Latest Releases
U.S. Senator Tina Smith Releases New Report on Solutions to the Home Insurance Crisis
WASHINGTON – Today, U.S. Senator Tina Smith (D-MN), the lead Democrat on the Senate Housing Subcommittee, released a new report, Bold Solutions to the Home Insurance Crisis. It examines the nationwide crisis of rising home insurance costs, the role of climate-change-driven extreme weather events, and policy solutions that would tackle this affordability crisis. Across the country, Americans are increasingly facing unaffordable home insurance bills or aren’t able to access coverage at all. Insurers have significantly increased their rates, pushing up home insurance premiums an average of 45% since 2019. Sixteen years ago, home insurance was much more affordable and cost only 5% of the typical monthly mortgage payment. But these costs have now more than doubled to more than 10% of a typical mortgage payment, even as mortgage costs have also surged. Former Federal Reserve Chair Jerome Powell emphasized the risk we face in response to Sen. Smith’s questioning during a Senate Banking Committee hearing, saying that “If you fast-forward 10 or 15 years, there are going to be regions of the country where you can’t get a mortgage” due to insurance companies pulling out of high-risk areas. Minnesotans have been particularly hit hard by rate increases. Last year, Minnesota home insurance rates increased 34%, which was the largest increase of any state, according to reports. These problems, Sen. Smith argues, are driven by the growing strength and severity of disasters due to climate change and an insurance industry motivated more by profits than protecting its customers. To address the problem, Sen. Smith lays out more than two dozen policy options that Washington can consider, ranging from those that lower physical risks for homeowners and communities, to wholesale alternatives to our current, private home insurance system. You can read the full report HERE: · Senator Smith’s opening letter here · An executive summary here “Owning a home has always been part of the American dream. But for too many families today, that dream feels further out of reach than ever before. Without affordable insurance, mortgages may become harder to get, home values
U.S. Senators Tina Smith, Dave McCormick, Ruben Gallego and Thom Tillis Introduce Bipartisan Legislation to Extend the Terrorism Risk Insurance Program for Seven Years
WASHINGTON, DC – Today, U.S. Senators Tina Smith (D-MN), Dave McCormick (R-PA), Ruben Gallego (D-AZ), and Thom Tillis (R-NC) introduced the bipartisan Terrorism Risk Insurance Program Reauthorization Act of 2026, which is essential to economic security by safeguarding the availability of terrorism risk coverage. This legislation is also cosponsored by Senators Britt (R-AL), Van Hollen (D-MD), Crapo (R-ID), Cortez Masto (D-NV), Kennedy (R-LA), Schumer (D-NY), Moreno (R-OH), Kim (D-NJ), Ricketts (R-NE), Alsobrooks (D-MD), Warnock (D-GA) and Blunt-Rochester (D-DE). Following the attacks on September 11, 2001, most states began allowing terrorism risk to be excluded from commercial insurance policies, leaving businesses and industries without access to coverage. Since insurance is a precondition for commercial lending and real estate transactions, this gap in coverage threatened broad economic damage across real estate, construction, energy, transportation, and related industries. Congress responded by passing the Terrorism Risk Insurance Act of 2002 (TRIA), creating a federal reinsurance backstop to stabilize the private market and ensure that commercial policyholders could continue to obtain terrorism risk coverage. The private insurance market has relied on the TRIA backstop ever since. When TRIA briefly lapsed in December 2014, terrorism exclusions that insurers had pre-filed with state regulators took effect automatically, making terrorism coverage effectively unavailable across commercial policies nationwide. As a result, terrorism risk coverage was removed from policyholders immediately and without notice. Given that the current threat landscape remains elevated, allowing a similar lapse in terrorism coverage would expose policy holders to unnecessary financial risk and uncertainty. “The Terrorism Risk Insurance Program is critical to keeping insurance available and affordable to businesses in Minnesota and across the country so they can grow and create jobs,” said Senator Smith. “Without this bill, a potential terrorism event would mean a financial catastrophe for many businesses and would be extremely costly to taxpayers.
U.S. Senator Tina Smith Introduces Bill to Strengthen Teacher Workforce
Washington, DC — This week, U.S. Senator Tina Smith (D-MN) introduced the Addressing Teacher Shortages Act, bicameral legislation to help schools recruit, prepare and retain educators amid the ongoing teacher shortage. The bill is co-led in the House of Representatives by Congresswomen Haley Stevens (D-MI) and Jahana Hayes (D-CT). In Minnesota, 84% of school districts report being affected by teacher shortages, and nearly one in four licensed teachers in Minnesota isn’t working in a classroom. Among those who do, almost one-third of new teachers leave the profession within five years. “Building a stronger education system is one of the smartest investments we
U.S. Senators Tina Smith, Jim Banks Introduce New Bipartisan Youth Suicide Prevention Legislation
WASHINGTON, DC – U.S. Senators Tina Smith (D-MN) and Jim Banks (R-IN) introduced the Raising Awareness for Youth Suicide Prevention (RAYS) Act, requiring middle and high schools to include mental health and suicide prevention information on student identification cards and school websites. The hotline and text line has been used nearly 20 million times since it was created in 2022. “We can’t afford to leave holes in the safety net we’ve built to catch people when they’re going through hard times or struggling with their mental health. That’s why we created the 988 hotline in the first place. Now, we need
Senators Mullin, Smith Introduce the PRIME Meat Processing in Indian Country Act
Washington, D.C. – Yesterday, U.S. Senator Markwayne Mullin (R-OK), a member of the Senate Indian Affairs Committee, and U.S. Senator Tina Smith (D-MN) introduced the Promoting Regulatory Independence, Mastery, and Expansion for Meat Processing in Indian Country Act, also known as the PRIME Meat Processing in Indian Country Act. This bill will support tribal meat processing operations by establishing self-governance authority for the inspection of tribal meat processing facilities. This authority would keep processing local and available and facilities running smoothly and safely. “Food sovereignty for our Tribal nations and businesses throughout Indian Country is critically important. The limitations of federal resources should
Statement from U.S. Senator Tina Smith on Voting to Halt Military Actions in Iran
WASHINGTON, DC – U.S. Senator Tina Smith (D-MN) released the following statement after voting on a War Powers Resolution that stipulates any further United States participation in hostilities against Iran must be stopped unless they are explicitly authorized by Congress: “The Minnesota servicemembers stationed in the region and those stuck trying to find a way to evacuate are in my thoughts. Our prayers are with White Bear Lake’s Sgt. 1st Class Nicole Amor and her family, who made the ultimate sacrifice in service to our nation. “We’ve been plunged into yet another dangerous, risky, and costly war in the Middle
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