Minority Press Releases
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
August 5, 2021
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
