Minority Press Releases
Toomey: Democrat Spending Bill Cause for Concern, Not Celebration
Washington, D.C. - In his opening statement at today’s Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) argued that the Democrats’ $1.9 trillion spending bill will slow the economic recovery, undermine successful poverty reduction reforms, and fail to get kids back in the classroom.Senator Toomey highlighted the fact that the Democrats’ so-called COVID relief bill had almost nothing to do with COVID or an economic recovery, and was rammed through Congress on a purely p… Continue Reading
March 25, 2021
Toomey Presses SEC on New Climate Enforcement Task Force
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) wants more information from the U.S. Securities and Exchange Commission (SEC) about its recently announced climate and environmental, social, and governance (ESG) enforcement task force.In a letter to Acting Chair Allison Herren Lee, Senator Toomey wrote:“These announcements appear to presage major changes in longstanding practices on disclosure and enforcement matters at the SEC. Such changes would be pre… Continue Reading
March 24, 2021
Toomey: Congress, Federal Reserve Must Resist Urge to Permanently Expand Size of Fed. Govt.
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today cautioned against Congress using this pandemic as an excuse to permanently increase the size and role of the federal government. He also cautioned against the Federal Reserve’s continuing purchases of government debt.In his opening statement during today’s Senate Banking Committee hearing with Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell, Senator Toomey argued that the econ… Continue Reading
March 23, 2021
Toomey, Risch, Kennedy, Hagerty Call on Treasury to Abandon Effort to Use the IMF Currency for Foreign Aid
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.), U.S. Senate Foreign Relations Committee Ranking Member Jim Risch (R-Idaho), Senator John Kennedy (R-La.), and Senator Bill Hagerty (R-TN) today urged Treasury Secretary Janet Yellen to withdraw her support for the International Monetary Fund’s (IMF) plan to allocate new Special Drawing Rights (SDRs) without congressional approval. SDRs are backed by IMF member countries’ fiat currencies, the largest compone… Continue Reading
March 23, 2021
Toomey Presses Ex-Im on Climate Change Executive Order
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is pressing the Export-Import (Ex-Im) Bank of the United States for more information on the implementation of a new executive order directing the Secretary of State and Secretary of the Treasury to coordinate with the newly-established Special Presidential Envoy for Climate to develop a “climate finance plan.”The letter requests a number of documents as well as a briefing on the subject in order to better u… Continue Reading
March 18, 2021
Toomey, Crapo, Burr Urge DOL to Put Americans’ Retirement Savings Above ESG Objectives
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), and U.S. Senate Health, Education, Labor and Pensions (HELP) Committee Ranking Member Richard Burr (R-N.C.) today expressed concern over the Department of Labor’s (DOL) recent announcement that it will not enforce two important fiduciary rules issued in 2020 to protect the retirement savings of millions of American workers.The two rules—whi… Continue Reading
March 18, 2021
Toomey: Climate Policy Beyond the Scope of Financial Regulators
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today argued that financial regulators should refrain from using their authorities to advance a progressive social agenda on climate change.In his opening statement during today’s Senate Banking Committee hearing, Senator Toomey warned against unelected, unaccountable regulators imposing financial regulations to substitute political favoritism for private business judgement.Ranking Member Toomey’s opening r… Continue Reading
March 18, 2021
Toomey, GOP Banking Members Caution Federal Reserve Against Climate Change Regulations
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and all Republican members of the committee today urged the Federal Reserve to refrain from using its regulatory authority to further environmental objectives, which is beyond the scope of its mission.In a letter to Federal Reserve Chair Jerome Powell, the members wrote:“We question both the purpose and efficacy of climate-related banking regulation and scenario analysis, especially because the Federal Res… Continue Reading
March 16, 2021
Toomey: Housing Finance System in Urgent Need of Reform
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today argued that the state of housing in America affirms the urgent need for reform. In his opening statement during today’s Senate Banking Committee hearing, Senator Toomey said that Congress’ most recent move to spend more taxpayer money on housing and rental aid even as the economy is in full recovery was bringing the country closer to socializing housing.Senator Toomey also highlighted the housing finan… Continue Reading
March 15, 2021
Toomey Outlines Housing Finance Reform Principles
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today released a set of guiding principles for housing finance reform. In his proposal, Senator Toomey set the framework for legislation to end the government sponsored enterprise (GSE) duopoly and foster a liquid secondary mortgage market while protecting taxpayers and promoting equitable access for all lenders.“The housing finance system remains in urgent need of reform,” said Ranking Member Toomey. “Th… Continue Reading
March 10, 2021
Toomey Opposes Gensler, Chopra Nominations
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today announced he will not be supporting Gary Gensler, nominee for Securities and Exchange Commission (SEC) Chairman, or Rohit Chopra, nominee for Director of Consumer Financial Protection Bureau (CFPB). In his remarks during today’s markup, Senator Toomey reiterated concerns that both Mr. Gensler and Commissioner Chopra may seek to use the regulatory powers of their respective agencies to impose burdensom… Continue Reading
March 10, 2021
Toomey: Fudge Lacks Temperament, Bipartisanship and Experience Necessary to Serve as HUD Secretary
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today spoke on the Senate floor in opposition to the nomination of Rep. Marcia Fudge (D-Ohio) to serve as Secretary of the Department of Housing and Urban Development (HUD). Citing both her history of attacking and disparaging Republican colleagues and her lack of experience in and knowledge of housing policies, Senator Toomey raised serious concerns over Congresswoman Fudge’s nomination.Ranking Member Toom… Continue Reading
March 9, 2021
Toomey: New Apps, Zero Dollar Trades Helping More Americans Reap Gains From Equities Than Ever Before
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged his colleagues in Congress and regulators to avoid imposing unnecessary restrictions and burdens on investors in response to January’s market volatility. In his opening statement during today’s Senate Banking Committee hearing on ‘GameStop, Robinhood, and the State of Retail Investing’, Ranking Member Toomey argued that innovative developments, such as zero-commission trading and user-friendly mo… Continue Reading
March 4, 2021
Toomey: This is no time to abandon capitalism
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today pushed back on the false narrative that capitalism is failing too many people and the only cure is to reduce economic freedom and expand the power of government. In his opening statement during today’s Senate Banking Committee hearing on ‘Wall Street vs. Workers’, Sen. Toomey argued no other economic system has lifted more people out of poverty, created more opportunity, and produced a higher standard… Continue Reading
March 2, 2021
Senate Slashes $140 Million Silicon Valley Subway Earmark from COVID-19 Relief Bill
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today announced that the Senate Parliamentarian ruled that an earmark in the House COVID-19 relief bill violated the Byrd Rule and could be removed from the bill. That earmark would provide approximately $140 million in funding to expand an underground rail project in Silicon Valley.“Expanding Silicon Valley’s subway has nothing to do with COVID-19 relief and should not have been included in the House bill,… Continue Reading
March 2, 2021
Toomey Opening Statement During Chopra, Gensler Nomination Hearing
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today expressed concern over the nominations of Gary Gensler and Rohit Chopra to lead the Securities and Exchange Commission (SEC) and Consumer Financial Protection Bureau (CFPB) respectively. In his opening statement, Sen. Toomey said Messrs. Gensler and Chopra may seek to impose burdensome and restrictive regulations that would stifle the economic recovery and to expand each agency’s authority to enact li… Continue Reading
February 25, 2021
Toomey, Hearing Witnesses Highlight Harmful Impacts of Democrats’ $1.9 Trillion Spending Bill
Washington, D.C. - In this morning’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) discussed the impact of the COVID-19 pandemic and the $1.9 trillion Democrat spending bill with Dani Ritchie, owner of Studio Alchemy hair salon in Harmony, Pa., and Joel Griffith, a research fellow at The Heritage Foundation.Ranking Member Toomey asked Ms. Ritchie about the harmful impacts on small businesses of a $15-an-hour minimum wage and extended lockdowns and restrictions:… Continue Reading
February 25, 2021
Toomey Opening Statement at Banking Hearing on COVID and Small Businesses
Washington, D.C. - In this morning’s U.S. Senate Banking Committee, Ranking Member Toomey said the Democrat stimulus package, with its $15-an-hour minimum wage and massive increase in unemployment benefits, would do more harm than good for the economy. Further, another government-run credit program would needlessly duplicate other COVID-relief efforts like the Paycheck Protection Program and crowd out private credit and capital.Ranking Member Toomey’s opening remarks, as prepared for deliv… Continue Reading
February 23, 2021
Toomey: In the Midst of Robust Economic Rebound, Congress and Fed Must Not Distort Economy
Toomey: In the Midst of Robust Economic Rebound, Congress and Fed Must Not Distort EconomyWashington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) warned both his colleagues in Congress and Federal Reserve Chair Jerome Powell that more spending and accommodative monetary policy could further overheat the economy and distort financial markets.You can watch the video of Ranking Member Toomey’s opening statement here, an… Continue Reading
February 18, 2021
Toomey: Democrats Using COVID Spending Bill to Push Policy Wish List
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on COVID and the economy, Ranking Member Pat Toomey (R-Pa.) highlighted how the Biden administration had packed numerous left-wing policy wish list items, completely unrelated to COVID-19, into their $1.9 trillion spending bill. You can watch the video of his statement here. Ranking Member Toomey’s opening statement, as prepared for delivery: “Less than a month ago, President Biden made a call for unity… Continue Reading
