Minority Press Releases
Scott Announces Banking Committee Priorities for the 118th Congress
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) today released his legislative and oversight priorities for the 118th Congress. By increasing access to credit, promoting innovation, and holding the Biden administration accountable, the Senator’s commonsense policy solutions will expand opportunities for all Americans and empower families to find success and financial stability.“Economic opportunity can breathe life into America’s struggling communities,… Continue Reading
February 1, 2023
Scott Announces Republican Members of the Banking Committee for the 118th Congress
Washington, D.C. - Today, the incoming Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Tim Scott (R-S.C.), released the following statement on the Committee’s membership for the 118th Congress."The Banking Committee tackles key issues that impact the lives of everyday Americans, from access to capital and financial services to housing and more,” said Senator Scott. “I’m honored to welcome these new and returning members to the committee and loo… Continue Reading
December 21, 2022
Toomey Introduces Legislation to Guide Future Stablecoin Regulation
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today introduced legislation that would establish the first federal regulatory framework for payment stablecoins and guide Congress towards a path for sensible regulation of cryptocurrencies.“Stablecoins are an exciting technological development that could transform money and payments. By digitizing the U.S. dollar and making it available on a global, instant, and nearly cost-free basis, stablecoins could be… Continue Reading
December 21, 2022
Toomey, Republican Senators Introduce Federal Reserve Reform Legislation
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today introduced the Federal Reserve Accountability Act to increase accountability, address left-leaning political activism, and ensure greater geographic and professional diversity within the Federal Reserve System (Fed). The bill’s cosponsors are Senators Kevin Cramer (R-N.D.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), and Ted Cruz (R-Texas).“Despite their na… Continue Reading
December 19, 2022
Toomey Applauds Confirmation of GOP Nominees Jonathan McKernan and Travis Hill to FDIC
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Senate confirmed Jonathan McKernan and Travis Hill as members of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC). Hill will also serve as the Board’s vice chairman.“Jonathan McKernan is highly qualified to serve as a Member of the Board of Directors at the FDIC. I know firsthand that his knowledge of banking and housing finance issues wil… Continue Reading
December 15, 2022
Toomey, Hagerty Introduce Bill to Make CFPB Accountable to Congress
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and Senator Bill Hagerty (R-Tenn.) today introduced the CFPB Stability Act to make the Consumer Financial Protection Bureau (CFPB) accountable to Congress and the American people. The legislation will reform the agency’s unconstitutional funding structure by subjecting it to congressional appropriations. It would also replace the agency’s single director with a bipartisan five-member commission—an idea pre… Continue Reading
December 15, 2022
Toomey Urges Congress to Hold CFPB Accountable Through Appropriations
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) suggested a possible path forward for fixing constitutional infirmities with the Consumer Financial Protection Bureau (CFPB) in light of a recent court decision. Sen. Toomey also reiterated his concern about the current director’s pursuit of a far-left political agenda. Pointing to the Fifth Circuit’s decision that found the CFPB’s funding structure to be an uncon… Continue Reading
December 14, 2022
Toomey: Misconduct, Not Crypto, to Blame for FTX Collapse
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) urged federal authorities to continue their investigations of mismanagement at FTX and determine what happened. Senator Toomey also emphasized the need to distinguish between an individual’s misconduct and perfectly lawful and innovative cryptocurrencies.Ranking Member Toomey’s opening remarks, as prepared for delivery:Mr. Chairman, thank you. We’re here today to … Continue Reading
December 9, 2022
Toomey, Warren Unveil Bipartisan Legislation to Advance Federal Reserve Accountability, Ensure Financial Regulators Provide Ethics Information to Congress
Washington, D.C. - United States Senators Elizabeth Warren (D-Mass.) and Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, announced the bipartisan Financial Regulators Transparency Act, legislation that would strengthen Federal Reserve accountability and ensure that no financial regulator can withhold critical ethics-related information from Congress. The bill would subject the regional Federal Reserve Banks to the Freedom of Information Act (FOIA) and ensure their respo… Continue Reading
December 8, 2022
Annual Defense Bill Includes Toomey Provision to Require Federal Reserve Transparency on Master Accounts
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after his provision requiring the Federal Reserve to provide transparency to the public about master accounts was included in the National Defense Authorization Act (NDAA).“Events and information gleaned over the last year have raised significant policy questions about the Fed’s approach to awarding master accounts. Access to the Fed’s payment system is a highly valuable pub… Continue Reading
December 6, 2022
New Banking GOP Report Reveals How Asset Managers Use Proxy Voting Power to Advance Liberal Policies
Washington, D.C. - Republican staff of the U.S. Senate Banking Committee today released a report detailing how BlackRock, State Street, and Vanguard (the “Big Three” asset managers) use shareholder voting power to advance a liberal political agenda.The staff report, titled “The New Emperors: Responding to the Growing Influence of the Big Three Asset Managers”, explains how the Big Three leverage their ability to vote on behalf of passive index fund investors to promote liberal political p… Continue Reading
December 5, 2022
Toomey, Van Hollen Comment on G7 Price Cap Agreement
WASHINGTON - Today, U.S. Senators Chris Van Hollen (D-Md.) and Pat Toomey (R-Pa.), who have authored secondary sanctions legislation to hold Russia accountable for its war in Ukraine, released the following statement on the G7’s agreement to a price cap on Russian oil:“The G7’s agreement to implement a price cap on Russian oil is a significant step in holding Russia accountable for its unprovoked war against Ukraine. To ensure the price cap is as effective as possible, we must monitor comp… Continue Reading
December 1, 2022
Toomey to Biden Admin: Stop Abusing Authority to Advance Misguided, Liberal Legal Theory
Washington, D.C. - Ranking Member Pat Toomey (R-Pa.) in his opening statement at today’s U.S. Senate Banking Committee hearing urged the Biden administration to stop using disparate impact—a misguided, liberal legal theory. Senator Toomey also warned that disparate impact enables regulatory overreach, which the Consumer Financial Protection Bureau (CFPB) has already engaged in without rulemaking or meaningful oversight. It also creates significant uncertainty for financial institutions t… Continue Reading
November 30, 2022
Toomey Praises Republican Nominees to FDIC
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today praised the two Republican nominees to the Federal Deposit Insurance Corporation’s (FDIC) Board of Directors, Jonathan McKernan and Travis Hill. McKernan is currently a Banking Committee staffer, detailed to Committee from the Federal Housing Finance Agency.Read more on the backgrounds of Messrs. McKernan and Hill HERE.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you, Mr. … Continue Reading
November 15, 2022
Toomey: Financial Regulators Must Not Stray Beyond Mandates into Politically Contentious Issues
Washington, D.C. - In his opening statement at today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) criticized the politicization of financial regulation and explained how regulators should focus their attention on real challenges such as those in the crypto space and in Treasury markets.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you, Mr. Chairman.Today, we’ll hear from our banking regulators about their recent regulatory activities… Continue Reading
November 4, 2022
Toomey on Fed’s New Master Account Proposal: More Transparency Needed
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve (Fed) released a proposal regarding master accounts. “Events and information gleaned over the last year have raised significant policy questions about the Fed’s approach to awarding master accounts. Access to the Fed’s payment system is a highly valuable public good, and Congress has a responsibility to taxpayers to ensure regulators give out publi… Continue Reading
November 4, 2022
Toomey Urges Fed to Resist New Bond Purchases
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today urged the Federal Reserve (the Fed) to pursue durable market reforms rather than purchase taxpayer debt in response to increasing illiquidity in the U.S. Treasury market.In a letter to Fed Chairman Jerome Powell, Ranking Member Toomey wrote:“As the Fed has observed, there has been a ‘notable deterioration in Treasury market liquidity’ over the past year due to, among other things, less accommodative mo… Continue Reading
November 3, 2022
Toomey Blasts ESG Ratings Firms for Stonewalling Inquiry
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is once again pressing ratings firms to disclose information regarding their practices on calculating companies’ environmental, social, and governance (ESG) scores.On September 20, Ranking Member Toomey sent letters to twelve ratings firms requesting information about how they calculate companies’ ESG scores. To date, six of the twelve firms (Arabesque S-Ray, Carbon Disclosure Project, FactSet, ISS, RepRisk, … Continue Reading
October 26, 2022
Toomey on CFPB Guidance: No Surprise an Unconstitutional Agency is Sidestepping the Congressionally Mandated Rulemaking Process
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Consumer Financial Protection Bureau (CFPB) issued new guidance on bank fees related to its Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) authority.“Today’s guidance is yet another reminder that the CFPB has never defined UDAAP through a transparent rulemaking process. It’s no surprise that an out-of-control and unaccountable agency—which the Fifth Circu… Continue Reading
October 19, 2022
Toomey Statement on Fifth Circuit Ruling CFPB Funding Unconstitutional
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional.“The Fifth Circuit’s decision to invalidate the CFPB’s payday lending rule because it is the product of an unconstitutional funding scheme calls into question the validity of all of the agency’s actions to date.“The CFPB ha… Continue Reading
