Latest Releases
U.S. Senator Tina Smith’s Bipartisan Legislation to Provide Transparency For Those Looking to Purchase Popular Long-Term Savings Vehicles Signed Into Law
WASHINGTON, D.C. – 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 was signed into law as part of the bipartisan government funding bill. The law will 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 am proud of our work to get this bill across the finished line and signed into law.” 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 Annuities Act offers a model for how disclosures can be designed with the needs of investors in mind. By directing the SEC to develop a tailored RILA registration form, the bill will help ensure that investors have the information they need to determine whether the product makes sense for their
U.S. Senator Tina Smith Announces Significant Federal Funding for Tribal Nations and the Native Community in the Twin Cities
WASHINGTON D.C. [1/13/23] –– U.S. Senator Tina Smith (D-Minn.) announced that she helped secure over $8.6 million for Minnesota Tribal Nations and communities in the Twin Cities metro area. These funds will support the Lower Sioux Indian Community, the Leech Lake Band of Ojibwe, the Shakopee Mdewakanton Sioux Community, the Prairie Island Indian Community, the Indian Health Board of Minneapolis, and the Native American Community Clinic. Senator Klobuchar also worked to secure this funding. “For too long, Native communities have experienced negative impacts of federal underinvestment and underfunding of critical services. I’m proud to have worked with Tribal leaders to help secure funding for projects that will address some of these disparities,” said Senator Smith. “These are significant investments that will increase access to Indigenous health services, expand Tribal housing opportunities, and invest in clean energy, carbon reduction, and protecting waters. I look forward to seeing all the good these projects will do for Minnesota’s Tribal and Native communities.” This federal funding will help further the following priorities: Expanding health care access and upgrading health care facilities: $2.25 million for the Indian Health Board in Minneapolis to support the Menaandawiwe Wellness Campus vision to provide traditional healing methods and establish a connection to nature for Native people living in the Twin Cities metro area. $1 million to expand the Native American Community Clinic’s capacity by adding ten additional medical rooms, five dental exam rooms, expanded laboratory and diagnostic services, and establish a better clinic flow to improve efficiency. $850,000 for the Leech Lake
U.S. Senator Tina Smith, Colleagues Plan to Introduce Legislation to Ensure Low-Wage Federal Contract Employees Receive Back Pay
WASHINGTON, D.C. [01/04/19]—Today, U.S. Senator Tina Smith (D-Minn.), along with her colleagues Sens. Sherrod Brown (D-Ohio), Mark Warner (D-Va.), Chris Van Hollen (D-Md.), Ben Cardin (D-Md.), and Tim Kaine (D-Va.), pledged to stand up for low-wage federal contract workers by announcing plans to introduce legislation to secure back pay for the contractor employees who have gone without pay during the government shutdown. Each day, thousands of contractor employees provide critical services to support the federal government, often at low wages, and many have been furloughed or forced to accept reduced work hours as a result of the government shutdown. Many
In Floor Speech, U.S. Sen. Tina Smith Shares Stories From Minnesota Air Traffic Controllers Hurt by Government Shutdown
WASHINGTON D.C. [01/10/19]—Today, U.S. Senator Tina Smith (D-Minn.), took to the Senate floor to share letters from Minnesota air traffic controllers hurt by the ongoing government shutdown. Sen. Smith had asked Minnesotans to share stories on how the shutdown has affected them, and received dozens of letters from air traffic controllers not receiving pay. Among the several letters she read on the Senate floor, Sen. Smith shared a letter from a new father named Joseph from Lakeville, MN. Joseph said that his son Oliver was born on New Year’s Eve and has been in intensive care since, and said that both he and
U.S. Senator Tina Smith Presses Trump Administration to Ensure Federal Contractor Workers Receive Back Pay Amid Shutdown
WASHINGTON, D.C. [01/10/19]—Today, U.S. Senator Tina Smith (D-Minn.)—along with 33 of her fellow Senate Democrats—called on the Trump Administration to direct federal agencies to work with contractors to provide back pay to compensate contractor employees for wages lost during the current shutdown. While Sen. Smith is working on legislation to ensure low-wage federal contractor employees receive back pay, she and her colleagues are also urging the Office of Management and Budget (OMB) to use existing authority to partner with federal contracting officers and use provisions to modify terms of contracts so employees receive lost wages. “Contract workers and their families
U.S. Senator Tina Smith’s Statement on Continued Fight to Secure Back Pay for Federal Contract Workers
WASHINGTON, D.C. [02/13/2019]—Tonight, U.S. Senator Tina Smith (D-Minn.) released the following statement highlighting the need to secure back pay for federal contractor employees who went without pay during the recent government shutdown. Sen. Smith expressed disappointment that reports indicate her bipartisan legislation is not included in the budget agreement to avoid another shutdown, but said she will keep fighting for these workers. “During the longest federal government shutdown in history, thousands of Americans who serve as contractors to the federal government lost over one month’s pay, through no fault of their own. These are people who work as security guards and clean office buildings, and work
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