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
U.S. Senator Tina Smith’s Statement on Continued Fight to Secure Back Pay for Federal Contract Workers
WASHINGTON, D.C. [02/13/2019]—Tonight, U.S. Senator Tina Smith (D-Minn.) released the following statement highlighting the need to secure back pay for federal contractor employees who went without pay during the recent government shutdown. Sen. Smith expressed disappointment that reports indicate her bipartisan legislation is not included in the budget agreement to avoid another shutdown, but said she will keep fighting for these workers. “During the longest federal government shutdown in history, thousands of Americans who serve as contractors to the federal government lost over one month’s pay, through no fault of their own. These are people who work as security guards and clean office buildings, and work
U.S. Senator Tina Smith, Colleagues Introduce Fair Compensation for Low-Wage Contractor Employees Act
WASHINGTON, D.C. [01/16/19]—Today, U.S. Senator Tina Smith (D-Minn.), along with her colleagues Sens. Sherrod Brown (D-Ohio), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Ben Cardin (D-Md.), and Tim Kaine (D-Va.), introduced legislation to secure back pay for the federal contractor employees who continue to go without pay during the current government shutdown. The bill—the Fair Compensation for Low-Wage Contractor Employees Act—aims to help low-wage federal contractor employees—including janitorial, food, and security services workers—who have been furloughed or forced to accept reduced work hours as a result of the government shutdown. You can read a summary of the bill here, and you can
U.S. Sen. Tina Smith, Colleagues Push to End Shutdown Citing Over 4 Million Who Rely on Affordable Housing Programs
WASHINGTON, D.C. [1/18/19]–Yesterday, U.S. Senator Tina Smith (D-Minn.), in a letter to President Trump signed by her and over 170 Members of Congress, emphasized the direct and immediate consequences of the shutdown on housing security for millions of households across the country. Both the short-term operations and long-term viability of affordable housing programs are dependent on Housing and Urban Development’s (HUD) rental assistance initiatives. An estimated 2.2 million low-income households are among those at risk of eviction, including housing for thousands of veterans, seniors, and people living with disabilities. The letter was spearheaded by Sen. Mark R. Warner (D-Va.) and Rep.
U.S. Senators Klobuchar, Smith Seek Information on How Shutdown is Hurting Ability to Protect Americans From Robocallers and Scammers
WASHINGTON, D.C. [01/24/19]—U.S. Senators Amy Klobuchar (D-Minn.) and Tina Smith (D-Minn.) urged the Federal Trade Commission (FTC) to provide more information on how the shutdown is impeding the agency’s ability to protect consumers in Minnesota and across the country from robocallers and scammers. This month, reports indicated that the government shutdown could cause illegal and scamming robocalls to rise dramatically because the FTC is unable to administer key consumer protection programs or take enforcement action against bad actors. On Wednesday, Sens. Klobuchar and Smith joined an effort led by Sen. Richard Blumenthal (D-Conn.) to call for FTC guidance on how to assist constituents hurt by robocalls and scams during
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