Latest Releases
U.S. Senator Tina Smith Joins Elizabeth Warren, Banking Committee Democrats in Pressing SEC Chair to Require Disclosure of Corporate Lobbying Expenditures
Washington, D.C. — Today, U.S. Senators Tina Smith (D – Minn.), Sherrod Brown (D-Ohio.), Jon Tester (D-Mont.) and John Fetterman (D-Pa.) signed onto a letter led by Senator Elizabeth Warren (D – Mass.) urging Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), to create new rules requiring public companies to disclose their spending on lobbying efforts. Public companies are not currently required to report information on the details of their lobbying to the SEC even as corporate lobbying expenditures reach record highs. “In 2022, total federal lobbying expenditures reached $4.1 billion – the highest since 2010. Amazon and Meta spent almost $20 million each to influence decision-making in Congress and across government agencies, while the U.S. Chamber of Commerce – which counts companies like JPMorgan Chase, Alphabet, and Chevron among its members – spent $79.4 million,” wrote the senators. “While these figures are staggering, they provide little insight into the interests that companies spend millions each year to advance. This lack of transparency erodes the ability of everyday investors to make informed decisions about where to invest their money – and where their money goes once they have invested.” Specifically, the senators are requesting that such rules require disclosure of lobbying strategy, the total amount of direct or indirect contributions to registered state and federal lobbyists and any material risks related to or arising from lobbying strategies and expenditures. The senators requested the SEC provide them with details on their plans to develop and issue such rules no later than
U.S. Senators Tina Smith, Tom Cotton Reintroduce Bipartisan Legislation to Boost U.S. Pharmaceutical Manufacturing
WASHINGTON, D.C. — Today, Senators Tina Smith (D-MN) and Tom Cotton (R-AR) reintroduced bipartisan legislation to reduce dependence on foreign pharmaceutical manufacturing and boost production in the U.S. The pandemic exposed our nation’s dependence on other countries for essential prescription drugs. Seventy-seven percent of key pharmaceutical ingredients come from overseas, including from China, threatening the security of the supply chain and leading to shortages of essential prescription drugs. The American Made Pharmaceuticals Act would reduce our dependence on foreign countries for pharmaceuticals by boosting production here at home. The legislation would create federal incentives to onshore manufacturing of essential medicine, while taking steps to shore up links in the supply chain. “We know that depending on foreign countries for key resources – whether it’s oil or medicine – leaves us vulnerable to global supply chain shocks and shortages,” said Sen. Smith. “This bipartisan legislation would reduce our dependence on foreign pharmaceutical manufacturing and help boost production here at home. I look forward to getting this bill across the finish line so we can relieve prescription drug shortages and build more resilient supply chains.” “The Chinese Communist Party threatened to cut off America’s access to vital drugs during the pandemic,” said Sen. Cotton. “It’s time to bolster onshore manufacturing of pharmaceuticals to ensure Americans never have to rely on China for lifesaving medicine.” “Amneal applauds Senators Smith and Cotton on their targeted approach to increase pharmaceutical manufacturing here in the United States,” said Chirag Patel, President & Co-CEO of Amneal Pharmaceuticals. “Ensuring that
U.S. Senator Tina Smith Calls for Action to Protect Homebuyers from Predatory Lending
WASHINGTON, D.C. [05/13/19]—U.S. Senator Tina Smith (D-Minn.) is calling on the Consumer Financial Protection Bureau (CFPB)—to improve protections for Minnesotans and Americans purchasing manufactured homes, after hearing from multiple consumer advocates that unwitting home buyers are often steered toward higher-cost loans. Sen. Smith—a member of the Senate Banking, Housing, and Urban Affairs—and eight of her Senate colleagues highlighted the lack of transparency manufactured homebuyers face when it comes to lending practices in a letter to CFPB Director Kathy Kraninger. The letter was led by Sen. Catherine Cortez Masto (D-Nev.). “Typically, the majority of consumers who have not
Klobuchar Introduces Legislation to Provide Relief to Those Caring for Aging Relatives
WASHINGTON D.C. [05/10/2019] – U.S. Senator Amy Klobuchar (D-MN) reintroduced the Americans Giving Care to Elders (AGE) Act to provide financial relief to caregivers by creating a tax credit for the costs of caring for an aging relative. The AGE Act would allow families to qualify for a tax credit to help offset expenses—ranging from purchasing assistive technologies and devices, respite care, to making necessary home modifications—of up to $6,000 per year. Klobuchar first introduced the AGE Act in 2015. The bill is co-sponsored by Senators Mazie K. Hirono (D-HI), Tina Smith (D-MN), and Dianne Feinstein (D-CA). “We know that caregiving can be extremely expensive—especially when family
U.S. Senator Tina Smith Pushes for Prescription Drug Pricing Transparency
WASHINGTON, D.C. [05/09/19]—Today, U.S. Senator Tina Smith (D-Minn.) helped introduce bipartisan legislation to combat skyrocketing prescription drug prices. The Fair Accountability and Innovative Research (FAIR) Drug Pricing Act would require drug manufacturers to disclose and provide more information about planned drug price increases, including research and development costs. Increased transparency will help provide much-needed context for taxpayers, consumers, and policymakers about the costs and value of medications, and may also incentivize companies to reassess the long-standing practice of relentless drug price increases. The bill was led by Sens. Tammy Baldwin (D-Wisc.) and Mike Braun (R-Ind.), and Sen. Lisa Murkowski (R-Alaska) is a cosponsor. I’ve traveled around Minnesota to talk
U.S. Senator Tina Smith, U.S. Representative Ben Ray Luján Introduce Legislation to Establish Federal Clean Energy Standard
WASHINGTON, D.C. [05/08/19]—Today, U.S. Senator Tina Smith (D-Minn.) and U.S. Representative Ben Ray Luján (D-N.M.), the U.S. House Assistant Speaker, introduced the Clean Energy Standard of Act of 2019, which would establish a federal Clean Energy Standard (CES), to put our nation on course to achieve net-zero emissions from the electric sector by midcentury to fight climate change. Sen. Smith and Rep. Luján said the science is clear—tackling the climate crisis requires serious and quick action to reduce greenhouse gas emissions. One of the immediate actions necessary to reduce emissions produced when we generate electricity, and the measures they introduced
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