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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
Merkley, Senators Introduce Bill to Make Public Transit Cleaner, Healthier, More Affordable
WASHINGTON, D.C. – Oregon’s U.S. Senator Jeff Merkley, along with Senators Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Bernie Sanders (I-VT), Cory Booker (D-NJ), and Kamala Harris (D-CA), today introduced a bill that would provide transit authorities with zero-interest loans to purchase electric buses—curbing emissions among the top source of greenhouse gas pollution in the United States, and cutting fleet maintenance costs by tens of thousands of dollars. “Climate chaos is threatening our future, and we need to act boldly and quickly to stop it,” Merkley said.“Electric buses mean lower operating costs as well as better health and less pollution, but
U.S. Senator Tina Smith: Education Department Taking a Step in the Right Direction for Teachers to Receive Promised Aid
WASHINGTON, D.C. [12/10/18]–Today, U.S. Senator Tina Smith (D-Minn.) released the following statement after the Education Department announced it will be instituting a process to help teachers who have been unfairly forced to repay thousands of dollars after grants they received were later, and often erroneously, converted to loans. “This is a great first step for all the teachers who have been fulfilling the service requirements for the TEACH Grant program, but who had their grants converted into loans—with back interest due—because of minor paperwork issues related to the overly complicated annual certification process,” said. Sen. Smith. “This annual paperwork process must be
U.S. Senator Tina Smith Lauds Bipartisan Farm Bill Deal; Says it Gives Farmers Much-Needed Certainty
WASHINGTON, D.C. [12/11/18]—Today, U.S. Sen. Tina Smith (D-Minn.)—who took a leading role in making sure Minnesota priorities are included in the 2018 Farm Bill as a member of the Senate Agriculture Committee—was pleased to see House-Senate negotiators finalize the new Farm Bill for farmers, ranchers, foresters, rural communities, and tribes. Sen. Smith has repeatedly called for Congress to pass a strong, bipartisan Farm Bill and send it to the President’s desk. You can read the full committee report here. “Farmers and ranchers—who face enough uncertainty with low farm prices and trade uncertainties—deserve the certainty that this bipartisan Farm Bill provides,” said Sen. Smith. “I was proud to work on several provisions in this
U.S. Sens. Tina Smith, Jerry Moran Introduce Bipartisan Bill to Make Life-saving Oral Cancer Medications More Affordable
WASHINGTON, D.C. [12/12/18]—Today, U.S. Sens. Tina Smith (D-Minn.) and Jerry Moran (R-Kansas) introduced legislation—also supported by Sens. Chris Murphy (D-Conn.) and Roger Wicker (R-Miss.)—to make sure oral cancer drugs are covered in the same way as traditional (IV) chemotherapy to bring down costs for Americans suffering from cancer. Sens. Smith and Moran said their bipartisan bill, the Cancer Drug Parity Act, is needed to make sure that health insurance plans fairly cover advances in oral cancer medication. Currently, over 40 states—including both Minnesota and Kansas—and the District of Columbia have passed “oral parity” laws that stop insurers from charging more for
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