXIM’s Domestic Finance Initiative: This is Worse Than Mission Creep
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today criticized the Export-Import Bank of the United States’ (EXIM) vote to approve a new Domestic Finance Initiative. The program would provide taxpayer subsidies to domestic manufacturing facilities and infrastructure projects—even if the EXIM-financed projects do not export anything. “There is no reason that taxpayers should have to back domestic financing when we live in a highly developed market e… Continue Reading
April 13, 2022
Toomey, Scott Seek Information About Allegations of Racial Discrimination at FDIC Under Acting Chairman Gruenberg
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and U.S. Senator Tim Scott (R-S.C.) today wrote to Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin Gruenberg regarding troubling allegations of racial discrimination and fears of retaliation at the FDIC under his previous leadership of the agency.On September 17, 2018, a group of African American employees wrote to former FDIC Chairman Jelena McWilliams to express their concerns about t… Continue Reading
April 12, 2022
Toomey: SEC Should Avoid Regulating Money Market Funds Out of Existence
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) wrote to Securities and Exchange Commission (SEC) Chairman Gary Gensler regarding the SEC’s proposed amendments to money market fund rules. The SEC voted on December 15, 2021 to propose amendments to certain money fund rules. “Money market mutual funds are a valuable investment option for retail investors, an essential cash management tool for institutional investors, and a vital source of funding for g… Continue Reading
April 12, 2022
Toomey Calls on Minneapolis Fed President to Stop Lobbying on Taxpayer’s Dime
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) called on Federal Reserve Bank of Minneapolis (Minneapolis Fed) President Neel Kashkari to stop his political lobbying and advocacy efforts because they violate the Fed’s mandate and staff code of conduct.In January 2020, the Minneapolis Fed launched an official webpage devoted to advocating for an amendment to the Minnesota constitution. Known as the Page Amendment, it would create a new “fundamental righ… Continue Reading
April 8, 2022
Toomey: We Must Maintain America’s Number One Position as the Leader in Capital Markets
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that excessive costs have discouraged companies from going and staying public. Unless that changes, America could lose its position as the global leader in active and efficient capital markets.Ahead of the 10th anniversary of enactment of the bipartisan Jumpstart Our Business Startups (JOBS) Act, Banking Committee Republicans yesterday unveiled a discussion draft of the JOBS Act 4… Continue Reading
April 6, 2022
Toomey Praises Nomination of Mark Uyeda for SEC Commissioner
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after President Biden announced his intent to nominate Mark Uyeda and Jaime Lizárraga to serve as commissioners at the Securities and Exchange Commission (SEC).“With nearly two decades of dedicated public service, including the last 15 years at the SEC, Mark Uyeda is exceptionally qualified to serve as an SEC Commissioner. Having personally worked with Mark during his time as … Continue Reading
April 6, 2022
Toomey Announces Legislation to Create Responsible Regulatory Framework for Stablecoins
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today released a discussion draft of legislation establishing a new regulatory framework for payment stablecoins.“While today stablecoins facilitate trading with cryptocurrencies, tomorrow stablecoins could be widely used in the physical economy. They have the potential, among other things, to speed up payments and automate transactions,” said Ranking Member Toomey. “The proposed regulatory framework I’m r… Continue Reading
April 6, 2022
Toomey Opening Statement at CFIUS, Mint Nomination Hearing
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 and the Biden administration must be very cautious about taking any actions that would unduly burden, distract, or meddle with the core mission of the Committee on Foreign Investment in the United States (CFIUS).Appearing before the Committee today are Paul Rosen, nominee for Assistant Secretary of the Treasury for Investment Securi… Continue Reading
April 4, 2022
Banking Republicans Roll Out Capital Formation Legislation to Mark 10th Anniversary of JOBS Act
Washington, D.C. - Ahead of the 10th anniversary of enactment of the bipartisan Jumpstart Our Business Startups (JOBS) Act, U.S. Senate Banking Committee Republicans today unveiled a discussion draft of a new plan to help accelerate economic growth and spur new business formation. The draft’s working title is the JOBS Act 4.0.“The JOBS Act helped to revitalize interest in the public markets and spur economic growth, but it is clear significant work remains to be done to give retail inves… Continue Reading
March 31, 2022
Toomey: Misguided Government Policy Is Making Housing Unaffordable
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that to reduce inflation and make housing in America more affordable, the government should pursue reforms that leverage the power of free enterprise to increase housing supply and make markets more competitive.Senator Toomey also reiterated his desire to work with his colleagues in Congress and with the administration to seek consensus on housing finance reform. In March 2021, Sen… Continue Reading
March 30, 2022
Toomey Opposes Pryor for EXIM Vice President
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged his colleagues to oppose the nomination of Judith Pryor for First Vice President of the Export-Import Bank of the United States (EXIM).On March 10, Senator Toomey sent a letter to EXIM raising concerns over a new program to finance domestic manufacturing and domestic infrastructure, areas far outside EXIM’s statutory mandate. The letter asked for more information about the proposal and urged E… Continue Reading
March 30, 2022
ICYMI: George Will Highlights EXIM Mission Creep in New Washington Post Column
Washington, D.C. - In case you missed it, the Washington Post today published a column by George Will highlighting concerns from U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) about a new Export-Import Bank of the United States (EXIM) program meant to finance domestic manufacturing and infrastructure.The proposed Domestic Financing Program, which the EXIM board will vote on April 14, would give taxpayer-subsidized loans to domestic manufacturers and infrastructure projec… Continue Reading
March 29, 2022
Toomey on Senate Floor: Lisa Cook Will Further Politicize the Fed
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged his colleagues to vote against the motion to discharge Professor Lisa Cook, President Biden’s nominee for Federal Reserve Governor, from the Committee.Senator Toomey expressed concern that Professor Cook will further politicize the Fed at a critical time, when inflation is at a 40-year high and the Fed is already suffering from a credibility problem because of its involvement in politics.Ranking… Continue Reading
March 29, 2022
Toomey: Government Should Not Suppress the Reporting of Accurate Credit Information
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing on medical debt, Ranking Member Pat Toomey (R-Pa.) said the government should not intervene in the reporting of accurate credit information. Such intervention may actually raise health care costs or reduce access to health care.Senator Toomey also pointed out that evidence suggests medical debt is actually falling, not growing. According to the Consumer Financial Protection Bureau’s (CFPB) own estimate, medical debt in c… Continue Reading
March 24, 2022
Toomey Opening Statement at Hearing on Home Appraisal Process
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing on the home appraisal process, Ranking Member Pat Toomey (R-Pa.) said that when it comes to housing in America, including housing discrimination, government has historically been a part of the problem.Senator Toomey also said the government should reject any changes to the appraisal process that could increase the cost of appraisals or result in more overvaluation of homes, which harms taxpayers and borrowers—often minor… Continue Reading
March 22, 2022
Toomey: Democrats’ Pro-Inflation Policies and Reckless Spending—Not Supply Chains—Led to 40-Year High Inflation
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that Democrats’ pro-inflation policies and reckless spending, not supply chains, have contributed to the 40-year high inflation Americans are witnessing today.Ranking Member Toomey’s remarks, as prepared for delivery:Mr. Chairman, thank you.This hearing is about supply chain resiliency. Of course, the Banking Committee is talking about supply chains for on… Continue Reading
