Latest Releases
Senators Smith, Warren Ask Key Regulators About Banking System’s Exposure to Crypto Risks after FTX Crash
Washington, D.C. – U.S. Senators Tina Smith (D-Minn.) and Elizabeth Warren (D-Mass.), members of the Senate Banking, Housing, and Urban Affairs Committee, sent letters to three key banking regulators raising concerns about the ties between the banking industry and crypto firms following FTX’s bankruptcy. The senators are asking each regulator, the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), how they assess the banking system’s exposure to crypto risks. “(I)t appears that crypto firms may have closer ties to the banking system than previously understood,” wrote the senators. “Banks’ relationships with crypto firms raise questions about the safety and soundness of our banking system and highlight potential loopholes that crypto firms may try to exploit to gain further access.” Earlier this month, FTX, once one of the world’s largest crypto exchanges valued at $32 billion, its sister company Alameda Research, and 130 affiliated companies declared bankruptcy, triggering a crisis in the crypto market – tanking crypto values and dragging other crypto firms down. The senators note that these companies were not deeply integrated into the traditional banking system, sparing millions of people from potential turmoil – though reports show that crypto firms may have closer ties to the banking system than previously known. Alameda, which reportedly funneled $10 billion from the FTX exchange and into its own coffers under a scheme coordinated by Sam Bankman-Fried and other FTX and Alameda executives, made an $11.5 million investment in Washington state-based
Senator Smith’s Bipartisan Legislation to Provide Transparency for Those Looking to Purchase Popular Long-Term Savings Vehicles Passes Senate
WASHINGTON, D.C. – Today, 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 has passed the Senate. The bill would 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 look forward to working with my colleagues in the House to help get this bill across the finish line and signed into law.” “This commonsense legislation will create a new form for index-linked annuities through the SEC, which will ensure the buyer has all the necessary information when making a decision,” said Tillis. “This legislation is a necessary step for transparency, and I am proud to work on this bipartisan legislation with my colleagues.” 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
U.S. Sen. Tina Smith Announces Support of Bill to Rebuild America’s Schools and Create Nearly 2 Million Jobs
Senator Says Legislation Will Help Make Infrastructure Improvements to Schools in Rural and Urban Areas, Expand Access to Broadband WASHINGTON, D.C. [03/18/19]– U.S. Senator Tina Smith (D-Minn.) believes schools in both rural and urban areas in Minnesota—and across the nation—need strong investments in infrastructure so students can learn in healthy and safe environments, which is why she’s announcing her support for legislation that would provide significant investments to both physical and digital infrastructure in schools across the country. The legislation enjoys widespread support from educators and parent advocacy groups in Minnesota and across the country. The Rebuild America’s Schools Act would create grant and tax bond programs
U.S. Sens. Amy Klobuchar, Tina Smith Push Trump Admin to Provide Farmer Guidance on Republican Tax Law
Urge IRS and Treasury Department to Issue Tax Guidance Promised to Farmers Before Tax Filing Deadline WASHINGTON D.C. [03/18/19]—U.S. Senators Amy Klobuchar (D-Minn.) and Tina Smith (D-Minn.) are pushing the IRS and Department of Treasury to provide farmers long-overdue guidance on the Republican tax law before filing deadlines this year. The GOP tax law passed in 2017 created substantial changes to the federal tax code for certain agricultural cooperatives. Yet despite promises from the Department of Treasury and the IRS that guidance would be issued by the end of 2018, it still has not been delivered. In a letter to IRS commissioner Charles Rettig and
Klobuchar, Smith Announce More Than $3 Million in Grants Throughout Minnesota for Critical Investments in Affordable Housing and Community Development
WASHINGTON D.C. [03/20/19]—U.S. Senators Amy Klobuchar and Tina Smith announced seven separate NeighborWorks grants totaling $3,104,000 for community organizations throughout Minnesota. The grants will help more Minnesota families realize their dream of owning a home, increase access to affordable rental units, provide needed financial and counseling services to households throughout the state, and support the repair or rehabilitation of existing homes. Last year, NeighborWorks-affiliated community development organizations in Minnesota provided these services to more than 18,300 households. “The availability of affordable housing – housing that a family can fit in their budget – is one of the most important issues
U.S. Senator Tina Smith, Senate Democrats Continue Push for Affordable Child Care For Families in Minnesota, Across the Country
Senator Helps Introduce Legislation to Help Families in Minnesota, Across Nation Afford Comprehensive, High-Quality Child Care WASHINGTON, D.C. [02/27/19]—U.S. Senator Tina Smith (D-Minn.)—who last year launched “Child Care Access and Affordability” listening sessions across Minnesota—is continuing her work to ensure families in Minnesota and across the country are able to access high-quality childcare by supporting a comprehensive bill to address the skyrocketing cost of child care. The bill, called the Child Care for Working Families Act, would address child care costs in a number of ways. It would ensure that families do not have to pay a large percentage of their income onchild care and would provide universal access to
English