Latest Releases
Senator Smith, Colleagues Call on Fed to Strengthen Rules for Banks with Assets Over $100 Billion
Washington, D.C. – U.S. Senators Tina Smith (D-Minn.), Elizabeth Warren (D-Mass.), Tammy Duckworth (D-Ill.), Richard Blumenthal (D-Conn.), Bernie Sanders (I-Vt.), Jack Reed (D-R.I.), Mazie Hirono (D-Hawaii), Ed Markey (D-Mass.), Angus King (I-Maine), Sheldon Whitehouse (D-R.I.), Chris Van Hollen (D-Md.), and Brian Schatz (D-Hawaii) wrote the Vice Chair for Supervision of the Federal Reserve (Fed) Michael Barr, calling on him to exercise the Fed’s authority to apply stronger regulation and supervision to banks with assets totaling $100 to $250 billion. “The fall of both SVB and Signature, the near-crash of First Republic, and the struggles of other regional banks shed new light on the systemic importance of banks with assets totaling between $100 and $250 billion,” wrote the senators. “In response to SVB’s and Signature Bank’s failures, the Department of Treasury, after consultation with the Fed and the Federal Deposit Insurance Corporation (FDIC), approved ‘systemic risk exceptions’ allowing the FDIC to fully compensate the banks’ depositors, including those holding deposits above the $250,000 FDIC insurance threshold. In making this determination, regulators acknowledged the systemic significance of banks of this size, and that their failure could have significant spillover effects on the broader banking system.” The 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), which unwound Enhanced Prudential Standards for mid-sized banks, provided the Fed with the discretion to maintain stronger rules – including stronger requirements for capital, liquidity, stress testing, and resolution plans – to banks with assets between $100 and $250 billion. The Fed has largely failed to
Klobuchar, Smith Announce Judicial Selection Committee for Vacancy on Federal District Court
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced the formation of a judicial selection committee to assist them in making recommendations to President Biden to fill a vacancy on Minnesota’s federal district court. The vacancy was created by Judge John R. Tunheim’s decision to assume senior status. The selection committee will include Leslie Beiers, Chief Judge of the Minnesota Sixth Judicial District and former Assistant St. Louis County Attorney; Susan Segal, Chief Judge of the Minnesota Court of Appeals; Abou Amara, Associate at Gustafson Gluek PLLC and Vice President of the Minnesota Association of Black Lawyers; Tadd Johnson, Professor Emeritus of the Department of American Indian Studies at the University of Minnesota Duluth; Cecil Naatz, Managing Attorney of the Public Defender’s Office in Marshall, Minnesota; and Miguel Pozo, Member at Cozen O’Connor and former President of the Hispanic National Bar Association. “I would like to thank Judge Tunheim for his decades of service to Minnesota and the federal judiciary,” said Klobuchar. “Minnesota’s federal judges have a long track record of being fair-minded, conscientious and even-handed in their application of the law, and this distinguished selection panel committee will find a jurist worthy of this tradition. Federal judges have lifetime appointments, which is why it is critical that they demonstrate an unwavering commitment to equal justice under law for all.” “I thank Judge Tunheim for his public service, particularly his nearly three decades serving on the U.S. District Court for the District of Minnesota. Federal judges have
U.S. Sens. Klobuchar, Smith Announce Minnesota Ag Producers Can Now Sign Up for Crop Safety Net Programs
WASHINGTON, D.C. [09/6/19]–U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) announced today that enrollment for two popular USDA safety net programs for the 2019 crop year opened this week. The programs provide Minnesota ag producers with financial support when crop revenue and commodity prices fall below certain levels. Funding is available through the USDA’s Farm Service Agency. “Our farmers are a key part of our agriculture community and agriculture economy, and they are in great need of stability. As the backbone of our economy, farmers throughout Minnesota and across the country deserve our support during periods of uncertainty like we are experiencing now. With the Agriculture Risk
Klobuchar, Smith, Stauber Announce Over $10 Million for Infrastructure Improvements in St. Louis County
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN), along with Representative Pete Stauber (R-MN-08), announced that the U.S. Department of Transportation (DOT) has awarded the Competitive Highway Bridge Program (CHBP) a grant of $10,252,000 for infrastructure improvements. “When we invest in our infrastructure, we invest in opportunity for every American. Critical investments in our infrastructure serve as a down payment on the long-term economic well-being of our state and country,” Klobuchar said. “By investing in our bridges and roads in St. Louis County, we are making an important investment in the economy of the region and enhancing public safety.” “We
U.S. Senator Tina Smith, Democratic Colleagues Fight for Nation’s Registered Apprenticeship Program
WASHINGTON, D.C. [08/27/19]—U.S. Senator Tina Smith (D-Minn.) and 45 of her Senate colleagues are calling on Acting Labor Department Secretary Patrick Pizzella to oppose the Department’s recent proposal that would undermine the highly-effective and widely-supported registered apprenticeship program. The proposed rule would create duplicative, unnecessary, and lower-quality “industry-recognized apprenticeship programs” (IRAPs), which would not provide the same crucial benefits and protections as long-established registered apprenticeships. The Department has also proposed the establishment of new entities to oversee the IRAPs, potentially allowing these programs to evade accountability, even to apprentices themselves. “Rather than invest federal taxpayer dollars in a duplicative, less
U.S. Senators Smith, Klobuchar, Stabenow, Durbin, Peters, Baldwin, and Brown Call for Stronger Renewable Fuel Standard
WASHINGTON, D.C. [08/26/19]—U.S. Senator Tina Smith (D-Minn.)—along with Sens. Amy Klobuchar (D-Minn.), Debbie Stabenow (D-Mich.), Dick Durbin (D-Ill.), Gary Peters (D-Mich.), Tammy Baldwin (D-Wis.), and Sherrod Brown (D-Ohio)—is standing up for the nation’s rural economy by urging the Environmental Protection Agency (EPA) to end the harmful abuse of small refinery hardship waivers under the Renewable Fuel Standard (RFS). In a letter sent to EPA Administrator Andrew Wheeler, Sen. Smith and her colleagues pointed out that under the Trump Administration, the granting of waivers has increased by 370 percent with “small refinery” waivers going to large oil companies. While the president has
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