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. Sen. Tina Smith’s Staff Kicks Off “Health Care Cost Listening Tour”
WASHINGTON, D.C. [07/11/18]—U.S Sen. Tina Smith (D-Minn.) continued her push to make health care more affordable for Minnesotans by deploying her staff to kick off their statewide “Health Care Cost Listening Tour.” The listening sessions will include Minnesota residents, as well as health experts and care providers in discussions of how to make health care more affordable and accessible in Minnesota and across the country. “Without question, the number one issue I hear about most frequently from Minnesotans is the high price of health care,” said Sen. Smith. “Over the coming weeks, my staff will be traveling all over the state to
Sen. Tina Smith Pushes for Stronger Safeguards for Minnesotans Taking Out Expensive Private Student Loans
WASHINGTON [07/13/18]—U.S. Senator Tina Smith (D-Minn.) is pushing to make sure students in Minnesota and across the nation understand all of their options when it comes to taking out private loans to pay for school, which can often be deceptively risky and expensive, especially for inexperienced or first-time borrowers. The “Know Before You Owe Act of 2018” would require schools to provide information to prospective borrowers about federal loan eligibility and benefits before certifying a private loan. The bill would also require schools to confirm the student’s enrollment status and cost of attendance before the private student loan is approved. “The student
Sen. Tina Smith’s Statement on President Trump’s Remarks at Press Conference with Vladimir Putin
WASHINGTON [07/16/18]—U.S. Senator Tina Smith (D-Minn.) released the following statement on President Trump’s remarks while at a press conference with Russian leader Vladimir Putin: “The president’s press conference on his meeting with Vladimir Putin was nothing short of disgraceful. There is no question that Russia attacked our democracy in 2016 by interfering in the election, as our American intelligence community long ago concluded. When asked today to choose between our own country’s intelligence community and Vladimir Putin—the leader of a hostile foreign power—President Trump refused to choose, and instead blamed our own country. This is a shocking development when I
Sen. Tina Smith Introduces Bipartisan Bill to Help Tribes Pursue Justice for Crimes of Sexual Violence Committed by Non-Indian Offenders
WASHINGTON [07/17/18]—U.S. Senator Tina Smith (D-Minn.)—a member of the Senate Indian Affairs Committee—has introduced bipartisan legislation to make sure tribes in Minnesota and across the country are able to prosecute crimes of sexual violence committed by non-Indian offenders. According to the National Institute of Justice, over half of all Native American women—56 percent—and more than one in four men have experienced sexual violence in their lifetimes. And among those, almost all—96 percent of women and 89 percent of men—were victimized by a non-Indian offender. Yet, few survivors ever see justice. The Justice for Native Survivors of Sexual Violence Act—introduced with Senate
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