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 Introduces Bill to Help Veterans Get Care for Hearing Loss, Their Most Common Service-Related Health Issue
WASHINGTON [07/18/18]—Today, U.S. Senator Tina Smith (D-Minn.) introduced legislation to reduce the red tape many veterans face when trying to get care for hearing loss as a result of their service—something many veterans say is an enormous burden despite being the most common service-connected ailment. Sen. Smith heard about this problem through her office’s veterans’ health care tour, which visited some 10 communities throughout Minnesota to hear what health challenges veterans are facing. You can access a summary of the bill here and text of the bill here. Currently, veterans receiving benefits through the VA must document hearing loss or tinnitus incurred while in
Sen. Tina Smith’s Statement on Extension of Humanitarian Protections For Somali Nationals
WASHINGTON [07/19/18]—Today, U.S. Senator Tina Smith released the following statement after the Department of Homeland Security heeded the call and granted an extension of humanitarian protections for hundreds of Somali nationals who have taken refuge in our nation—including many in Minnesota—to escape civil war, human rights abuses and violence in their home country. “This is a relief for hundreds of people who would have been forced to leave this country—including many in Minnesota,” said Sen. Smith. “I’m glad the Department of Homeland Security heeded the call to extend humanitarian protections for Somalia for 18 months, and now it’s time to work on a long-term solution.”
Sen. Tina Smith: Farmers Shouldn’t Bear Burden of President Trump’s Tariff Increases
WASHINGTON [07/23/18]—Today, U.S. Senator Tina Smith (D-Minn.) shared concerns with top officials in the Trump administration about the effects the President’s recent tariff increases will have on farmers in Minnesota and across the country. Sen. Smith believes that the United States must take action to address trading practices that threaten U.S. jobs. However, she believe such actions must be done in a thoughtful, strategic way. In a letter to USDA Secretary Sonny Perdue and U.S. Trade Representative Robert Lighthizer, Sen. Smith—a member of the Senate Agriculture Committee—called for the Trump Administration to provide clear answers to farmers, ranchers, and the
Sen. Tina Smith’s Provisions to Improve Career and Technical Training Pass Senate
WASHINGTON, D.C [07/24/18]—U.S. Senator Tina Smith (D-Minn.) said today that several provisions she authored to improve career and technical education passed a key hurdle with Senate passage Monday night. The bill would expand opportunities for young people who are looking for high-skill jobs that don’t require a four-year college degree. The bill passed with bipartisan support in the Senate Monday night. “Every student should be able to get the skills necessary to prepare for their future and create opportunity—but that doesn’t mean everyone wants to or has to go to a four-year college,” said Sen. Smith, a member of the Senate Education Committee. “This bipartisan bill
English