Latest Releases
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 Judicial Selection Committee for Vacancy on Federal District Court
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced the formation of a judicial selection committee to assist them in making recommendations to President Biden to fill a vacancy on Minnesota’s federal district court. The vacancy was created by Judge John R. Tunheim’s decision to assume senior status. The selection committee will include Leslie Beiers, Chief Judge of the Minnesota Sixth Judicial District and former Assistant St. Louis County Attorney; Susan Segal, Chief Judge of the Minnesota Court of Appeals; Abou Amara, Associate at Gustafson Gluek PLLC and Vice President of the Minnesota Association of Black Lawyers; Tadd Johnson, Professor Emeritus of the Department of American Indian Studies at the University of Minnesota Duluth; Cecil Naatz, Managing Attorney of the Public Defender’s Office in Marshall, Minnesota; and Miguel Pozo, Member at Cozen O’Connor and former President of the Hispanic National Bar Association. “I would like to thank Judge Tunheim for his decades of service to Minnesota and the federal judiciary,” said Klobuchar. “Minnesota’s federal judges have a long track record of being fair-minded, conscientious and even-handed in their application of the law, and this distinguished selection panel committee will find a jurist worthy of this tradition. Federal judges have lifetime appointments, which is why it is critical that they demonstrate an unwavering commitment to equal justice under law for all.” “I thank Judge Tunheim for his public service, particularly his nearly three decades serving on the U.S. District Court for the District of Minnesota. Federal judges have
Ahead of Veterans Day, U.S. Senator Tina Smith Introduces Bill to Help Veterans Get Care for Hearing Loss, Their Most Common Service-Related Health Issue
WASHINGTON, D.C. [11/07/19]—With Veterans Day around the corner, today U.S. Senator Tina Smith (D-Minn.) introduced legislation to reduce the red tape many veterans face when trying to get care for hearing loss as a result of their service—something many veterans say is an enormous burden despite being the most common service-connected ailment. Sen. Smith heard about this problem through her office’s veterans’ health care tour last year, which visited some 10 communities throughout Minnesota to hear what health challenges veterans face. You can access a summary of the bill here and text of the bill here. Currently, veterans receiving benefits through the VA must
U.S. Senator Tina Smith, 37 Colleagues Lead Push to Renew Lapsed Funding for Minority-Serving Colleges
WASHINGTON, D.C. [11/06/19]—U.S. Senator Tina Smith (D-Minn.) and 37 of her Senate colleagues are leading a push to pass funding for Historically Black Colleges and Universities, Tribal colleges, and other minority-serving institutions. In a letter to Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Chuck Schumer (D-N.Y.), Sen. Smith, along with Sen. Amy Klobuchar (D-Minn.) and their colleagues, called for the immediate passage of the FUTURE Act, which would reauthorize $255 million in mandatory federal funding for these institutions, and expired on September 30, 2019. The House of Representatives approved the legislation unanimously in September. “Minnesota’s Tribal Colleges are important institutions and serve as key resources for Native American students, and minority-serving institutions of higher education serve nearly 6 million students nationwide,” said Sen.
Klobuchar, Smith Announce over $26 Million for Rural Electric Infrastructure Investments 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 loan funding totaling over $26 million for rural electric infrastructure improvements across Minnesota. “These investments will help our rural electric providers better serve Minnesotans by adding connections, energizing additional miles of transmission lines, and providing for more reliable electric infrastructure across the state,” Klobuchar said.“Projects like these not only boost the economy, but also help to modernize our electric grid and support essential services throughout our state.” “We need to strengthen rural Minnesota’s electric infrastructure because it’s vital to building a
U.S. Senators Klobuchar & Smith Push Consumer Watchdog to Investigate Mismanagement of Student Loan Program
WASHINGTON, D.C. [11/04/2019]—Today, U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) are calling on the federal government’s consumer watchdog to investigate whether a key student loan service company mismanaged a student loan forgiveness program designed to help people who take on careers in public service. The Senators were joined by 21 of their Democratic colleagues in a letter urging Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger to investigate student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA) for mismanagement of the Public Service Loan Forgiveness Program (PSLF). Congress established PSLF over a decade ago to encourage people to work
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