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Senator Smith, Grassley Introduce Bipartisan Legislation to Research the Impact of Consolidation on Livestock Farmers and Ranchers
WASHINGTON – Today, U.S. Senators Tina Smith (D-MN) and Chuck Grassley (R-IA), introduced bipartisan legislation to support research into the impact of livestock market consolidation on farmers, ranchers, and consumers in an effort to better understand the problem and craft effective solutions. “Just a handful of large companies have come to dominate the meat and poultry processing industry, which means higher prices for consumers and shrinking earnings for farmers,” said Sen. Smith. “This bipartisan bill would uncover the impact of this consolidation on farmers and consumers and help us create the best possible solutions to fix the problem. I look forward to working with Senator Grassley and my colleagues on both sides of the aisle to pass this legislation as part of the Farm Bill.” “This type of measure is long overdue. Iowa producers are well aware of the downsides of consolidation in the meat industry,” said Sen. Grassley. “Their returns on hard work are getting squeezed more every year all consumers pay more at the grocery stores. I’m glad to work in a bipartisan way with Senator Smith as we continue trying to address this problem.” “Farmers Union launched the Fairness for Farmers campaign to call attention to the increasingly consolidated agricultural marketplace where the four largest beef packers control 85 percent of beef packing and the farmer’s share of the food dollar has dropped from 50 percent in 1952 to less than 16 percent today,” said Minnesota Farmers Union (MFU) President Gary Wertish. “Sen. Smith’s bill will help
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
U.S. Senator Tina Smith Honors Grand Portage Chairman Norman Deschampe with Senate Tribute
U.S. Senator Tina Smith Honors Grand Portage Chairman Norman Deschampe with Senate Tribute WASHINGTON, D.C. [02/27/19]—Today, U.S. Senator Tina Smith (D-Minn.) honored the legacy and contributions of Grand Portage Chairman Norman W. Deschampe, who recently passed away. Praising his leadership, Sen. Smith cited the numerous issues Deschampe championed in his more than 40 years of service to the Grand Portage Band, serving 27 of those years as Chairman. Sen. Smith’s tribute follows Governor Tim Walz’s declaration of February 26, 2019 as Norman Deschampe Day. “Norman Deschampe’s legacy includes a longstanding commitment to supporting the health, education, and economic development of the Grand Portage Band,” wrote Sen. Smith, a
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