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 Fights to Protect Veterans’ Economic Security
Bipartisan Reform Amends Current Bankruptcy Law to Better Support Veterans and Their Families Experiencing Financial Hardship WASHINGTON, D.C. [03/07/19]—Today, U.S. Senator Tina Smith (D-Minn.) pushed for reforms to current bankruptcy law in order to protect veterans experiencing financial hardship in Minnesota and across the country. The bipartisan Honoring American Veterans in Extreme Need (HAVEN) Act, led by Sens. Tammy Baldwin (D-Wisc.) and John Cornyn (R-Tex.) excludes Veterans Affairs and Department of Defense disability benefits from veterans’ monthly income calculations, preventing those funds from being taken by creditors. “Disability benefits are not a luxury. They are essential for ensuring veterans are compensated for serving our country and making sacrifices,” said Sen. Smith.
U.S. Senators Klobuchar, Smith Fight to Expand Child Tax Credit to Increase Economic Opportunity for Families in Minnesota, Across the Nation
Senators Support Legislation to Improve Child Tax Credit, Reduce Child Poverty WASHINGTON, D.C. [03/07/19]—Minnesota’s U.S. Senators Amy Klobuchar and Tina Smith said today that they are pushing a new tax cut measure that will not only put more money in the pockets of families raising children, but also cut child poverty by an estimated 38 percent in Minnesota and across the country. The American Family Act of 2019—led by Sens. Michael Bennet (D-Colo.) and Sherrod Brown (D-Ohio) would increase the Child Tax Credit to $3,000 per child, with an additional $600 per-year credit for children under six. Further, the measure would make the tax credit fully refundable to allow all families to claim
U.S. Sen. Tina Smith and Bipartisan Group of Senate Colleagues: “Provide Back Pay to Compensate Contractor Employees for Their Lost Wages”
WASHINGTON D.C. [03/08/19]—Today, U.S. Senator Tina Smith continued her fight to secure back pay for federal contract workers who went many weeks without a paycheck during the recent 35-day federal government shutdown by pushing the leaders the Senate Appropriations Committee to include funding for back pay in an upcoming disaster relief package. Unlike federal government employees, who received back pay after they returned to work when the shutdown ended in February, federal contract employees—many of whom serve in modestly-paid jobs—did not receive back pay to make up for the wages they missed. During the shutdown, Sen. Smith led the Senate effort to secure
Approximately 1,000 Minnesotans will be affected by the shuttering of Argosy University’s Eagan Campus
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) and U.S. Representatives Angie Craig (MN-02), Ilhan Omar (MN-05), Collin Peterson (MN-07), and Betty McCollum (MN-04) sent the Department of Education a letter urging Secretary Betsy DeVos to proactively inform Argosy University students about available resources following reports that their 22 campuses are expected to close after the Department’s decision to cut off federal student aid. There are over 1,000 Minnesota students enrolled at Argosy University’s Eagan campus, which is closing its doors today, but the Department has provided students with limited, direct communication about the resources available and their options to
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