By David Shepardson
WASHINGTON (Reuters) – Michigan Senator Debbie Stabenow, the chair of the Agriculture Committee and a key lawmaker on electric vehicles and cryptocurrency policy, said Thursday she would not seek re-election in 2024.
Stabenow, a Democrat, is in her fourth term in the US Senate.
Stabenow’s seat could be crucial in controlling the Senate in 2205. Democrats currently control the Senate by a slim 51-49 majority, but have 23 seats to defend in the 2024 election — including the seats of three independents who vote with Democrats — while Republicans have 10 seats to defend.
Stabenow wrote legislation in 2007 to create a US government auto loan program that helped fund low-emission vehicle production for Ford Motor, Tesla, and Nissan, and was a key proponent of the government bailout of General Motors and Chrysler in 2008.
Stabenow, a senior member of the Senate Finance Committee, was a proponent of expanding EV tax credits and had supported President Joe Biden’s unsuccessful efforts to increase credits for union-made EVs.
Stabenow will help negotiate a massive five-year farm spending bill in the coming months that will fund the US public food allowance and soft commodity programs.
The current $428 billion farm bill expires on September 30.
“The climate crisis is real. Millions of Americans, including millions of children, are food insecure,” she told Reuters in November.
About 75% of farm bill funds go to anti-hunger programs, including the Supplemental Nutrition Assistance Program (SNAP), also known as food stamps. USDA data shows that approximately 41 million people received SNAP benefits in 2022.
In November, Stabenow said Congress must pass legislation requiring lawmakers to provide “necessary safeguards for the digital commodities market” following the collapse of cryptocurrency exchange FTX.
(Reporting by David Shepardson; Editing by Marguerita Choy)
Source: Crypto News Deutsch