Minority Press Releases
Toomey: Chopra Would Return CFPB to Lawless, Overreaching, Highly Politicized Agency
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) spoke on the floor of the U.S. Senate today to express his opposition to the nomination of Rohit Chopra for Director of the Consumer Financial Protection Bureau (CFPB).In July, all Republican members of the Senate Banking Committee sent a letter criticizing Chopra for his refusal to respond to a congressional request seeking information about an alleged purge of civil servants at the CFPB. The members stat… Continue Reading
September 30, 2021
Toomey to SEC: Don’t Restrict Investor Freedom Under the Guise of Investor Protection
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is urging the Securities and Exchange Commission (SEC) not to impose new regulations on digital trading technologies that restrict investor freedom under the guise of investor protection. After the GameStop trading frenzy earlier this year and the rise of Robinhood’s mobile trading app, the SEC solicited public comments on digital trading technologies.In a new letter to SEC Chairman Gary Gensler, Senator … Continue Reading
September 30, 2021
Toomey to Nominees: EX-IM Should Not Be Lender of First Resort
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) reiterated his longstanding concerns regarding the lack of taxpayer protections at the Export-Import Bank (EX-IM). Senator Toomey also cautioned against the National Credit Union Administration (NCUA) misusing its authority to pursue social objectives like global warming.Appearing before the committee today are Todd Harper, nominee for the National Credit Union Administration, Judith Pr… Continue Reading
September 29, 2021
Toomey Urges Biden Administration to Preserve Taxpayer Protections Against Fannie and Freddie Bailouts
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is urging the Department of the Treasury and the Federal Housing Finance Agency (FHFA) to retain taxpayer protections that were created by the last administration to guard against future bailouts of Fannie Mae and Freddie Mac (the GSEs).On September 14, 2021, Treasury and FHFA suspended certain restrictions on Fannie and Freddie’s risk taking and footprints that were added in January 2021 to agreements bet… Continue Reading
September 28, 2021
Toomey Opening Statement at Hearing with Secretary Yellen, Chair Powell
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa) warned U.S. Treasury Secretary Janet Yellen that Democrats’ reckless tax-and-spending spree would hurt economic growth, while also pointing out that inflation rates are far outpacing projections by the Federal Reserve.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you, Mr. Chairman. Secretary Yellen and Chair Powell, welcome.Last year, Congress,… Continue Reading
September 24, 2021
Toomey Presses Gensler for Regulatory Clarity on Cryptocurrencies
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is asking Securities and Exchange Commission (SEC) Chairman Gary Gensler to provide public guidance surrounding emerging technologies like cryptocurrencies.In a letter to Chairman Gensler, Sen. Toomey said:“For investors to benefit from a fair and competitive marketplace, regulators must proactively provide rules of the road to industry. Unfortunately, the SEC has instead adopted a strategy of regulation-… Continue Reading
September 24, 2021
Toomey: I Have Serious Reservations About OCC Nominee
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement regarding President Biden’s nomination of Saule Omarova to lead the Office of the Comptroller of the Currency (OCC). “Ms. Omarova has called for ‘radically reshaping the basic architecture and dynamics of modern finance’ including nationalizing retail banking and having the Federal Reserve allocate credit. She has also advocated for ‘effectively end[ing] banking as we know… Continue Reading
September 21, 2021
Toomey Calls on Democrats to Uphold President Biden’s Agreement Not to ‘Double-Dip’ on Transit Spending
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is calling on Democrats to uphold President Biden’s agreement not to “double-dip” by pumping billions of more dollars into mass transit as part of the Democrats’ new tax-and-spending spree.In a letter to Banking Committee Chairman Sherrod Brown (D-Ohio), Senator Toomey wrote:“As you are aware, as part of early negotiations on physical infrastructure between the White House and the bipartisan group of senato… Continue Reading
September 21, 2021
Toomey Opening Statement at Hearing for Commerce, Treasury 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 with Alan Estevez, nominee for Commerce Under Secretary for Industry and Security, Thea Kendler, nominee for Commerce Assistant Secretary for Export Administration, Alexia Latortue, nominee for Treasury Assistant Secretary for International Markets, and Graham Steele, nominee for Treasury Assistant Secretary for Financial Institutions.Ra… Continue Reading
September 14, 2021
Toomey Statement on Admin Rolling Back Taxpayer Protections Against Fannie, Freddie Losses
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 Federal Housing Finance Agency (FHFA) suspended Preferred Stock Purchase Agreements (PSPAs) restrictions. “Housing is cyclical, and so are failed liberal housing policies. “In the 2000s, flawed federal policy steered many borrowers, especially low and middle-income borrowers, into purchasing homes they could not afford. Whe… Continue Reading
September 14, 2021
Toomey: Gensler’s Agenda Does Not Appropriately Reflect the Mission of the SEC
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) expressed concern over the direction of the Securities and Exchange Commission (SEC) under Chairman Gary Gensler’s leadership. Pointing to Mr. Gensler’s efforts to restrict retail investor freedom, to regulate cryptocurrencies by enforcement, and to impose new mandatory disclosures on global warming and “human capital,” Senator Toomey urged the SEC to change cour… Continue Reading
September 13, 2021
Toomey, Cruz Call on President Biden to Follow the Law and Sanction Russian Pipeline
Washington, D.C. - U.S. Senators Pat Toomey (R-Pa.) and Ted Cruz (R-Texas) are calling on President Biden to follow the law and sanction Nord Stream 2 AG (NS2AG). In a letter to Senate Foreign Relations Committee Chairman Bob Menendez and Senate Banking Committee Chairman Sherrod Brown, the senators agreed to proceed with the confirmation process for a number of Treasury and State Department nominees if President Biden sanctions NS2AG.“Whether NS2 AG is sanctioned under CAATSA is not simp… Continue Reading
September 10, 2021
Toomey Slams Democrat Attempts to Limit Stock Buybacks
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after Senators Sherrod Brown (D-Ohio) and Ron Wyden (D-Ore.) introduced legislation to impose a two percent tax on stock buybacks. “I’m astonished my Democrat colleagues think it’s a good idea to punish a company’s investors—including those invested via a 401k or a pension plan—when fellow investors in the same company decide to sell their stock and take back some of the… Continue Reading
September 9, 2021
Banking Republicans Demand Transparent Process on Democrats’ $3.5 Trillion Tax-and-Spending Spree
Washington, D.C. - U.S. Senate Banking Committee Republicans want Democrats to keep with precedent and commit to hold hearings and a markup before the full Senate moves forward with Democrats’ $3.5 trillion tax-and-spending spree.In a letter to Chairman Sherrod Brown (D-Ohio), Banking Committee Republicans wrote:“While we believe this profound increase in spending to be ill-advised, it would be doubly so without the thorough vetting of proposals afforded by the committee process.”. . .“A… Continue Reading
August 26, 2021
Toomey Requests Feedback on Clarifying Laws Around Cryptocurrency and Blockchain Technologies
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today announced he was soliciting ideas and legislative proposals to ensure federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing to protect crypto investors. Senator Toomey intends to use the responses in forming legislation that clarifies ambiguity around how existing laws, especially in the tax and securities realms, may apply to crypto… Continue Reading
August 11, 2021
Toomey Launches Effort to Overturn Biden Administration’s Illegal Eviction Moratorium
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) has launched an effort to overturn the Center for Disease Control’s (CDC) illegal eviction moratorium.“As I said when the previous administration created it, an eviction moratorium lacks both a legal and an economic justification,” said Senator Toomey. “Even President Biden admitted last week that the ‘bulk of constitutional scholars’ agree ‘it’s not likely to pass constitutional muster.’ I hope my collea… Continue Reading
August 9, 2021
Toomey: Who Knows How Much Innovation We’re Going to Stifle
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today requested unanimous consent to adopt the Toomey-Warner-Lummis-Sinema-Portman amendment to fix digital asset reporting requirements in the infrastructure bill. Consideration of the bipartisan amendment, however, was blocked by other senators.Click here or on the image above to watchKey Excerpts“For people who have been watching this and aren’t familiar with the bizarre practices in this body, I want … Continue Reading
August 9, 2021
Toomey, Warner, Lummis, Sinema, Portman Announce Agreement on Digital Asset Reporting Requirements in Infrastructure Bill
Washington, D.C. - U.S. Senators Pat Toomey (R-Pa,) Mark Warner (D-Va.) and Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Az.) and Rob Portman (R-Oh.) today announced an agreement on an amendment to fix digital asset reporting requirements in the infrastructure bill.“There’s broad agreement that digital asset exchanges behaving as brokers should be required to report transactions just like other kinds of brokers already do. There is also concern that tax evasion and non-compliance are becom… Continue Reading
August 6, 2021
Toomey Statement on the SEC’s Approval of NASDAQ’s Board Diversity Requirements
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Securities and Exchange Commission (SEC) approved NASDAQ’s proposed rule requiring publicly traded corporations to adopt new racial and gender diversity standards for boards of directors.“Corporate board rooms, like all organizations, can benefit from a diversity of perspectives, but NASDAQ’s one-size-fits-all quota misses the mark. By defining diversity by race, … Continue Reading
August 5, 2021
Toomey Insists on Senate Vote on Digital Asset Amendment
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) spoke on the Senate floor this afternoon advocating for a vote on an amendment to protect cryptocurrency activity from a hasty change in law. The bipartisan amendment, which Senator Toomey introduced along with Senators Ron Wyden (D-Ore.) and Cynthia Lummis (R-Wyo.), would clarify the definition of “broker” with respect to who must report information about the buyer, seller, and price of a digital asset tr… Continue Reading
