Minority Press Releases
Toomey: National Flood Insurance Program Reauthorization Must Continue Progress Towards Fiscal Sustainability
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 seek a long-term reauthorization of the National Flood Insurance Program (NFIP) that moves the program towards fiscal sustainability. Advocating for policies that incentivize increasing private capital in the flood insurance industry, Sen. Toomey said that—to the extent they continue to exist—government subsidies must be better targeted to t… Continue Reading
May 18, 2021
Republican Banking Committee Launches New Whistleblower Resource
Washington, D.C. - U.S. Senate Banking Committee Republican staff today encouraged any individuals with knowledge or evidence of waste, fraud, abuse, or any other misconduct occurring within the Federal government to report such allegations to Committee staff.Any individuals possessing information concerning the wasteful use of taxpayer dollars, fraud in federal programs, abuse—such as harassment, discrimination, or retaliation—or any other misconduct occurring within the Federal governme… Continue Reading
May 13, 2021
Banking Committee Republicans Urge President Biden to Withhold Sanctions Relief From Iran
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and a number of Banking Committee Republicans joined Senator Marco Rubio (R-Fl.) in urging President Joe Biden to stand with Israel by refusing to offer sanctions relief to Iran, the world’s leading state sponsor of terrorism.“Over the past couple days, Palestinian terrorists in Gaza, who are funded by Iran, have launched a series of rocket attacks into Israel,” the senators wrote. “This is troubling as mem… Continue Reading
May 11, 2021
Toomey: Misguided Attempts to Overturn True Lender Will Hurt Americans’ Access to Credit
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) spoke on the Senate floor today to urge his colleagues to oppose S.J. Res. 15, which would overturn the Office of the Comptroller of the Currency’s (OCC) True Lender rule.Ranking Member Toomey’s remarks, as prepared for delivery:Mr. President, I rise today in opposition to S.J. Res. 15. This misguided resolution would overturn an important banking regulation—the OCC’s True Lender rule—that helps give cons… Continue Reading
May 11, 2021
Toomey: We Can’t Continue Throwing Money at Federal Agencies Without Oversight and Reforms
Washington, D.C. - In his opening statement during today’s Senate Banking Committee hearing with Adrianne Todman, nominee for Deputy Secretary of the Department of Housing and Urban Development (HUD), and Nuria Fernandez, nominee for Administrator of the Federal Transit Administration, Ranking Member Pat Toomey (R-Pa.) urged the Biden administration to stop throwing money irresponsibly at agencies like HUD and the FTA without implementing proper oversight and reforms. Pointing to the was… Continue Reading
May 5, 2021
Toomey Demands HUD Follow the Law on Down Payment Assistance to Homebuyers
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is demanding the Department of Housing and Urban Development (HUD) follow federal law on down payment requirements meant to safeguard taxpayer dollars and protect borrowers from overpaying for HUD-financed homes.In a letter to HUD Secretary Marcia Fudge and HUD Inspector General Rae Oliver Davis, Ranking Member Toomey wrote:“Even though Congress passed legislation to eliminate all harmful circular funding… Continue Reading
April 29, 2021
Toomey: We Can Preserve the Dignity of Work by Allowing Free Enterprise to Flourish
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said the most effective way to preserve the dignity of work is to allow the economy and free enterprise to flourish. Sen. Toomey pointed out that Democrat proposals to prohibit share buybacks and raise taxes on capital gains would prevent the economic growth necessary to provide well-paying, dignified work opportunities to all Americans.Ranking Member Toomey’s o… Continue Reading
April 28, 2021
Toomey: Repealing True Lender Risks Stifling Innovation, Cutting Off Credit to Consumers
Washington, D.C. - In his opening statement during today’s Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) argued that Office of the Comptroller of the Currency’s (OCC) True Lender rule is critical to preserving the regulatory certainty and clarity needed for a robust, competitive consumer credit market. Pointing to the significant consumer benefits from bank-fintech partnerships, Sen. Toomey said the True Lender rule must be upheld in order so consumers have easier ac… Continue Reading
April 22, 2021
Toomey: Green New Deal Policies Destroying Jobs, Raising Energy Prices
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on so-called “green jobs,” Ranking Member Pat Toomey (R-Pa.) said the Biden administration’s Green New Deal policies are killing American jobs, slowing economic growth, increasing energy costs, and wasting billions of taxpayer dollars. The hearing comes as Banking Committee Republicans called on the administration and Climate Czar John Kerry to stop pressuring financial institutions into de-banki… Continue Reading
April 21, 2021
Toomey, GOP Banking Members Demand Kerry, Biden Administration Stop Trying to De-Bank Energy Companies
Washington, D.C. - Ahead of President Biden’s Leaders Summit on Climate, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and all Republican members of the committee sent a letter calling on Special Presidential Envoy for Climate John Kerry to stop pressuring banks to make energy-related lending commitments.In the letter, the members argue that abusing government power to influence bank lending and investment practices will distort capital allocation, raise energy costs fo… Continue Reading
April 20, 2021
Toomey: Biden Admin’s Job-Killing Energy Policies Harming America’s Rural Communities
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said that the Biden Administration’s attacks on the energy industry are hurting America’s rural communities. In his opening statement during today’s Senate Banking Committee hearing, Sen. Toomey argued that the administration’s proposed tax increases and burdensome regulations on America’s energy industry will destroy jobs and slow economic growth.Ranking Member Toomey’s opening remarks, as prepared for deli… Continue Reading
April 15, 2021
Toomey Statement on New Russia Sanctions
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after President Biden imposed new sanctions on Russia:“The sanctions announced by the White House this morning are a welcome step to hold Moscow accountable for its ongoing aggression. But to fully punish Putin for his malevolent behavior, the U.S. must sanction Nord Stream II and halt the Kremlin’s efforts to weaponize the supply of gas in Europe.” ###… Continue Reading
April 15, 2021
Toomey Calls for Transit Reform Over More Federal Spending
Washington, D.C. - In his opening statement during today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) highlighted the excessive amount of proposed federal transit spending in the Biden administration’s welfare and infrastructure bill after a record sum of taxpayer aid was doled out last year. Calling for reforms to the existing transit funding system, Sen. Toomey urged Congress to reject the Biden administration’s proposal for another $85 billion in transit f… Continue Reading
April 14, 2021
Toomey Seeks Briefing on Biden Admin Plans to Protect Sensitive U.S. Technologies
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.), U.S. Senate Judiciary Committee Ranking Member Chuck Grassley (R-Iowa), and U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) are seeking a briefing on the steps that the Biden administration is taking to prevent malign foreign actors from evading the Committee on Foreign Investment in the United States (CFIUS).In a letter to Treasury Secretary Janet Yellen, the Ranking Members wrote: “We r… Continue Reading
April 13, 2021
Toomey Opposes Gary Gensler for SEC
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today on the Senate floor explained his decision to oppose the nomination of Gary Gensler to serve as Chairman of the Securities and Exchange Commission (SEC).Ranking Member Toomey’s remarks, as prepared for delivery:Mr. President, I rise today to discuss the nomination of Gary Gensler to serve as Chairman of the Securities and Exchange Commission.The SEC’s mission is to protect investors, facilitate capit… Continue Reading
April 13, 2021
Toomey: Government is Not the Solution to Housing in America
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today argued that when it comes to housing in America, government has historically been the problem, not the solution.In his opening statement during today’s Senate Banking Committee hearing, Sen. Toomey highlighted how federal, state, and local government policies contributed to past racial discrimination in housing. He also criticized the Biden administration’s proposed welfare and “infrastructure” packag… Continue Reading
April 9, 2021
Toomey Warns Federal Reserve of Inflation Risk
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement on the heightened risk of inflation after the Producer Price Index rose 1 percent in March.“The March jump in the Producer Price Index is the latest troubling indication that inflation is starting to pick up. Over the past year, we have also seen the money supply (M2) increase by 27 percent (a post-World War II record) and inflation expectations, commodity prices, many asse… Continue Reading
April 1, 2021
Toomey Calls on Treasury Secretary to Abandon Support for New IMF Allocation of Foreign Aid
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the U.S. Department of Treasury notified the Committee of its intention to consider a $650 billion general allocation of Special Drawing Rights (SDRs) from the International Monetary Fund (IMF) to its member countries.“The proposed $650 billion Special Drawing Rights allocation is inappropriate, inefficient, and will be costly to taxpayers. It will be helpful to repre… Continue Reading
March 29, 2021
Toomey on Eviction Moratorium Extension: Lacks Legal Basis and Economic Justification
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Centers for Disease Control and Prevention (CDC) extended the national eviction moratorium through June 30, 2021.“As I said when the Trump administration created it, an eviction moratorium lacks both a legal basis and an economic justification. Moreover, the entire purpose for replacing lost income with direct rental assistance, thousands of dollars in stimulus ch… Continue Reading
March 29, 2021
Toomey Launches Review of Mission Creep by Regional Federal Reserve Banks
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is sounding the alarm on the recent shift by regional banks of the Federal Reserve System toward publishing politically-charged research on environmental, social, and governance (ESG) topics like climate change and racial justice.In a letter to the President and CEO of the Federal Reserve Bank of San Francisco, Ranking Member Toomey wrote:“…[s]everal Federal Reserve Banks (FRB), including the FRBSF, have i… Continue Reading
