Minority Press Releases
ICYMI: Toomey Op-ed in the WSJ: There’s Still Much More Sanctions Can Do to Help Ukraine
Washington, D.C. - In case you missed it, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) penned an op-ed in the Wall Street Journal calling for the Biden administration and Congress to impose secondary sanctions on the entirety of Russia’s financial sector. These sanctions would help give Ukraine a fighting chance by effectively cutting off Vladimir Putin’s oil and gas sales globally—severing the revenue stream funding his war machine.Senator Toomey has been calling for t… Continue Reading
March 21, 2022
Toomey Statement on SEC Proposal to Mandate New Global Warming Disclosures
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement on the Securities and Exchange Commission’s (SEC) proposed rule that would require publicly-traded companies to provide new global warming disclosures.“Today’s action hijacks the democratic process and disrespects the limited scope of authority that Congress gave to the SEC. This is a thinly-veiled effort to have unelected financial regulators set climate and energy policy f… Continue Reading
March 17, 2022
Toomey: Ukraine is Actively Utilizing Crypto to Save Lives
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that Ukraine has been actively utilizing cryptocurrencies to do tremendous good. As of today, Ukraine has raised approximately $100 million in crypto to defend against Russia’s invasion, which has been used to purchase military equipment that is saving Ukrainian lives.Senator Toomey also pointed out that while some have raised concerns over crypto being use… Continue Reading
March 16, 2022
Toomey Statement on Fed, FHFA Nominees
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today voted to confirm Jerome Powell for Chairman of the Federal Reserve (Fed) and Philip Jefferson for Fed Governor. He opposed the nominations of Lael Brainard for Vice Chair of the Fed, Lisa Cook for Fed Governor, and Sandra Thompson for Director of the Federal Housing Finance Agency (FHFA).“I’m concerned Governor Brainard and Professor Cook will undermine the Fed by straying away from the Fed’s limited … Continue Reading
March 15, 2022
Toomey Statement on Sarah Bloom Raskin Withdrawing Her Nomination
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement after Sarah Bloom Raskin withdrew her nomination for Vice Chair for Supervision at the Federal Reserve.“The Senate’s bipartisan rejection of Sarah Bloom Raskin’s nomination sends a powerful message to the Fed, and to all financial regulators, that it is not their job to allocate capital or stray from their mission to pursue extraneous or politically charged campaigns. The Bide… Continue Reading
March 15, 2022
Toomey Opening Statement at Transit Hearing
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that the decline in transit ridership—coupled with rising crime rates in mass transit systems—call into question the tens of billions of additional taxpayer dollars recently spent on mass transit.Despite transit ridership in certain cities falling almost 70 percent in the last several years, Congress doled out nearly $85 billion for mass transit from March… Continue Reading
March 14, 2022
Toomey Urges Brown to Move Forward with Fed Nominees
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement after Senator Joe Manchin (D-W.V.) announced his decision to oppose the nomination of Sarah Bloom Raskin, Vice Chair for Supervision at the Federal Reserve. “As Senator Manchin suggested today, Ms. Raskin’s past advocacy for having the Federal Reserve allocate capital and discriminate against traditional energy companies would not only politicize the Fed, but weaken economic g… Continue Reading
March 10, 2022
Toomey Raises Concerns Over EXIM Proposal for Taxpayer-Subsidized Domestic Manufacturing
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is raising concerns over a new program the Export-Import Bank of the United States (EXIM) may soon launch to finance domestic manufacturing and domestic infrastructure, areas far outside EXIM’s statutory mandate.Although the bank has not published a comprehensive framework for this unprecedented program or subjected it to a public notice-and-comment rulemaking process, EXIM’s Board of Directors is scheduled… Continue Reading
March 9, 2022
Toomey Statement on President Biden’s Executive Order on Digital Assets
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement on President Biden’s executive order on digital assets.“I’m encouraged to see the Biden administration acknowledge that digital assets, including cryptocurrencies and the underlying technology, have tremendous potential benefits. As the White House itself stated, the U.S. must maintain its leadership in this space, which is why lawmakers and regulators should do nothing to ha… Continue Reading
March 8, 2022
Banking Republicans Call on Biden Administration to Pause Financial Regulatory Efforts That Threaten America’s Energy Security
Washington, D.C. - As Russia’s invasion of Ukraine highlights the problem with the United States and our allies buying Russian energy, U.S. Senate Banking Committee Republicans are calling on President Biden and his administration to pause all financial regulatory efforts targeting America’s energy security. The senators’ request comes as reports indicate the Securities and Exchange Commission (SEC) plans to propose its climate risk rule as early as next week.In a letter to U.S. Departm… Continue Reading
March 8, 2022
Toomey: Restricting Arbitration Would Benefit Trial Lawyers at the Expense of Consumers
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that restricting arbitration would benefit trial lawyers and liberal advocacy groups at the expense of consumers seeking a fast and fair resolution of their disputes.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you Mr. Chairman.Before turning to today’s topic, I hope this Committee will hold a hearing soon on sanctioning Russia for its h… Continue Reading
March 3, 2022
Toomey: Congress Has a Responsibility to Ensure the Fed Does Not Become a Political Actor
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing with Federal Reserve Chairman Jerome Powell, Ranking Member Pat Toomey (R-Pa) said that Congress has a responsibility to ensure the Fed does not become a political actor.Senator Toomey laid out three ideas for reforming the Fed to ensure it remains focused on its narrow statutory mandates—not politically-charged issues that require tradeoffs. Those tradeoffs must be made by elected representativ… Continue Reading
February 24, 2022
Toomey Calls for Tougher Sanctions on Russia
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement calling on the Biden administration to impose tougher sanctions on Russia.“While the sanctions announced today are a small step in the right direction, I fear they will be inadequate to deter Putin from further aggression. By failing to impose significant sanctions on the Russian oil and gas industry, which accounts for the majority of all Russian exports, the administration… Continue Reading
February 23, 2022
Toomey Statement on Biden Administration Sanctioning Nord Stream 2 Pipeline
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Biden administration imposed sanctions on the Nord Stream 2 pipeline.“I’m glad the Biden administration is finally following the law and imposing sanctions on the Nord Stream 2 pipeline, but this decision is too little too late. With Russian troops already invading Ukraine and preparing for a much larger assault, these sanctions are unlikely to have a deterrent eff… Continue Reading
February 22, 2022
Toomey Calls for Sanctions After Russia Invades Ukraine
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement calling on the U.S. to impose sanctions on Russia after its invasion of Ukraine:“Yesterday’s events are simply Putin’s latest effort to degrade Ukraine’s sovereignty and turn it into a vassal state. This war Russia is choosing to wage will create a humanitarian crisis in Europe with millions of displaced Ukrainians.“The United States and our allies must aim to stop this war… Continue Reading
February 17, 2022
Toomey: We Want Answers Before We Vote on Raskin
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today reiterated that Republicans are ready to move forward with a vote on four of President Biden’s Federal Reserve nominees—Jerome Powell, Lael Brainard, Lisa Cook, and Philip Jefferson. But until answers are received to basic questions about Sarah Bloom Raskin lobbying the Fed on behalf of Reserve Trust, Committee Republicans will not agree to proceed with a vote on her nomination.As Ranking Member Toom… Continue Reading
February 16, 2022
Toomey: Congress and the American People Deserve Answers on Raskin’s Revolving Door
Washington, D.C. - In case you missed it, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said that Congress and the American people deserve answers on Sarah Bloom Raskin’s lobbying on behalf of Reserve Trust, a nonbank fintech, and the Federal Reserve’s decision to reverse itself and award Reserve Trust with valuable access to the Fed’s payment system.As Ranking Member Toomey highlighted in his interview with Squawk Box this morning, CNBC last night reported that t… Continue Reading
February 15, 2022
Toomey Statement on Banking Republicans Seeking Answers on Raskin’s Revolving Door Use Before Committee Vote
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement regarding Banking Committee Republicans’ decision not to provide a quorum at today’s markup. Committee Republicans have been probing Sarah Bloom Raskin’s lobbying on behalf of Reserve Trust, a nonbank fintech, and the Federal Reserve’s decision to reverse itself and award Reserve Trust with valuable access to the Fed’s payment system.“Last week, I told Chairman Brown that Re… Continue Reading
February 15, 2022
Toomey Remains Optimistic About Finding Common Ground on Stablecoin Regulatory Framework
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) expressed optimism over working with his Senate colleagues and the Biden administration to establish a regulatory framework for stablecoins that addresses potential risks without hurting innovation and competition.In December, Senator Toomey also laid out a set of guiding principles to influence Congress’s work on a stablecoin legislative framework. In his rema… Continue Reading
February 11, 2022
Toomey Blasts Fed and Kansas City Fed for Stonewalling Congress
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said that the Kansas City Fed and the Federal Reserve Board of Governors (Fed) are preventing the Senate from obtaining information directly relevant to congressional oversight and its constitutional responsibility to provide advice and consent on a presidential nomination.The Kansas City Fed has repeatedly stonewalled Ranking Member Toomey’s requests for specific information about the Kansas City Fed… Continue Reading
