Minority Press Releases
Toomey Questions HUD Nominees’ Temperament, Experience, and Fitness to Serve
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today expressed concern over the nominations of Housing and Urban Development (HUD) nominees Dave Uejio, Solomon Greene, and Julia Gordon. In his opening statement, Senator Toomey said Mr. Greene and Ms. Gordon’s public statements denigrating the police and advocating for the defunding of the police disqualify the nominees from holding senior leadership positions at HUD. Senator Toomey also questioned Mr. … Continue Reading
August 4, 2021
Toomey, Wyden, Lummis Amendment Would Clarify Digital Asset Reporting Requirements
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.), Senate Finance Committee Chair Ron Wyden (D-Ore.), and Senator Cynthia Lummis (R-Wyo.) today filed an amendment clarifying the definition of “broker” with respect to digital asset third-party reporting requirements. The senators’ amendment would clarify that “brokers” mean only those persons who conduct transactions on exchanges where consumers buy, sell and trade digital assets, and does not require inf… Continue Reading
August 4, 2021
Banking Republicans Call on President Biden to Withdraw Anti-Police Nominees
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and all Republican members on the Committee are calling on President Joe Biden to withdraw the nominations of all individuals pending before the Senate who have espoused disparaging views on law enforcement or advocated for defunding the police.“If your administration is truly serious about distancing itself from radical anti-police movements championed by far-left activists . . . you should strongly consi… Continue Reading
August 3, 2021
Toomey: Financial Regulators Should Increase Competition, Promote Innovation, and Improve Efficiency
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said banking regulators should be focused on creating a stronger financial system by increasing competition, promoting innovation, and improving regulatory efficiency.In his opening statement during today’s hearing, Senator Toomey cautioned against the Biden administration using financial regulation to advance social goals unrelated to banking, which would politicize banking regulation and erode the … Continue Reading
August 2, 2021
Toomey on Cryptocurrency Tax in Infrastructure Package: Text is Unworkable
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement regarding a provision in the bipartisan infrastructure package that would tax cryptocurrency transactions:“Congress should not rush forward with this hastily-designed tax reporting regime for cryptocurrency, especially without a full understanding of the consequences. By including an overly broad definition of broker, the current provision sweeps in non-financial intermedia… Continue Reading
July 29, 2021
Toomey Seeks Answers From White House on Reports of Senior Career Staff at CFPB Being Pushed Out of Agency
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today sent a letter to National Economic Council (NEC) Chief of Staff Leandra English seeking answers on reports that the Biden administration is removing senior career officials at the Consumer Financial Protection Bureau (CFPB) in order to replace them with handpicked loyalists, raising the question of whether the agency potentially violated civil service protections.“As a member of then-President-elect … Continue Reading
July 29, 2021
Toomey: Imposing 36% Interest Rate Cap on All Consumers Would Harm Access to Credit
Washington, D.C. - In his opening statement during today’s Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that imposing a 36 percent interest rate cap on all consumers would make it more difficult to access credit.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you Mr. Chairman. I’d like to thank all of our witnesses, especially Congressman Loudermilk, for speaking today to explain the significant damage this proposal would do.It is a fund… Continue Reading
July 28, 2021
Banking Republicans Oppose Treasury Nominees Over Nord Stream II AG
Washington, D.C. - U.S. Senate Banking Committee Republicans today sent a letter informing Treasury Secretary Janet Yellen of Republicans’ intent to oppose two Treasury nominees until the administration imposes mandatory sanctions on Nord Stream II AG (NS2AG).“Until the administration complies with Section 228 of CAATSA, or adequately addresses the absence of penalties on NS2AG, we intend to oppose [Treasury] nominees Brian Nelson and Elizabeth Rosenberg should a markup be scheduled for t… Continue Reading
July 27, 2021
Toomey: Lawmakers Should Work to Better Understand Potential Uses of Cryptocurrencies
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said with cryptocurrencies having become a growing part of the economy, lawmakers need to better understand crypto’s current and potential uses.In his opening statement during today’s Senate Banking Committee hearing, Senator Toomey also argued that while some have raised valid concerns regarding cryptocurrencies, lawmakers should not lose sight of the tremendous potential benefits that distributed l… Continue Reading
July 22, 2021
Toomey Meets with Masih Alinejad, Iranian-American Dissident Journalist and Target of Tehran’s Kidnapping Plot
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today met with Iranian-American journalist and human rights activist Masih Alinejad. Last week, the Department of Justice announced an indictment charging four Iranian intelligence officials for plotting to kidnap Ms. Alinejad, an American citizen, from her home in New York City.“I commend Masih Alinejad for her extraordinary courage in the face of Tehran’s determination to silence her,” said Senator Toomey… Continue Reading
July 20, 2021
Toomey: Murky Global Warming Data Does Not Justify Higher Prices for Consumers
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said that the data on global warming is not clear enough to justify imposing new regulatory burdens on consumers.In his opening statement during today’s Senate Banking Committee hearing, Senator Toomey argued that regulators must avoid the temptation to think they are smarter than the market, as insurance companies have been assessing and adjusting to risk for several decades.Ranking Member Toomey’s … Continue Reading
July 15, 2021
Toomey: Inflation is Here, and It’s More Severe Than Expected
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 inflation is here, and it’s more severe than even the Fed expected.Reiterating his longstanding concern that the Fed will be unable to swiftly respond if inflation is not “transitory,” Senator Toomey encouraged the Fed to stop subordinating its price stability mandate in an effort to maximize employment. Toome… Continue Reading
July 13, 2021
Banking Republicans Slam CFPB Nominee Chopra Ahead of Senate Confirmation Vote
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and all Republican members of the committee sent a letter slamming Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau (CFPB), for his refusal to respond to a congressional request seeking information about an alleged purge of civil servants at the CFPB.“Your refusal to answer basic questions about whether you were privy to the troubling and possibly unlawful actions des… Continue Reading
July 13, 2021
Toomey Opening Statement During Commerce, HUD Nomination Hearing
Washington, D.C. - During today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) urged Mr. Arun Venkataraman, nominee for Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service, to effectively support U.S. exporters overseas and attract foreign investment to the U.S.Senator Toomey also pressed Mr. Damon Smith, nominee for General Counsel at the Department of Housing and Urban Development (HUD), to ensure HUD fait… Continue Reading
July 1, 2021
Toomey and Johnson Raise Concerns Over Asset Managers Prioritizing ESG Objectives Over Federal Employees’ Retirement Savings
Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, and U.S. Senator Ron Johnson (R-Wis.), Ranking Member of the Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations, are raising concerns about whether asset managers are prioritizing liberal policy objectives over federal employees’ retirement savings.In a letter to the Federal Retirement Thrift Investment Board (FRTIB), the Senators questioned whether… Continue Reading
June 30, 2021
Toomey Blasts Regional Fed Banks for Refusing to Comply with Congressional Request
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today blasted the San Francisco, Minneapolis, Atlanta, and Boston Federal Reserve Banks for refusing to comply with congressional oversight requests for documents pertaining to their shift toward publishing politically-charged research and engaging in “racial justice” advocacy—activities that are outside the bounds of the Federal Reserve’s mission and statutory mandate.In letters to each of the four banks,… Continue Reading
June 25, 2021
Toomey and Van Hollen Urge Pres. Biden to Hold CCP Accountable for Apple Daily Shutdown
Washington, D.C. - In the wake of the forced closure of Apple Daily, the last pro-democracy newspaper in Hong Kong, U.S. Senators Pat Toomey (R-Pa.) and Chris Van Hollen (D-Md.) are urging President Biden to hold the Chinese Communist Party (CCP) accountable by using the Hong Kong Autonomy Act to identify and sanction individuals and entities responsible.In a letter to President Biden, the Senators wrote:“The newspaper Apple Daily has long been a voice in support of democracy and indivi… Continue Reading
June 25, 2021
Toomey Statement on Biden Admin. Proposal to Reinstate Obama-Era Disparate Impact Rule
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Department of Housing and Urban Development (HUD) announced its proposed rule to reinstate the Obama administration’s 2013 disparate impact rule.“By reinstating this Obama-era rule, the Biden administration is inviting a wave of baseless and frivolous lawsuits against housing providers that will make it harder and costlier for Americans to access affordable housin… Continue Reading
June 24, 2021
Toomey: Massive Expansion of the Housing Welfare State Won’t Support Families
Washington, D.C. - In his opening statement during today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) cautioned against further expanding the welfare state by increasing government spending on housing.While emphasizing that he welcomes bipartisan compromise on housing legislation, like housing finance reform, Senator Toomey said more government spending without implementing reforms will not help American families.Ranking Member Toomey’s opening remarks, as p… Continue Reading
June 23, 2021
Toomey Statement on Pres. Biden Removing FHFA Director Calabria
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after President Biden removed Federal Housing Finance Agency (FHFA) Director Mark Calabria.“Mark Calabria has been an exceptional leader at the Federal Housing Finance Agency and has been remarkably effective in improving the safety and soundness of the GSEs while attempting to prepare a path to end the conservatorships.“I agree with the Supreme Court that the statutory res… Continue Reading
