Minority Press Releases
Toomey to Twitter: Turn Over Biden Nominees’ Deleted Tweets
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today wrote to Twitter’s Chief Executive Officer Jack Dorsey requesting the deleted tweets of two of President Biden’s nominees for senior positions at the Department of Housing and Urban Development (HUD).Mark Colón, nominee for HUD Assistant Secretary for Community Planning and Development, and Solomon Greene, nominee for HUD Assistant Secretary for Policy Development and Research, may appear before the … Continue Reading
May 26, 2021
Toomey: Big Banks’ Embrace of ‘Stakeholder Capitalism’ Undermines Economic Growth and Prosperity
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) raised concerns about the increasing pressure on U.S. banks to embrace “stakeholder capitalism” as a substitute for democratic capitalism.Ranking Member Toomey’s remarks, as prepared for delivery:Thank you, Mr. Chairman.Today’s hearing is about the U.S. financial system. The financial system proved to be remarkably resilient during COVID, but I am concerned ab… Continue Reading
May 25, 2021
Toomey: We Must Preserve the Credibility and Independence of the Federal Reserve
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing with Federal Reserve Vice Chairman for Supervision Randal Quarles, Ranking Member Pat Toomey (R-Pa) said that the Federal Reserve (the Fed) must preserve its credibility and independence by focusing on its narrowly-defined monetary and regulatory missions—not issues such as global warming or racial justice activism.In case you missed it, Ranking Member Toomey expanded his review of the regional … Continue Reading
May 25, 2021
ICYMI: Washington Examiner Editorial Board: We don’t need a woke Fed
Washington, D.C. - In case you missed it, ahead of today’s Senate Banking Committee hearing with Federal Reserve Vice Chairman for Supervision Randal Quarles, the Washington Examiner Editorial Board published a piece applauding Ranking Member Pat Toomey’s (R-Pa.) review of woke mission creep at the regional Federal Reserve Banks.Ranking Member Toomey yesterday expanded his review of the regional Federal Reserve Banks’ increasing focus on politically-charged issues, requesting briefings … Continue Reading
May 24, 2021
Toomey Expands Review of Woke Mission Creep by Regional Federal Reserve Banks
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is expanding his review of the increasing focus on politically-charged issues, like global warming and racial justice, by regional Federal Reserve Banks. He has requested briefings and documents from the Minneapolis, Boston, and Atlanta regional Federal Reserve Banks on their recent “racial justice” activism, an activity that is outside the bounds of the Fed’s mission and statutory mandate.Pointing to the … Continue Reading
May 20, 2021
Toomey Statement on Biden’s “Green” Finance Executive Order
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement in response to President Biden’s executive order directing Treasury Secretary Janet Yellen, head of the Financial Stability Oversight Council (FSOC), to issue a report on so-called “climate-related financial risk data.”“Today’s executive order demonstrates that the Biden administration is preparing to misuse financial regulation to further environmental policy objectives. N… Continue Reading
May 20, 2021
Toomey: Bipartisan Agreement on Real Physical Infrastructure Package is Possible
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing on infrastructure, Ranking Member Pat Toomey (R-Pa.) said Congress and the Biden administration can work to reach a bipartisan agreement on a bill that responsibly boosts federal support for the nation’s infrastructure without increasing wasteful government spending and contributing to inflation.Senator Toomey, one of the leading Republicans negotiating with the Biden administration, said the pac… Continue Reading
May 19, 2021
Toomey and Van Hollen Statement on Treasury’s Hong Kong Sanctions Report
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and Senator Chris Van Hollen (D-Md.) issued the following statement in response to the Department of Treasury’s report pursuant to Toomey and Van Hollen’s Hong Kong Autonomy Act:“The Hong Kong Autonomy Act mandates secondary sanctions on banks that service individuals and entities responsible for undermining Hong Kong’s freedom and autonomy. Despite the Chinese Communist Party’s ongoing crackdown, and the S… Continue Reading
May 18, 2021
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
