Latest Releases
Senators Smith, Warren Ask Key Regulators About Banking System’s Exposure to Crypto Risks after FTX Crash
Washington, D.C. – U.S. Senators Tina Smith (D-Minn.) and Elizabeth Warren (D-Mass.), members of the Senate Banking, Housing, and Urban Affairs Committee, sent letters to three key banking regulators raising concerns about the ties between the banking industry and crypto firms following FTX’s bankruptcy. The senators are asking each regulator, the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), how they assess the banking system’s exposure to crypto risks. “(I)t appears that crypto firms may have closer ties to the banking system than previously understood,” wrote the senators. “Banks’ relationships with crypto firms raise questions about the safety and soundness of our banking system and highlight potential loopholes that crypto firms may try to exploit to gain further access.” Earlier this month, FTX, once one of the world’s largest crypto exchanges valued at $32 billion, its sister company Alameda Research, and 130 affiliated companies declared bankruptcy, triggering a crisis in the crypto market – tanking crypto values and dragging other crypto firms down. The senators note that these companies were not deeply integrated into the traditional banking system, sparing millions of people from potential turmoil – though reports show that crypto firms may have closer ties to the banking system than previously known. Alameda, which reportedly funneled $10 billion from the FTX exchange and into its own coffers under a scheme coordinated by Sam Bankman-Fried and other FTX and Alameda executives, made an $11.5 million investment in Washington state-based
Senator Smith’s Bipartisan Legislation to Provide Transparency for Those Looking to Purchase Popular Long-Term Savings Vehicles Passes Senate
WASHINGTON, D.C. – Today, U.S. Senator Tina Smith (D-MN) announced her bipartisan legislation with Senator Thom Tillis (R-NC) to help provide transparency for consumers looking to purchase popular, long-term savings vehicles has passed the Senate. The bill would help ensure that investors considering purchasing Registered Index Linked Annuities (RILAs) get clear and direct information that promotes investor understanding. “It’s more important than ever for consumers to have clear and concise information about their investments,” said Smith. “This legislation would help consumers looking to purchase RILAs by providing clear information about their potential investments in terms that they are able to understand. I hope this legislation will offer a model for how disclosures can and should be designed with consumers in mind. I look forward to working with my colleagues in the House to help get this bill across the finish line and signed into law.” “This commonsense legislation will create a new form for index-linked annuities through the SEC, which will ensure the buyer has all the necessary information when making a decision,” said Tillis. “This legislation is a necessary step for transparency, and I am proud to work on this bipartisan legislation with my colleagues.” The sale of RILAs, which are tax-deferred, long-term investments often used for retirement, have grown rapidly in recent years. However, the lack of a tailored form for registering these products with the Securities and Exchange Commission (SEC) often results in long, dense disclosures that are incomprehensible to the typical purchaser. The Registration for Index-Linked
Sen. Tina Smith Working on Legislation to Protect Children during Immigration Enforcement
U.S. Senator Tina Smith is preparing to introduce legislation to protect children whose families are caught up in immigration enforcement actions. According to an alarming New York Times report, more than 700 immigrant children have been separated from their parents at the border since October. Sen. Smith’s bill—which is expected to take steps similar to the HELP Separated Children Act—will help children and families address the challenges they face when they are separated during interior immigration enforcement actions, as well as during deportation proceedings. She is planning to introduce the legislation in the coming weeks.
Sen. Tina Smith Helps Introduce Bill to Make Sure Veteran, Minority, and Immigrant Farmers Have Access to USDA Services
U.S. Senator Tina Smith said that her measure to expand mental health services for students and communities in Minnesota and across the country has been included in a larger bipartisan bill to address the nation’s opioid crisis. Sen. Smith said her Improving Access to Mental Health Services Act was added to a package of legislation designed to sharpen the federal government’s response to a crisis that continues to devastate families and communities across the nation. Tomorrow, the larger bill is expected to be debated in the Health and Education Committee, of which Sen. Smith is a member. “Lawmakers often talk about the urgent need to
Sen. Tina Smith Pushes to Kickstart Free-to-Access College Textbook Programs with Millions in Dedicated Federal Funding
U.S. Senator Tina Smith is urging the Department of Education to start disbursing millions in funding she helped secure for open college textbooks—which allow professors, students, and researchers to freely access otherwise costly materials. As the end of the spring semester approaches and students sell back their textbooks for pennies on the dollar, Sen. Smith wants to make sure that colleges across the country can start applying for new grants to create their own open textbook programs. In recent years, schools like University of Minnesota that are already using open textbooks have saved students money and ultimately brought down the
Rep. Tom Emmer Wins Sen. Tina Smith’s Minnesota Congressional Delegation Hotdish Competition
Today, Senator Tina Smith hosted the eighth annual Minnesota Congressional Delegation Hotdish Competition. Sen. Smith took up the helm of Al Franken’s annual hotdish off to determine which Minnesota Congressional Delegation member makes the best hotdish. You can download video from the event here, here, and here, and an interview with Sen. Smith that you should feel free to use here. Participants recipes can be found here. You can find photos of the competition here. Rep. Tom Emmer’s “Hotdish of Champions” was named the winner of the 2018 Hotdish Off after a blind taste test—and a tie broken by Master of Ceremonies (and MinnPost’s Washington Correspondent) Sam Brodey—of all ten dishes. The judges
English