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Senators Smith, Rounds Reintroduce Bipartisan Bill to Spur Economic Development in Underserved Communities
WASHINGTON – U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD) reintroduced bipartisan legislation to jumpstart economic development in economically distressed areas and address disparities in access to capital for underserved communities. The bill would strengthen and expand Community Development Financial Institutions (CDFI), which play a critical role in bringing capital and financial services to a wide range of underserved communities – from urban areas to small towns and rural communities to Tribal lands. “Unequal access to capital and financial services is a key driver of economic disparity in rural areas, communities of color, and Indigenous communities,” said Sen. Smith. “This legislation will jumpstart economic development in these communities by expanding and enhancing a program with a track record of effective capital investment and community development.” Their legislation—the CDFI Bond Guarantee Program Improvement Act, named for Community Development Financial Institutions–will extend authorization of the CDFI Bond Guarantee Program, while making it more reliable and accessible to smaller CDFIs. This legislation will expand and improve a successful program that operates without a taxpayer subsidy and allows CDFIs to access long-term, stable funding. The CDFI Bond Guarantee Program was enacted in 2010 to provide long-term, low-cost capital to CDFIs, which use the funding for economic development activities in underserved communities. The program’s authorization lapsed in 2014, but it has been extended on a year-by-year basis in annual appropriations bills. Under current program rules, borrowers must have a loan size of at least $100 million – which means that the program can only
Senator Smith, Colleagues Introduce Legislation to Help Make College Textbooks More Affordable
WASHINGTON – Today, U.S. Senators Tina Smith (D-MN), Dick Durbin (D-IL), Angus King (I-ME), and Kyrsten Sinema (I-AZ), along with U.S. Representative Joe Neguse (D-CO-02) introduced bicameral legislation designed to help students manage costs by making high quality textbooks easily accessible to students, professors, and the public for free. The Affordable College Textbook Act would authorize a competitive grant program to support the creation of and expansion of open college textbooks—textbooks that are available under an open license, allowing professors, students, researchers, and others to freely access the materials. “Textbooks are a key part of a college education – but for too many students, their cost is exorbitant and a real strain on their budgets,” said Smith. “In Minnesota, we’ve seen how free, open access textbooks can make a huge difference and save students money—and I want more students to reap these benefits. This bill is a critical step in the effort to lower the cost of college for students.” “Students already are facing momentous barriers to obtaining a college education because of the rising costs of tuition. On top of this, students are expected to shell out additional dollars to purchase expensive, required textbooks for their coursework,” said Durbin. “Open textbooks are a tried and true way to save students money while ensuring they have access to quality instructional materials. I’m introducing the Affordable College Textbook Act again to support students pursuing higher education.” “Textbooks are a central part of a college education – but for students already struggling to
Sen. Tina Smith Urges Trump Administration to Take Immediate Steps to Reunite Children and Families
WASHINGTON D.C. [08/15/18]— U.S. Sen. Tina Smith (D-Minn.) called on the Trump Administration to immediately take action to reunite the over 500 immigrant children still separated from their families. Sen. Tina Smith—along with 16 of her Senate colleagues—stressed to Department of Homeland Security (DHS) Secretary Kirstjen Nielsen how each passing day that DHS fails to reunite separated children with their parents unacceptably traumatizes these children and their families, including causing psychological and physical developmental harms to children. “We call on DHS to take immediate action to locate every deported parent abroad whose separated child remains in government custody,” wrote Sen. Smith
Sen. Tina Smith’s Measure to Support Military Readiness and Conservation Becomes Law
WASHINGTON, D.C [08/16/18]—U.S. Senator Tina Smith’s (D-Minn.) bipartisan effort to fund military readiness and environmental conservation—also supported by her Minnesota colleague Sen. Amy Klobuchar—was recently signed into law by the President. The Readiness and Environmental Protection Integration (REPI) Program helps military facilities across the country, including Minnesota’s Camp Ripley, manage and protect surrounding land to ensure community development does not impede our nation’s military training. Earlier this year, the Army considered reinterpreting the statute that defines a military installation to remove state-owned military facilities, meaning that state-owned National Guard facilities like Camp Ripley would have been unable to receive REPI
Sens. Smith, Warren Raise Questions about Accuracy of Secretary Azar’s Testimony Blaming Pharmacy Benefit Managers for High Drug Prices
WASHINGTON, DC [08/17/18]—Today, U.S. Sens. Tina Smith (D-Minn.) and Elizabeth Warren (D-Mass.) questioned Health and Human Services (HHS) Secretary Alex Azar about his potentially misleading statements during his Senate testimony in which he blamed pharmacy benefit managers (PBMs) and drug distributors for drug manufacturers’ ongoing refusal to meaningfully reduce drug prices. The senators’ letter follows new information obtained from PBMs and drug distributors that directly contradicts the allegations made by Secretary Azar and raises questions about the accuracy of his testimony to Congress. Despite President Trump’s promises that drug companies would voluntarily enact “massive” price cuts, there have been no significant drug price
U.S. Sens. Tina Smith, Amy Klobuchar Honor the Storied Life of Minnesota’s First Female Member of Congress, Coya Knutson, with Senate Resolution
MINNESOTA [08/22/18]— Today, Minnesota’s U.S. Sens. Tina Smith and Amy Klobuchar honored the storied life of Minnesota’s first female member Congress, Coya Knutson, with a Senate Resolution heralding her life as a trailblazer who, despite great obstacles when she served in the 1950s, succeeded in making a difference for the families and communities in her state. You can read a copy of the Resolution here. The resolution, offered Wednesday on what would have been Knutson’s 106th birthday, notes that after arriving in Washington, D.C in 1954, she convinced Speaker Sam Rayburn to appoint her to be the first woman ever to serve on the House
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