Latest Releases
U.S. Senator Tina Smith’s Bipartisan Legislation to Provide Transparency For Those Looking to Purchase Popular Long-Term Savings Vehicles Signed Into Law
WASHINGTON, D.C. – 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 was signed into law as part of the bipartisan government funding bill. The law will 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 am proud of our work to get this bill across the finished line and signed into law.” 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 Annuities Act offers a model for how disclosures can be designed with the needs of investors in mind. By directing the SEC to develop a tailored RILA registration form, the bill will help ensure that investors have the information they need to determine whether the product makes sense for their
U.S. Senator Tina Smith Announces Significant Federal Funding for Tribal Nations and the Native Community in the Twin Cities
WASHINGTON D.C. [1/13/23] –– U.S. Senator Tina Smith (D-Minn.) announced that she helped secure over $8.6 million for Minnesota Tribal Nations and communities in the Twin Cities metro area. These funds will support the Lower Sioux Indian Community, the Leech Lake Band of Ojibwe, the Shakopee Mdewakanton Sioux Community, the Prairie Island Indian Community, the Indian Health Board of Minneapolis, and the Native American Community Clinic. Senator Klobuchar also worked to secure this funding. “For too long, Native communities have experienced negative impacts of federal underinvestment and underfunding of critical services. I’m proud to have worked with Tribal leaders to help secure funding for projects that will address some of these disparities,” said Senator Smith. “These are significant investments that will increase access to Indigenous health services, expand Tribal housing opportunities, and invest in clean energy, carbon reduction, and protecting waters. I look forward to seeing all the good these projects will do for Minnesota’s Tribal and Native communities.” This federal funding will help further the following priorities: Expanding health care access and upgrading health care facilities: $2.25 million for the Indian Health Board in Minneapolis to support the Menaandawiwe Wellness Campus vision to provide traditional healing methods and establish a connection to nature for Native people living in the Twin Cities metro area. $1 million to expand the Native American Community Clinic’s capacity by adding ten additional medical rooms, five dental exam rooms, expanded laboratory and diagnostic services, and establish a better clinic flow to improve efficiency. $850,000 for the Leech Lake
Bipartisan, bicameral bill from Sens. Coons, Risch, Smith, Gardner & Reps Luján, Fleischmann, Hultgren, Lipinski supports small business innovation
WASHINGTON – U.S. Senators Chris Coons (D-DE), James Risch (R-ID), Tina Smith (D-MN), and Cory Gardner (R-CO) and U.S. Representatives Ben Ray Luján (D-NM), Chuck Fleischmann (R-TN), Randy Hultgren (R-IL), and Daniel Lipinski (D-IL) today introduced the Promoting Small Business Innovation through Partnerships with National Labs Act, which allows small businesses to gain access to premier facilities at the national labs, spurring innovation and stimulating the culture of private-public collaboration. Small businesses are the lifeblood of the American economy. However, the cost of investing in necessary but expensive capital equipment often prohibits small businesses from pursuing truly innovative ideas and developing
Sen. Tina Smith Says Minnesotans Deserve to Know How Drug Companies Are Using Billions in Tax Breaks
WASHINGTON, D.C. [05/17/18]—Today, U.S. Senator Tina Smith is introducing legislation that would require pharmaceutical companies to share with Minnesotans and people across the country how they’re using the billions of dollars in tax breaks they received as a result of the Republican tax bill. The GOP tax law provided pharmaceutical companies with large windfalls that could have been used to bring down costs for consumers. But earlier this year, news reports showed that some top pharmaceutical companies used a large chunk of their tax cuts to benefit investors and drive up stocks. Sen. Smith’s bill—the Disclosing Pharmaceutical Company Windfall Profits Act—would make
Sen. Tina Smith Pressing for Senate Hearing on Novartis Payments to Trump Lawyer Michael Cohen
WASHINGTON, D.C. [05/17/18]—U.S. Senator Tina Smith (D-Minn.) is calling for a full investigation of the payments Novartis made to President Trump’s personal attorney Michael Cohen and is asking the leaders of the Senate Health Committee to hold a hearing with the CEO of Novartis as the key witness. Sen. Smith expresses concern that the payments may have played a role in shaping the Trump Administration’s positions on issues affecting Novartis and other drug makers, including importation of cheaper drugs from abroad. You can read a copy of the letter Sen. Smith sent by clicking here. “Discovery of these payments comes at
Sen. Tina Smith Condemns Secretary DeVos Dismantling Protections Against Predatory Practices by For-Profit Colleges
WASHINGTON, D.C. [05/25/18]—U.S Senator Tina Smith (D-Minn.) joined 28 of her colleagues in condemning Education Secretary Betsy DeVos’ dismantling of a crucial office designed to protect students against predatory practices by for-profit colleges. Tasked with investigating schools that cheat, mislead, or defraud students, recent media reports have indicated staff and resources of the Department of Education’s Student Aid Enforcement Unit are being systematically reduced by Secretary DeVos. This is occurring while Secretary DeVos has simultaneously hired former executives from for-profit colleges that were previously under investigation by the same unit. “It is critically important that the Department fulfill its mission to protect students in higher
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