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
U.S. Senator Tina Smith Continues Fight For Bill to Ensure Women Get Equal Pay for Equal Work
WASHINGTON, D.C. [01/30/19]—Today, U.S. Senator Tina Smith (D-Minn.) helped reintroduce the Paycheck Fairness Act, which would strengthen equal pay laws. The bill would also close loopholes so that women can challenge pay discrimination and hold employers accountable. “Women deserve equal pay for equal work,” said Sen. Smith. “We’ve made important progress, but there’s more work we must do—particularly for women of color. The Paycheck Fairness Act gets right to the root of that work toward full equity and I’m proud to support this legislation for women and their families.” “The Paycheck Fairness Act is an important next step towards achieving pay equity, and ultimately, true gender equity in
U.S. Senator Tina Smith Announces Minnesota Lieutenant Governor Peggy Flanagan as State of the Union Guest
Washington, D.C. [01/31/19]—Today, U.S. Senator Tina Smith (D-Minn.) said that Minnesota Lieutenant Governor Peggy Flanagan will be her guest at the President’s State of the Union Address on Tuesday, February 5 in Washington, D.C. Prior to serving in the United States Senate, Sen. Smith also served as Lieutenant Governor of Minnesota. Lt. Gov. Flanagan, a member of the White Earth band of Ojibwe, is currently the nation’s highest-ranking Native woman ever elected to executive office. She was one of the first Minnesotans Sen. Smith reached out to during the start of the recent 35-day government shutdown. The two have discussed how harmful
U.S. Senator Tina Smith Helps Lead Bipartisan Efforts to Address Violence Against Native Communities
WASHINGTON, D.C. [1/31/19]—Today, U.S. Senator Tina Smith (D-Minn.) continued pressing for action to address violence against Native communities when she—along with Senators Tom Udall (D-N.M.) and Lisa Murkowski (R-Alaska)—introduced two major, bipartisan bills to address violence against Native women, children, and tribal law enforcement: the Justice for Native Survivors of Sexual Violence Act and the Native Youth and Tribal Officer Protection Act. The Violence Against Women Reauthorization Act of 2013 restored the ability of tribes to arrest and prosecute non-Indian offenders for acts of domestic violence committed on tribal lands, but it did not restore tribal authority to arrest or prosecute crimes of sexual violence, threatened
Bill to Ensure Back Pay for Federal Contractor Employees Secures Bipartisan Support
WASHINGTON, D.C. [02/01/19]—Today, legislation to secure back pay for the federal contractor employees who went without pay during the recent government shutdown garnered bipartisan support thanks to Senator Susan Collins (R-Maine) cosponsoring a bill led by Senator Tina Smith (D-Minn.). “I want to thank my colleague Senator Collins for supporting the effort to make sure Americans who work shoulder to shoulder with federal employees receive back pay,” said Sen. Smith. “These are people who are often invisible—working in cafeterias, cleaning offices after others go home, and keeping our buildings safe—and they deserve back pay. This bill is trying to fix that, and
English