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Market News Michigan Democratic Senator Stabenow will not seek re-election in 2024

Michigan Democratic Senator Stabenow will not seek re-election in 2024

Senator Debbie Stabenow of Michigan, the leader of the agricultural committee and a significant figure in legislation pertaining to cryptocurrencies and electric car regulation, said on Thursday that she will not run for reelection in 2024.

Jimmy Khan
2023-01-06
287


Democrat Stabenow is serving her fourth term in the U.S. Senate

The Senate's ability to be in charge in 2205 may depend on Stabenow's position. Democrats now have a slim 51-49 majority in the Senate, but they will have to defend 23 seats in the 2024 election, including those of three independents who join their caucus. Republicans will have to defend 10 seats.


Stabenow was a leading supporter of the government's 2008 rescue of General Motors and Chrysler and drafted legislation in 2007 to establish a U.S. government car loan program that assisted in funding the manufacturing of low-emissions vehicles for Ford Motor, Tesla, and Nissan.


Stabenow, a senior member of the Senate Finance Committee, has endorsed President Joe Biden's failed attempt to increase benefits for EVs built in unions and has advocated for the expansion of electric car tax credits.


A sizable agricultural spending package that covers U.S. public food assistance and farm commodities programs is approved every five years, and Stabenow will assist in leading discussions over that measure in the next months.


On September 30, the $428 billion agriculture bill in effect expires.


"There is a climate crisis. She told Reuters in November that millions of Americans, including millions of children, experience food insecurity.


The Supplemental Nutrition Assistance Program (SNAP), popularly known as food stamps, receives around 75% of farm bill funding. According to USDA figures, 41 million individuals will have used SNAP in 2022.


In response to the demise of cryptocurrency exchange FTX, Stabenow said in November that Congress must enact laws to provide "essential protections to the digital commodities market."

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