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 Leads Bipartisan Call to Extend Enrollment Period for Margin Protection Program to Help Dairy Farmers in Minnesota, Across the Country
WASHINGTON, D.C. [05/31/18]—Today, U.S Senator Tina Smith (D-Minn.) led a bipartisan effort—joined by Sen. Amy Klobuchar—to help more dairy farmers in Minnesota and across the country by calling on the U.S. Department of Agriculture (USDA) to extend the June 1 deadline to enroll in the improved Margin Protection Program (MPP), which helps dairy producers weather difficult years and prevent further losses on their farms and in the rural communities they support. The MPP was created in the last Farm Bill in order to give farmers more stability as milk or feed prices change, but improvements were needed as milk prices
Sen. Tina Smith Tells Senate Agriculture Committee Leaders that Farm Bill Energy Programs Are Key to Reviving Lagging Farm Economy
WASHINGTON, D.C [06/04/18]—As the Senate prepares to begin work on the 2018 Farm Bill, U.S Senator Tina Smith, today told the leaders of the Senate Agriculture Committee that expanded use of renewable fuels and increased investment in rural energy programs will be key to creating jobs and reviving the nation’s lagging farm economy. In a letter Monday to Committee Chairman Pat Roberts (R-KS), and Ranking Member Debbie Stabenow (D-MI), Sen. Smith, led a bipartisan group of a committee members in calling for improvements and strong funding in the program’s that make up the Energy section of the Farm Bill when
Sen. Tina Smith and Colleagues Introduce Bill to Ensure Trump Administration Complies with Buy America Laws
WASHINGTON, D.C. [06/06/18]—Today, U.S. Senator Tina Smith (D-Minn.) introduced legislation alongside five of her colleagues that requires federal agencies to publicly release reports on their compliance with and options to improve our nation’s Buy America laws. “I believe that taxpayer funds should go to U.S. companies to create American jobs, not overseas to foreign companies. Families across the country deserve to know the truth about how their taxpayer dollars are being used,” Sen. Smith said. “By making sure federal agencies issue public reports on their compliance with Buy America laws, Minnesotans and lawmakers alike will be able to judge for themselves who
Sen. Tina Smith in First Senate Floor Speech: “When Women Are Empowered to Contribute, We All Benefit”
WASHINGTON, D.C. [06/05/18]—Today, U.S. Senator Tina Smith delivered her first Senate floor speech. In her remarks, Sen. Smith talked about the path that brought her to the Senate, and some of the injustices that hold women back—many of which start in Washington. You can download video of Sen. Smith’s speech here, and a photo of Sen. Smith, her husband Archie, and her father Harlan here. “My presence here in the Senate will always be seen by some as a symbol of the ‘broader conversation’ we’re having about the experience of women in America,” said Sen. Smith. “And so I thought I’d give my perspective
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