Latest Releases
Sen. Smith Leads Bipartisan Legislation to Safeguard American Food Exports and Protect Farmers
WASHINGTON – U.S. Senators Tina Smith (D-MN), Mike Braun (R-IN), Roger Wicker (R-MS), and Chris Coons (D-DE), introduced bipartisan legislation to protect farmers in the event of animal disease outbreaks. The Safe American Food Exports (SAFE) Act would give the USDA clear authority to preemptively negotiate regionalization agreements for known animal disease threats, ultimately preventing unsafe agriculture exports from getting shipped around the globe and keeping trading markets open for American farmers with disease-free livestock. “I hear from Minnesota farmers all the time about the toll avian flu outbreaks have on families and the economy. Animal disease outbreaks can unnecessarily disrupt trade and hurt our exporting ability,” said Sen. Smith. “This bipartisan bill would allow the USDA to proactively negotiate regionalization agreements with our key trading partners. It’s a common-sense step that would help our farmers weather any future animal disease outbreaks.” “Indiana is a top ranked poultry-producing state, being first in the country for ducks, second for layer chickens and table eggs, and third for turkeys,” said Sen. Braun. “During the highly pathogenic avian influenza (HPAI) outbreak last year, our Hoosier poultry producers relied on trade regionalization agreements to ensure that their safe food products made it to market. Spending most of my life around the farm, I know just how devastating animal disease outbreaks can be. The SAFE Act will help farmers focus on animal health, rather than finding a market for their safe food products, by giving USDA the authority to negotiate proactive trade agreements.” “Poultry farmers across the
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 Extension of Crop Insurance Premium Flexibility for Farmers
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN), both members of the Senate Agriculture Committee, announced that the United Sates Department of Agriculture (USDA) is deferring accrual of interest on 2019 crop year insurance premiums to support farmers affected by recent flooding and extreme weather. Producers will now have until January 31, 2020, to pay their 2019 crop insurance premium without accruing interest. For any premium that is not paid by that date, interest will accrue consistent with the terms of the policy. “Many farmers in Minnesota were unable to get into their fields this fall due
Klobuchar, Smith, Peterson Announce $1.7 Million for Rural Infrastructure Investments in Sacred Heart
WASHINGTON– U.S. Senators Amy Klobuchar (D-MN), Tina Smith (D-MN), and Representative Collin Peterson (D-MN-07) announced that the U.S. Department of Agriculture (USDA) has awarded a loan of $1,700,000 to the City of Sacred Heart, Minnesota for infrastructure improvements. The funding will be utilized for rehabilitation and re-construction of city streets affected by water and storm sewer upgrades. “Investments in more reliable infrastructure, like this one in Sacred Heart, are crucial to improving Minnesota communities,” Klobuchar said. “Our 21st century economy demands 21st century infrastructure, and that requires investments in roads, bridges, airports, and rural communities.” “This investment in Sacred Heart is an investment in community
Klobuchar, Smith Announce Rural Development Funding to Support Local Agriculture in Minnesota
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that the U.S. Department of Agriculture (USDA) has awarded grants totaling $800,000 to provide technical assistance and support for local cooperatives and small businesses in Minnesota. “These grants will help ensure that local cooperatives and small businesses have access to the support and training opportunities they need to succeed and continue developing more value–added uses for crops and coproducts and local agricultural opportunities,” Klobuchar said. “We must continue working to expand opportunity for farmers to enhance and sustain their livelihood for generations to come.” “This investment will help move Minnesota products to market, support a
U.S. Sens. Smith & Cramer Unveil Bipartisan Bill to Fully Examine Scope of Insulin Affordability Crisis in Order to Bring Relief to Americans Struggling to Afford Medication
WASHINGTON, D.C. [11/14/19]—In association with World Diabetes Day, U.S. Senators Tina Smith (D-Minn.) and Kevin Cramer (R-N.D.) today introduced bipartisan legislation—along with Sens. Tammy Baldwin (D-Wis.), Dick Durbin (D-Ill.), Cindy Hyde-Smith (R-Miss.) and Roger Wicker (R-Miss.)—to create a national study to more fully understand the scope of the insulin affordability crisis in America. Earlier this year, Sens. Smith and Cramer introduced bold, bipartisan legislation to bring down the cost of insulin and hold manufactures accountable for excessive increases in the price of the life-sustaining medicine. Now, the senators and a bipartisan group of their Senate colleagues are working to expand the scope
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