Minority Press Releases
Toomey Raises Concerns Over Fed Nominees’ Lack of Geographical and Professional Diversity
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is raising concerns over the lack of diversity in geography and professional experience in President Biden’s recent slate of nominees to serve on the Board of Governors of the Federal Reserve System.Section 10 of the Federal Reserve Act mandates that “[i]n selecting the members of the Board, not more than one of whom shall be selected from any one Federal Reserve district, the President shall have due rega… Continue Reading
January 20, 2022
Toomey Statement on Fed’s Central Bank Digital Currency Report
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve released a report on Central Bank Digital Currencies (CBDCs).“Cryptocurrencies, digital assets, and their underlying technologies offer tremendous potential benefits. As such, I’m glad the Fed has constructively contributed to the necessary ongoing public discussion regarding the issuance of a CBDC. “I’m encouraged the report acknowledges the need fo… Continue Reading
January 13, 2022
Toomey Statement on President Biden’s Fed Nominees
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement as the White House informed the Senate it would nominate Sarah Bloom Raskin for Vice Chair for Supervision at the Federal Reserve (the Fed) and Lisa Cook and Philip Jefferson for the Fed Board of Governors.“Members of the Fed’s Board of Governors should have exceptional qualifications and a strict view of the Fed’s narrow mandates on monetary policy and banking supervision. I… Continue Reading
January 13, 2022
Toomey Votes to Impose Sanctions on Nord Stream 2 Pipeline
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after voting to impose mandatory sanctions on the Nord Stream 2 pipeline.“It’s stunning that the Biden administration and most of my Democrat colleagues—who have long opposed the Nord Stream 2 pipeline—are now turning their back on Ukraine in its hour of need. The mere threat of sanctioning Russia after an invasion will do nothing to bolster Ukraine’s security today. Shutti… Continue Reading
January 13, 2022
Toomey Opening Statement at Brainard, Thompson 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.) expressed concerns over the nomination of Lael Brainard to serve as Vice Chair of the Federal Reserve. Senator Toomey cited her repeated insistence that inflation is transitory, her authorship of the Fed’s new pro-inflation monetary policy framework, which subordinates price stability in an effort to maximize employment among certain demographic group… Continue Reading
January 11, 2022
Toomey Opening Statement at Fed Chairman Powell’s Nomination Hearing
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee nomination hearing with Federal Reserve Chairman Jerome Powell, Ranking Member Pat Toomey (R-Pa) said there is broad bipartisan support for Chairman Powell’s re-nomination due to his record of thoughtful and constructive leadership.Senator Toomey did, however, raise concerns over the normalization of the Fed’s new monetary policy framework, which has put the Fed behind the curve as inflation runs at a ne… Continue Reading
December 31, 2021
Toomey Applauds McWilliams’ Tenure at FDIC
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams announced her resignation.“Jelena McWilliams is a dedicated public servant who has spent over a decade defending free markets and promoting sensible financial regulations. As Chairman of the FDIC, she worked cooperatively to strengthen the safety and soundness of the banking system, and did so on a… Continue Reading
December 20, 2021
Toomey Thanks SEC Commissioner Roisman for His Service
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after Securities and Exchange Commission (SEC) Commissioner Elad Roisman announced he is leaving the SEC.“I want to thank Commissioner Roisman for his service at the SEC. From protecting commission-free trading to enhancing disclosures from proxy advisory firms, Commissioner Roisman has been a strong advocate for investor freedom while encouraging the SEC to remain true its s… Continue Reading
December 20, 2021
Toomey Encourages Federal Employees to Report Allegations of Misconduct
Washington, D.C. - In the wake of new confidential whistleblower allegations, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is encouraging individuals with knowledge of misconduct—such as harassment, discrimination, or retaliation—at Federal financial regulators and other agencies in the Committee’s jurisdiction to report such information confidentially to the Committee.“It has come to my attention through confidential whistleblowers that federal employees at multiple a… Continue Reading
December 17, 2021
Banking Republicans Call on the President to Rebuke FDIC Coup Attempt
Washington, D.C. - U.S. Senate Banking Committee Republicans are calling on President Joe Biden to rebuke Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and Federal Deposit Insurance Corporation (FDIC) Director Marty Gruenberg for their illegitimate attempt to violate the FDIC’s 88-year tradition of working independent from partisan political influence. In a letter, the senators also urged President Biden to immediately replace Director Gruenberg—whose term expired thre… Continue Reading
December 16, 2021
Toomey: Gensler Should Work to Achieve Bipartisan Consensus
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement on the Securities and Exchange Commission’s (SEC) rulemakings released today.“Today’s actions by Chairman Gensler on money market funds, stock buybacks, and security based swaps are a partisan overreach that will likely diminish investment opportunities, economic growth, and capital formation. Chairman Gensler should work with all of his colleagues to achieve bipartisan consen… Continue Reading
December 15, 2021
Toomey: Fed Should Move to Normalize Interest Rates
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve announced it would accelerate the taper of its asset purchases.“While long overdue, the Fed's decision to accelerate the taper of its bond buying program is a modest step in the right direction. With inflation now reaching a nearly 40-year high, the Fed needs to continue taking this threat seriously and move to normalize interest rates.” ###… Continue Reading
December 15, 2021
Toomey Opening Statement at Disaster Recovery Hearing
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said Congress should not make permanent the Department of Housing and Urban Development’s (HUD) Community Development Block Grant - Disaster Recovery Program (CDBG-DR).Ranking Member Toomey’s remarks, as prepared for delivery:Mr. Chairman, thank you.I want to start off by acknowledging the horrific destruction that we witnessed over the weekend in Kentucky. I saw a headline this mornin… Continue Reading
December 15, 2021
Toomey Lays the Groundwork for Stablecoin Legislation
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 work on legislation surrounding stablecoins, but be careful not to stifle innovation in an evolving digital economy or undermine our own country’s competitiveness.During the hearing, Senator Toomey also laid out a set of guiding principles to influence Congress’s work on a stablecoin legislative framework. To read his full set of principles,… Continue Reading
December 14, 2021
Toomey Outlines Stablecoin Principles to Guide Future Legislation
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing on stablecoins, Ranking Member Pat Toomey (R-Pa.) released a set of principles to lay the framework for forthcoming legislation.“Stablecoins offer tremendous potential benefits, including greater payment speed, lower payment costs, expanded access to the payment system, and programmability,” said Ranking Member Toomey. “A regulatory framework should follow from legislation. The legislation should address consumer protect… Continue Reading
December 10, 2021
GOP Senators Call on Labor Department to Stop Politicizing Americans’ Retirement Savings
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.), U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho), U.S. Senate Health, Education, Labor and Pensions (HELP) Committee Ranking Member Richard Burr (R-N.C.), and U.S. Senate Aging Committee Ranking Member Tim Scott (R-S.C.) are urging the Department of Labor (DOL) to protect the retirement savings of millions of Americans by withdrawing a recent proposal that allows Wall Street asset manager… Continue Reading
December 10, 2021
Toomey Statement on Inflation Reaching Nearly 40-Year High
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the November Consumer Price Index (CPI) release showed inflation reaching a 39-year high.“Today’s jaw-dropping inflation report should alarm every single American, but especially policymakers. Hardworking American families are suffering as a direct result of the Biden administration’s reckless borrowing and spending and anti-energy policies. If the message wasn’t clear… Continue Reading
December 9, 2021
Toomey Statement on Chopra’s Illegitimate FDIC Coup
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement regarding Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra’s and Federal Deposit Insurance Corporation (FDIC) Board Member Martin Gruenberg’s unlawful attempt to circumvent FDIC Chairman Jelena McWilliams.“This failed, publicity-seeking attempted coup is exactly the kind of lawless overreach that Senate Republicans warned about with Rohit Chopra. His reckless … Continue Reading
December 7, 2021
Toomey Opening Statement at Hearing with FHFA IG, EXIM IG Nominees
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) delivered the following opening statement at today’s nomination hearing for Parisa Salehi, nominee for Export-Import Bank (EXIM) Inspector General, and Brian Tomney, nominee for Federal Housing Finance Agency (FHFA) Inspector General.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you, Mr. Chairman.Ms. Salehi and Mr. Tomney, welcome to you both. I commend you for your commitment to public … Continue Reading
December 3, 2021
Gensler Skips Chance to Give Regulatory Clarity on Cryptocurrencies
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Toomey (R-Pa.) today expressed disappointment in Securities and Enforcement Commission (SEC) Chairman Gary Gensler’s responses to the Senator’s request for public guidance surrounding emerging technologies like cryptocurrencies.“For investors to benefit from a fair and competitive marketplace, federal agencies should answer questions about whether - and if so, how - new and emerging technologies fit under existing regulatio… Continue Reading
