Minority Press Releases
Toomey: Insurers Should Stick to the Business of Insurance
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that a well-functioning insurance industry is a critical component of economic prosperity and financial security for all Americans. Senator Toomey added that all Americans will be better off if regulators and others resist activist efforts to use insurance as a tool to pursue a social policy agenda, such as decarbonizing the economy, infringing on the Second Amendment rights of law… Continue Reading
August 17, 2022
Whistleblower Reports Say FDIC Headquarters Improperly Stifling Crypto Business for Banks
Washington, D.C. - U.S. Senate Banking Committee Member Pat Toomey (R-Pa.) is asking for more information after learning that the Federal Deposit Insurance Corporation (FDIC) may be improperly deterring banks from doing business with lawful crypto companies.According to whistleblower reports, personnel in the FDIC’s Washington, D.C. headquarters are urging its regional offices to request that banks refrain from expanding relationships with crypto companies, without providing any legal b… Continue Reading
August 10, 2022
Banking Republicans Blast the Fed After New Reports Indicate It Withheld Documents from Congress
Washington, D.C. - U.S. Senate Banking Committee Republicans blasted the Federal Reserve (the Fed) after discovering it is in possession of documents that Banking Committee Republicans specifically requested six months ago.Last week, it was revealed that the Fed does in fact have documents related to former Fed Governor Sarah Bloom Raskin’s involvement in helping secure a Fed master account for financial technology (fintech) company Reserve Trust. According to Bloomberg, on July 29, the … Continue Reading
August 7, 2022
Toomey: Democrats’ Reckless Tax-and-Spending Spree Pours Fuel on the Inflation Fire
Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.) released the following statement opposing Democrats’ reckless tax-and-spending spree:“Last year, Democrats jammed through trillions of dollars in reckless spending that fueled the worst inflation in 40 years. Now, Democrats insist on pouring fuel on the fire with another partisan tax-and-spending spree that will only further exacerbate a recession we’re already likely in.“To fund new ‘green’ corporate welfare and give Obamacare subsidies… Continue Reading
August 6, 2022
Toomey Files Amendments to Democrats’ Reckless Tax-and-Spending Bill
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today filed the following amendments to the Democrats’ reckless tax-and-spending bill. Senators will vote on a series of amendments during the so-called “vote-a-rama,” which is expected to occur this evening.An amendment to allow all industries to write off capital investments in their business by making full expensing permanent, rather than selectively handing out corporate welfare to politically-favored … Continue Reading
August 4, 2022
Toomey: The Last Thing American Families Need Are Reckless Policies That Raise Energy Costs
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that with American families facing 40-year high inflation and near-record high gas prices, the last thing we need are policies explicitly designed to reduce American energy production and raise energy prices under the guise of addressing global warming.Moreover, Senator Toomey noted the Democrats’ solutions will have no meaningful effect on the earth’s rising temperature. Ranking … Continue Reading
August 3, 2022
Toomey, Warner, Lummis, Sinema, Portman Drop Legislation to Address Digital Asset Reporting Requirements in Infrastructure Bill
Washington, D.C. - U.S. Senators Pat Toomey (R-Pa,) Mark Warner (D-Va.), Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Ariz.), and Rob Portman (R-Ohio) today introduced legislation to clarify the digital asset reporting requirements signed into law as part of last year’s Infrastructure Investment and Jobs Act.Last August, the senators announced an agreement with the Department of the Treasury (Treasury) on an amendment to the infrastructure package that would have clarified the definition o… Continue Reading
August 2, 2022
Toomey: Housing Costs Will Escalate With Democrats’ Reckless Tax-and-Spending Bill
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that Democrats’ new reckless tax-and-spending bill will worsen 40-year high inflation and the contracting economy. Specifically, Senator Toomey criticized a housing provision in the Democrats’ spending bill that creates a $1 billion slush fund for “greening” taxpayer-subsidized housing.Ranking Member Toomey’s opening remarks, as prepared for delivery:Thank you, Mr. Chairman.Every … Continue Reading
July 28, 2022
Toomey: SEC’s Regulation-by-Enforcement Approach Harmed Consumers
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) said that the Securities and Exchange Commission’s (SEC) failure to provide regulatory clarity and enforce existing securities law surrounding digital assets has hurt consumers and innovators alike. On Tuesday, Ranking Member Toomey sent a letter to SEC Chairman Gary Gensler arguing that the SEC’s adoption of the “regulation-by-enforcement” method is a capricious and ineffective approa… Continue Reading
July 27, 2022
Toomey: Gensler’s Refusal to Give Crypto Regulatory Clarity Hurt Consumers
Washington, D.C. - Ahead of Thursday’s U.S. Senate Banking Committee hearing on risks and scams in the cryptocurrency market, Ranking Member Pat Toomey (R-Pa.) said investors have suffered from a continued unwillingness by the Securities and Exchange Commission (SEC) to give regulatory clarity to the cryptocurrency community and consumers.In a letter to SEC Chairman Gary Gensler, Ranking Member Toomey wrote that the SEC’s adoption of the “regulation-by-enforcement” method is a capriciou… Continue Reading
July 26, 2022
Toomey and Sinema Introduce Bipartisan Legislation to Simplify Use of Digital Assets for Everyday Purchases
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and U.S. Senator Kyrsten Sinema (D-Ariz.) today introduced the Virtual Currency Tax Fairness Act to simplify the use of digital assets for everyday purchases. This bipartisan legislation exempts from taxation small personal transactions that use virtual currencies for goods and services.“While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax cod… Continue Reading
July 21, 2022
Banking Republicans Criticize Gensler for Stonewalling Congressional Inquiry Into SEC’s Proposed Climate Rule
Washington, D.C. - U.S. Senate Banking Committee Republicans today criticized Securities and Exchange Commission (SEC) Chairman Gary Gensler for the SEC’s lack of transparency and disregard for a significant congressional oversight request concerning the SEC’s 500-page proposed climate disclosure rule—a sweeping new regulation that will harm consumers, workers, and the entire U.S. economy at a time when energy prices are skyrocketing.On June 15th, Banking Republicans sent a letter asking… Continue Reading
July 21, 2022
Toomey: Bad Policies and Reckless Spending Have Fueled Soaring Housing Costs
Washington, D.C. - At today’s U.S. Senate Banking Committee hearing, Ranking Member Pat Toomey (R-Pa.) called for Congress to abandon the same tax-and-spend strategies of the past, which have had no meaningful impact on homeownership rates over the last five decades. In his opening statement, Senator Toomey said Democrats’ bad housing policies and reckless spending have fueled demand, leading to the soaring housing costs American families are experiencing today.Senator Toomey also highli… Continue Reading
July 14, 2022
Toomey: Current Outbound Investment Screening Ideas Could Impede U.S. National Security and Severely Harm the U.S.
Washington, D.C. - During today’s U.S. Senate Banking Committee hearing with Under Secretary of Commerce for Industry and Security Alan Estevez, Ranking Member Pat Toomey (R-Pa.) raised serious concerns about the National Critical Capabilities Act, also known as outbound CFIUS, which has been discussed in the U.S. House and Senate China competition bill conference.Senator Toomey said today that outbound CFIUS would establish a new federal agency with potentially unchecked authority to reg… Continue Reading
July 13, 2022
Toomey Congratulates Michael Barr on Confirmation as Fed Vice Chair for Supervision
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after voting to confirm Michael Barr, President Biden’s nominee for Governor and Vice Chair for Supervision at the Board of Governors of the Federal Reserve System. “Professor Barr is well-qualified to serve as the Fed’s Vice Chair for Supervision based on his prior government service and distinguished career focused on financial services and regulation. While I disagree wit… Continue Reading
July 12, 2022
Toomey: Congress Shouldn’t Be Throwing Billions of Federal Taxpayer Dollars to Expand Transit as Ridership Continues to Decline
Washington, D.C. - In his opening statement during today’s U.S. Senate Banking Committee hearing with Federal Transit Administration (FTA) Administrator Nuria Fernandez, Ranking Member Pat Toomey (R-Pa.) said that the steep decline in transit ridership calls into question the tens of billions of additional federal taxpayer dollars recently spent on mass transit.Senator Toomey expressed specific concern over FTA’s Capital Investment Grants program (CIG), a grant program being used to exp… Continue Reading
June 29, 2022
Toomey, Scott, Tillis, Lummis Blast Kansas City Fed for Again Stonewalling Congress on Master Account Process
Washington, D.C. - U.S. Senators Pat Toomey (R-Pa.), Ranking Member of the Senate Banking Committee, Tim Scott (R-S.C.), Thom Tillis (R-N.C.), and Cynthia Lummis (R-Wyo.) blasted the Federal Reserve Bank of Kansas City (Kansas City Fed) for its latest refusal to turn over information about a master account that was awarded, then rescinded, to the troubled yet well-connected fintech Reserve Trust.Upon learning that the Kansas City Fed had recently revoked Reserve Trust’s master account, Ra… Continue Reading
June 23, 2022
Toomey Says Flood Insurance Reauthorization Should Protect Taxpayers From Losses
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 will reform the program for taxpayers and homeowners. Senator Toomey also commended the Federal Emergency Management Agency (FEMA) for recognizing that NFIP must be financially stable in order to be a sustainable program. Ranking Member Toomey’s opening re… Continue Reading
June 16, 2022
Toomey: Congress Should Reform NFIP to Protect Taxpayers
Washington, D.C. - U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today said Congress should seek a long-term reauthorization of the National Flood Insurance Program (NFIP) that will reform the program for taxpayers and homeowners. In his opening statement at today’s hearing, Senator Toomey applauded FEMA’s Risk Rating 2.0 as an important step to creating a fairer and more fiscally sound program, and encouraged Congress to further strengthen the program by eliminating su… Continue Reading
June 16, 2022
Banking Republicans Request SEC Records on Proposed Climate Disclosure Rule
Washington, D.C. - As gas prices hit a record high of $5 per gallon nationally, U.S. Senate Banking Committee Republicans are asking the Securities and Exchange Commission (SEC) to provide more information related to its 500-page proposed climate disclosure rule.“This sweeping, close to 500-page proposed rule is unnecessary and inappropriate, exceeds the SEC’s mission and expertise, will harm consumers, workers, and the entire U.S. economy at a time when energy prices are skyrocketing, a… Continue Reading
