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
Sen. Tina Smith Named to Bipartisan Select Committee to Solve Pensions Crisis Facing 22,000 Minnesotans
Sen. Tina Smith was appointed to a newly formed bipartisan panel tasked with finding solutions to a financial crisis that’s threatening the hard-earned pensions of 22,000 retired Minnesotans. The Joint Select Committee on Solvency of Multiemployer Pension Plans, established as part of the bipartisan budget agreement reached earlier this month, will provide recommendations and legislative language to significantly improve the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation. Without reforms, as many as 100 pension plans across the country—including the troubled Central States Pension Fund, which covers those 22,000 Minnesotans—are on track to become insolvent. “There are
Sen. Tina Smith’s First Bill Would Address Unscrupulous Big Pharma Tactic That Prevents Minnesotans from Accessing Affordable Rx Drugs
U.S. Senator Tina Smith’s first standalone piece of legislation—the Expanding Access to Low Cost Generic Drugs Act—takes aim at a big pharma tactic that keeps affordable generic drugs out of the hands of Minnesota families and seniors. Sen. Smith’s bill, which she introduced today and is similar to a policy endorsed by the Trump Administration, gets at the heart of a major concern facing Minnesota families and seniors right now: prescription drug prices. We’re at the point now where around 25 percent of Americans who take prescription drugs report difficulty affording them. And while generic drugs are often a much less
Sen. Tina Smith Questions Five Big Pharma CEOs on Use of Corporate Tax Savings
Today, U.S. Senator Tina Smith questioned a group of major pharmaceutical executives on how they are using billions of their corporate tax cut dollars, expressing concern that the companies may be using the funds to enrich investors through stock “buybacks” and shareholder payouts instead of prioritizing lower prescription drug prices. The Tax Cuts and Jobs Act, signed into law in December, reduced the corporate income tax rate by over 40 percent, providing these companies with a large windfall of corporate tax savings that could be used to bring down costs for consumers or invest in new research and development. However,
Sen. Tina Smith Calls for 2018 Federal Funding Bill to Invest in Minnesotans
As the Senate works on this year’s federal spending bill—often referred to as the appropriations process—U.S. Senator Tina Smith is fighting to prioritize investments in Minnesota families, seniors, and communities. The bill is expected to be released later this month. In a letter sent to leaders of the Senate Appropriations Committee, Sen. Smith said “I look forward to working with you throughout the appropriations process to provide strong funding for programs that support the health, education, safety, and prosperity of Minnesotans.” You can read a full list of her priorities here or below: Dear Chairman Cochran and Vice Chairman Leahy: As the
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