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’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
Sen. Tina Smith Condemns Trump Administration’s Damaging Changes to Family Planning Program
WASHINGTON, D.C. [07/31/18]—Today, U.S. Senator Tina Smith (D-Minn.) condemned a Trump Administration proposal that would make it harder for millions of women to access quality health care from providers they know and trust. Sen. Smith, along with 45 of her Senate colleagues, called on Health and Human Services (HHS) Secretary Alex Azar to reverse course on the planned changes to the Title X family planning program and protect the care families need. “We are deeply concerned the Trump-Pence Administration’s proposed rule to update the Title X program includes a number of significant changes that run counter to Congress’s intent in establishing the
Sen. Tina Smith’s Priorities to Improve Career and Technical Training Become Law
WASHINGTON, D.C [07/31/18]—U.S. Senator Tina Smith’s (D-Minn.) priorities to expand workforce development were signed into law by the President today. After passing in both houses of Congress, several measures championed by Sen. Smith—aimed at helping Minnesotans and Americans get the training they need to land careers in high-demand fields—became law as part of bipartisan education legislation. “Not everyone wants to or has to go to a four-year college, but everyone should be able to get the skills necessary to lead their own lives and create opportunity for themselves and their families,” said Sen. Smith, a member of the Senate Education Committee. “My
Sen. Tina Smith’s Bill Would Help Students Access Mental Health Services in Schools
WASHINGTON, D.C. [08/02/18]—U.S Senator Tina Smith (D-Minn.) is pressing for new legislation to make sure students in schools across the nation are able to access the mental health services they need, where they are. Young people experience mental health conditions about as often as adults—about 1 in 5 struggle with severe mental health problems—but they often have a hard time getting services. Schools are an ideal setting to identify students who need mental health services and quickly connect them with help. Sen. Smith’s bill—the Mental Health Services for Students Act—would help schools partner with local mental health providers to establish on-site, mental
English