Latest Releases
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
Klobuchar, Smith Statements on Confirmation of Jerry Blackwell to be U.S. District Court Judge
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) issued the following statements after the Senate confirmed Jerry Blackwell to serve as a United States District Court Judge for the District of Minnesota. Blackwell has more than three decades of legal experience and was highly recommended by the judicial selection committee Senators Klobuchar and Smith convened to assist them in providing a recommendation to President Biden. “Jerry Blackwell is one of the most widely respected and accomplished members of the Minnesota legal community. With nearly 35 years of trial practice– including the successful prosecution of the murder of George Floyd – I’m confident he has the qualifications and experience needed to be an excellent U.S. District Court Judge,” said Klobuchar. “As a member of the Senate Judiciary Committee, I fought to advance his nomination through the Senate, and I thank my colleagues on both sides of the aisle for their support of this outstanding nominee.” “Jerry Blackwell’s confirmation is an exciting event for Minnesota,” said Smith.“His dedication to equal justice and distinguished record as an attorney and leader in Minnesota’s legal community make him exceptionally well-qualified for this position, and I congratulate him on his confirmation.” Blackwell was appointed by Minnesota Attorney General Keith Ellison to serve as a Special Assistant Attorney General during the trial of former Minneapolis Police Officer Derek Chauvin for the murder of George Floyd. Since 2005, he has also worked as a founding partner of Blackwell Burke P.A., where he has litigated numerous
Sen. Tina Smith’s Measure to Support Military Readiness and Conservation Becomes Law
WASHINGTON, D.C [08/16/18]—U.S. Senator Tina Smith’s (D-Minn.) bipartisan effort to fund military readiness and environmental conservation—also supported by her Minnesota colleague Sen. Amy Klobuchar—was recently signed into law by the President. The Readiness and Environmental Protection Integration (REPI) Program helps military facilities across the country, including Minnesota’s Camp Ripley, manage and protect surrounding land to ensure community development does not impede our nation’s military training. Earlier this year, the Army considered reinterpreting the statute that defines a military installation to remove state-owned military facilities, meaning that state-owned National Guard facilities like Camp Ripley would have been unable to receive REPI
Sens. Smith, Warren Raise Questions about Accuracy of Secretary Azar’s Testimony Blaming Pharmacy Benefit Managers for High Drug Prices
WASHINGTON, DC [08/17/18]—Today, U.S. Sens. Tina Smith (D-Minn.) and Elizabeth Warren (D-Mass.) questioned Health and Human Services (HHS) Secretary Alex Azar about his potentially misleading statements during his Senate testimony in which he blamed pharmacy benefit managers (PBMs) and drug distributors for drug manufacturers’ ongoing refusal to meaningfully reduce drug prices. The senators’ letter follows new information obtained from PBMs and drug distributors that directly contradicts the allegations made by Secretary Azar and raises questions about the accuracy of his testimony to Congress. Despite President Trump’s promises that drug companies would voluntarily enact “massive” price cuts, there have been no significant drug price
U.S. Sens. Tina Smith, Amy Klobuchar Honor the Storied Life of Minnesota’s First Female Member of Congress, Coya Knutson, with Senate Resolution
MINNESOTA [08/22/18]— Today, Minnesota’s U.S. Sens. Tina Smith and Amy Klobuchar honored the storied life of Minnesota’s first female member Congress, Coya Knutson, with a Senate Resolution heralding her life as a trailblazer who, despite great obstacles when she served in the 1950s, succeeded in making a difference for the families and communities in her state. You can read a copy of the Resolution here. The resolution, offered Wednesday on what would have been Knutson’s 106th birthday, notes that after arriving in Washington, D.C in 1954, she convinced Speaker Sam Rayburn to appoint her to be the first woman ever to serve on the House
Klobuchar, Smith, Reed Call on Administration to Protect U.S. Troops and Families from Financial Fraud
WASHINGTON – U.S. Senators Amy Klobuchar and Tina Smith joined Senator Jack Reed (D-RI) and 46 other senators in calling on the Consumer Financial Protection Bureau (CFPB) to maintain financial protections for servicemembers and their families under the Military Lending Act (MLA). Recent reports have indicated that the Administration is planning to stop examining lenders for violations of the MLA. In their letter, the senators urged CFPB Acting Director Mick Mulvaney not to end its examinations of payday lenders and other financial institutions for MLA compliance, and to not undertake measures that risk leaving U.S. troops and their families vulnerable to exploitation.
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