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
Sen. Tina Smith Presses Top Transportation Safety Agency Over Troubling Deaths Caused by Keyless Vehicles
WASHINGTON, D.C. [05/15/18]—Today, U.S. Senator Tina Smith pressed the National Highway Traffic Safety Administration (NHTSA) for action to protect families across the country following reports of numerous deaths caused by keyless ignition vehicles. Over the Mother’s Day weekend, a New York Times report detailed how over two dozen people have been killed—and dozens more injured—due to carbon monoxide poisoning related to exposure from exhaust by a keyless ignition vehicle. Sen. Tina Smith finds it concerning that while technology in the automotive industry continues to progress, safety standards and action to address potential hazards have not kept pace. You can read a copy of
Sen. Tina Smith’s Statement on Senate Net Neutrality Vote
WASHINGTON, D.C. [05/16/18]—Today, U.S. Sen. Tina Smith (D-Minn.) voted to restore net neutrality protections that were recently overturned by President Trump’s Federal Communications Commission (FCC). “I’ve heard from Minnesotans across the state, including large and small businesses, educators, and health care providers that a free and open internet is critically important to their bottom line and to our state’s economic future. They strongly oppose the creation of fast lanes and slow lanes dictated by companies like Comcast and Verizon.” said Sen. Smith. “Today’s vote continues our efforts to restore protections for an open internet that millions of people across the country need
Bipartisan, bicameral bill from Sens. Coons, Risch, Smith, Gardner & Reps Luján, Fleischmann, Hultgren, Lipinski supports small business innovation
WASHINGTON – U.S. Senators Chris Coons (D-DE), James Risch (R-ID), Tina Smith (D-MN), and Cory Gardner (R-CO) and U.S. Representatives Ben Ray Luján (D-NM), Chuck Fleischmann (R-TN), Randy Hultgren (R-IL), and Daniel Lipinski (D-IL) today introduced the Promoting Small Business Innovation through Partnerships with National Labs Act, which allows small businesses to gain access to premier facilities at the national labs, spurring innovation and stimulating the culture of private-public collaboration. Small businesses are the lifeblood of the American economy. However, the cost of investing in necessary but expensive capital equipment often prohibits small businesses from pursuing truly innovative ideas and developing
Sen. Tina Smith Says Minnesotans Deserve to Know How Drug Companies Are Using Billions in Tax Breaks
WASHINGTON, D.C. [05/17/18]—Today, U.S. Senator Tina Smith is introducing legislation that would require pharmaceutical companies to share with Minnesotans and people across the country how they’re using the billions of dollars in tax breaks they received as a result of the Republican tax bill. The GOP tax law provided pharmaceutical companies with large windfalls that could have been used to bring down costs for consumers. But earlier this year, news reports showed that some top pharmaceutical companies used a large chunk of their tax cuts to benefit investors and drive up stocks. Sen. Smith’s bill—the Disclosing Pharmaceutical Company Windfall Profits Act—would make
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