Latest Releases
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
Klobuchar, Smith Statements on Confirmation of Jerry Blackwell to be U.S. District Court Judge
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) issued the following statements after the Senate confirmed Jerry Blackwell to serve as a United States District Court Judge for the District of Minnesota. Blackwell has more than three decades of legal experience and was highly recommended by the judicial selection committee Senators Klobuchar and Smith convened to assist them in providing a recommendation to President Biden. “Jerry Blackwell is one of the most widely respected and accomplished members of the Minnesota legal community. With nearly 35 years of trial practice– including the successful prosecution of the murder of George Floyd – I’m confident he has the qualifications and experience needed to be an excellent U.S. District Court Judge,” said Klobuchar. “As a member of the Senate Judiciary Committee, I fought to advance his nomination through the Senate, and I thank my colleagues on both sides of the aisle for their support of this outstanding nominee.” “Jerry Blackwell’s confirmation is an exciting event for Minnesota,” said Smith.“His dedication to equal justice and distinguished record as an attorney and leader in Minnesota’s legal community make him exceptionally well-qualified for this position, and I congratulate him on his confirmation.” Blackwell was appointed by Minnesota Attorney General Keith Ellison to serve as a Special Assistant Attorney General during the trial of former Minneapolis Police Officer Derek Chauvin for the murder of George Floyd. Since 2005, he has also worked as a founding partner of Blackwell Burke P.A., where he has litigated numerous
U.S. Sens. Smith, Merkley Introduce Bill to Protect Consumers From Predatory Rent-to-Own Housing Contracts
Senators’ Legislation Would Establish Standards for Predatory Rent-to-Own Contracts, Which Have Traditionally Targeted Underserved Communities and Lower-Income Americans WASHINGTON, D.C. [02/27/19]—U.S. Senators Tina Smith (D-Minn.) and Jeff Merkley (D-Ore.) have introduced the Residential Rent-to-Own Protection Act to protect consumers in Minnesota and across the country from predatory rent-to-own housing contracts. Their measure would allow rent-to-own residents—many of whom are often people of color or low-income Americans—to seek damages from landlords who violate contracts and put protections in place to ensure these residences are safe. “Rent-to-own contracts can create valuable pathways to homeownership and security, but they don’t always protect consumers. We want
U.S. Senator Tina Smith Honors Grand Portage Chairman Norman Deschampe with Senate Tribute
U.S. Senator Tina Smith Honors Grand Portage Chairman Norman Deschampe with Senate Tribute WASHINGTON, D.C. [02/27/19]—Today, U.S. Senator Tina Smith (D-Minn.) honored the legacy and contributions of Grand Portage Chairman Norman W. Deschampe, who recently passed away. Praising his leadership, Sen. Smith cited the numerous issues Deschampe championed in his more than 40 years of service to the Grand Portage Band, serving 27 of those years as Chairman. Sen. Smith’s tribute follows Governor Tim Walz’s declaration of February 26, 2019 as Norman Deschampe Day. “Norman Deschampe’s legacy includes a longstanding commitment to supporting the health, education, and economic development of the Grand Portage Band,” wrote Sen. Smith, a
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