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
Senator Tina Smith Urges Agriculture Department to Hear From Minnesotans as Part of Fight to Combat Opioid Epidemic
U.S. Senator Tina Smith is continuing her push to address the opioid epidemic by calling on the U.S. Department of Agriculture (USDA) to host a rural opioid misuse roundtable in Minnesota. This comes after introducing a bill last week to help tribes across the country access the resources they need to address mental health and substance use disorders. Earlier this month, the USDA announced it will be holding a series of monthly meetings on opioids in Pennsylvania, Utah, Kentucky, Oklahoma, and Maine. Sen. Smith understands the toll the opioid and drug overdose epidemic is having on families and rural communities across Minnesota, and that’s
Sen. Tina Smith Ramps up Workforce Development Efforts; Plans to Author Legislation after Gathering Minnesota Input
Today, U.S. Senator Tina Smith announced that over the next two weeks she will be traveling across the state to talk with Minnesotans about expanding workforce development opportunities. Sen. Smith said there are many good-paying jobs that don’t require a four-year college degree or taking on loads of student debt. At a series of upcoming meetings, she’ll talk about these jobs while also gathering input from students, community leaders, businesses, and local schools about addressing workforce preparedness issues like the “skills gap.” Once she gets back to Washington, Sen. Smith will author legislation—based on her meetings—to help as many Minnesotans as
Senator Tina Smith, Congressman Rick Nolan Introduce Legislation to Protect Minnesota Families in Rural Areas from Losing their Homes
U.S. Senator Tina Smith and Rep. Rick Nolan (D-Minn.) have teamed up to support affordable housing for Minnesotans who live in rural areas. The Rural Housing Preservation Act, which the two lawmakers introduced this week, would help families, seniors, and people with disabilities who are at risk of losing rental assistance through the Department of Agriculture’s (USDA) Rural Housing Service. The bill also gives communities more flexibility to maintain their existing affordable housing options. “As a leader of the rural development caucus, a top priority of mine is to help communities with issues like housing access,” said Senator Smith.“I’ve had
Sens. Tina Smith, Todd Young Introduce Bipartisan Legislation to Shore up Public Health Emergency Prevention & Response
U.S. Senator Tina Smith and Todd Young (R-Ind.) have introduced their bipartisan Advancing Emergency Preparedness Through One Health Act, which would improve public health preparedness by ensuring federal agencies advance a “One Health” approach—the idea that human and animal health are linked, and that they should be studied together to prevent and respond to disease outbreaks. The bill would improve coordination among those studying animal and human health by requiring the Department of Health and Human Services (HHS) and the Agriculture Department (USDA) to adopt a One Health framework with other agencies. “Minnesota was hit by an avian flu outbreak a
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