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. Sens. Tina Smith, Jerry Moran Reintroduce Bill to Make Life-saving Oral Cancer Medications More Affordable
Senators’ Reintroduce Legislation to Ensure Oral Cancer Drugs are Covered in Same Way as Traditional IV Chemotherapy WASHINGTON, D.C. [03/12/19]—Today, U.S. Sens. Tina Smith (D-Minn.) and Jerry Moran (R-Kansas) took steps to bring down health care costs for cancer patients by reintroducing their bipartisan bill to make sure oral cancer drugs are covered in the same way as traditional intravenous (IV) chemotherapy. Currently, over 40 states—including both Minnesota and Kansas—and the District of Columbia have passed “oral parity” laws that stop insurers from charging more for prescribed oral cancer medicine than traditional (IV) chemotherapy. Sens. Smith and Moran’s Cancer Drug Parity Act would build
U.S. Senators Tina Smith, Amy Klobuchar Call on FCC Chair to Launch Probe into Frontier Communications’ Business Practices Amid Troubling Minnesota State Report, Attorney General Investigation
Frontier Received Millions in Federal Funding to Improve Rural Broadband While Delivering Shoddy Internet and Telephone Services; Senators Say Minnesotans Deserve Full FCC Investigation Into Use of Federal Funding WASHINGTON, D.C. [03/13/19]—In light of Minnesota state investigations into telecommunications provider Frontier Communications Corporation (Frontier) and its subsidiaries—which have received millions in federal funding—detailing poor service to consumers, today U.S. Sens. Tina Smith (D-Minn.) and Amy Klobuchar (D-Minn.) pressed Federal Communications Commission (FCC) Chair Ajit Pai to launch an investigation into Frontier’s business practices. A Minnesota Department of Commerce investigation alleges that Frontier may have broken at least 35 state laws and regulations, prompting the Minnesota Attorney General to open an investigation
Klobuchar, Smith Call for Continued Efforts to Support Farmers and Ranchers after Devastating February Blizzards
Klobuchar, Smith Call for Continued Efforts to Support Farmers and Ranchers after Devastating February Blizzards WASHINGTON, D.C. [03/15/19] – U.S. Senators Amy Klobuchar and Tina Smith urged the U.S. Department of Agriculture’s (USDA) Farm Service Agency (FSA) to commit to continued public outreach to farmers and ranchers following February’s devastating blizzards. In a letter to Joe Martin, the State Executive Director for the Minnesota FSA, the senators asked that he continue to conduct public outreach throughout the impacted counties to ensure that impacted farmers and ranchers fully understand their options, including for payments under several Farm Bill disaster programs and
U.S. Sen. Tina Smith Announces Support of Bill to Rebuild America’s Schools and Create Nearly 2 Million Jobs
Senator Says Legislation Will Help Make Infrastructure Improvements to Schools in Rural and Urban Areas, Expand Access to Broadband WASHINGTON, D.C. [03/18/19]– U.S. Senator Tina Smith (D-Minn.) believes schools in both rural and urban areas in Minnesota—and across the nation—need strong investments in infrastructure so students can learn in healthy and safe environments, which is why she’s announcing her support for legislation that would provide significant investments to both physical and digital infrastructure in schools across the country. The legislation enjoys widespread support from educators and parent advocacy groups in Minnesota and across the country. The Rebuild America’s Schools Act would create grant and tax bond programs
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