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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
U.S. Senator Tina Smith, Rep. Sean Casten, Senate and House Colleagues Introduce Bipartisan Bill to Improve Nation’s Energy Storage Capabilities
WASHINGTON, D.C. [05/22/2019]—Today, U.S. Senator Tina Smith (D-Minn.) and Representative Sean Casten (D-Ill.)—along with a bipartisan group of Senate and House colleagues—introduced their Promoting Grid Storage Act of 2019, which would boost research and development of cutting-edge technologies to increase energy storage capabilities for America’s electric grid and enable the expanded use of clean energy. In addition to Sen. Smith and Rep. Casten, the bill is also supported by Sens. Susan Collins (R-Maine), Senator Mazie Hirono (D-Hawaii), Tammy Duckworth (D-Ill.), Catherine Cortez Masto (D-Nev.), Debbie Stabenow (D-Mich.), Martin Heinrich (D-N.M.), Cory Gardner (R-Colo.), Maggie Hassan (D-N.H.), and Reps. Ben Ray
Smith, Portman Introduce Bipartisan Legislation to Improve Transparency and Safety of American Study Abroad Programs
WASHINGTON, D.C. [05/21/2019]–U.S. Senators Tina Smith (D-Minn.) and Rob Portman (R-Ohio) today introduced bipartisan legislation—the Ravi Thackurdeen Safe Students Study Abroad Act—to increase the amount of information available to students regarding the risks they may face when studying abroad. While studying abroad is an educationally enriching experience for many American students, too little information is currently available to them and their parents. Sens. Smith and Portman are calling for greater transparency, and the Ravi Thackurdeen Safe Students Study Abroad Act will require institutions of higher education that offer study abroad programs to issue biennial reports on safety incidents experienced by
U.S. Senator Tina Smith: Too Many Children in Federal Housing Still At Risk of Lead Exposure
WASHINGTON, D.C. [05/21/19]—U.S. Senator Tina Smith (D-Minn.) is leading a Senate effort to greatly reduce the risk that children in Minnesota and across the country who live in federally subsidized housing are exposed to lead, which can cause serious health, neurological, and behavioral problem. On Tuesday, Sen. Smith along with several Senate colleagues introduced the “Lead-Safe Housing for Kids Act,” to require the U.S. Department of Housing and Urban Development (HUD) to adopt prevention measures and update rules to protect children from lead exposure. “A family should never have to choose between affordable housing and their children’s safety,”
U.S. Senator Tina Smith Introduces Bipartisan Legislation to Provide Students, Families with Access to Important Financial Aid Information
WASHINGTON D.C. [03/27/19] – Today, U.S. Senator Tina Smith (D-Minn.) introduced bipartisan legislation to empower students and their families with better information about the costs of college from the initial college search and the application process, to when it comes time to accept financial aid. The Net Price Calculator Improvement Act, Understanding the True Cost of College Act and Know Before You Owe Federal Student Loan Act would help college students avoid sticker shock, compare colleges to find the best value and increase the amount of information students receive about federal student loans before they sign up for tens of
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