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
U.S. Senators Klobuchar, Smith Push to Prevent Unfair Prescription Drug Hikes
Senators Back Bill to Stop Big Pharma from Using Exclusivity Periods to Stave Off Lower-Cost Generics Coming to Market WASHINGTON, D.C. [02/07/2019]—U.S. Senators Amy Klobuchar (D-Minn.) and Tina Smith (D-Minn.) recently helped introduce legislation to help prevent price hikes for prescription drugs. Sens. Klobuchar and Smith have both traveled across the state and know just how much Minnesotans—and Americans across the country—struggle when it comes to affording the high cost of prescription medications. The Forcing Limits on Abusive and Tumultuous (FLAT) Prices Act of 2019—led by U.S. Senator Dick Durbin (D-IL) and also supported by Sens. Kamala Harris (D-CA) and Richard Blumenthal
U.S. Senator Tina Smith Announces Key Areas of Focus on Senate Agriculture Committee
Senator Continues Serving as Ranking Member of Rural Development and Energy; Joins Commodities, Risk Management and Trade; and Livestock, Marketing, and Ag Security Subcommittees WASHINGTON, D.C. [02/08/19]—Today, U.S. Sen. Tina Smith (D-Minn.) said that as a member of the Senate Agriculture Committee, she continues to serve as a top leader on the Rural Development and Energy Subcommittee. Sen. Smith also announced that she has been named to the Commodities, Risk Management and Trade; and Livestock, Marketing and Ag Security Subcommittees. “Farm policy needs to work for Minnesota, and that’s what I kept in mind as I met with farmers, ranchers,
Smith, Klobuchar, Senators Press Power-5 Conferences to Toughen Sexual Assault Policies
Lawmakers want Pac-12, ACC, SEC, Big 10 and Big 12 to take meaningful action to address sexual violence WASHINGTON, D.C. [2/08/19]– U.S. Senators Tina Smith and Amy Klobuchar pressed the commissioners of the Pac-12, ACC, SEC, Big 10 and Big 12 conferences to take serious and meaningful steps to address the misconduct and sexual violence within their athletics programs. In August 2018, the NCAA dissolved its Commission to Combat Campus Sexual Violence without considering or adopting any meaningful solutions beyond actions already required by federal law. In a letter led by Senator Ron Wyden (D-OR), the senators asked for the
U.S Senator Tina Smith Introduces Bipartisan Bill to Reduce Emissions from Fossil Fuels
Senators’ Bill Would Modernize Tax Credit to Better Support Carbon Capture and Storage for Coal Power Plants WASHINGTON, D.C. [02/11/19]—U.S. Senator Tina Smith (D-Minn.) recently led a bipartisan effort with Sen. John Hoeven (R-N.D.) to reduce greenhouse gas emissions from fossil fuel producers by creating additional incentives for utilities to install carbon capture and storage technology. The Carbon Capture Modernization Act updates the tax credit system for coal producers and incentivizes the usage of modern technology to return harmful greenhouse gas emissions in the ground, rather than releasing them into atmosphere. Sen. Smith introduced similar legislation last year with former Senator Heidi Heitkamp of North Dakota. “Climate change will continue to threaten our
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