Minority Press Releases
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
March 25, 2021
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
