Latest Releases
U.S. Senators Tina Smith, Cynthia Lummis Introduce Bipartisan Legislation to Protect Prospective Homebuyers from Predatory Financing Agreements
WASHINGTON, D.C. – Today, U.S. Senators Tina Smith (D-MN) and Cynthia Lummis (R-WY) introduced the Preserving Pathways to Homeownership Act, bipartisan legislation to establish basic protections for consumers who seek to purchase a home using a land contract, or contract for deed. Land contracts are an alternative form of seller financing for real estate transactions, often marketed as a way for people who can’t get a conventional mortgage to realize the dream of owning a home. However, land contracts can lack many of the consumer protections available in mortgage lending: full disclosure of costs and fees, protections if a homeowner misses payments or falls on hard times, and protections in the case of fraud. Unscrupulous sellers have used these arrangements to take advantage of unsuspecting buyers. They design the land contract to fail and move to evict when the buyer inevitably breaches it. Buyers typically lose their home and everything they’ve invested in it, and the seller can repeat this process with other buyers. It is estimated that across the country, more than 8 million homes have been sold with land contracts, underscoring the widespread nature of this issue. “Without a safe, decent place to call home, nothing in your life works – not your job, your health, your education, or your family. It is appalling that some Minnesota families trying to pursue the dream of home ownership, who are struggling to receive traditional mortgages, whether due to their credit rating, or because the tenets of their faith preclude them from paying and profiting off
The Affordable Housing and Homeownership Protection Act Would Tackle Housing Crisis by Creating Millions More Homes and Helping Main Street Compete with Wall Street
WASHINGTON, DC – As the nation’s housing shortage pushes home prices and rents to historic levels, a new Senate bill would provide tens of billions of dollars to help create millions of new homes for low-income Americans. U.S. Senators Tina Smith (D-MN), Jack Reed (D-RI)and Tammy Baldwin (D-WI) are teaming up with several colleagues to introduce the Affordable Housing and Homeownership Protection Act (S. 3673). This bill would generate up to $50 billion over ten years to help build and preserve approximately 3 million affordable housing units nationwide. The bill would be fully paid for through a transfer tax on large investors who profit by purchasing sixteen single-family homes or more. Driven by a shortage of as many as 6.8 million homes nationwide, homes prices have surged 39% and rents 31% over the last four years, according to the National Association of Realtors and Zillow. Higher rents and fewer opportunities for homeownership are devastating for millions of families. As housing costs skyrocket, more households are priced out of homeownership, while renters have less to spend on food, clothing, and other everyday necessities. Low-income Americans are particularly strained – the National Low Income Housing Coalition estimates 73% of extremely low-income households spend more than half their income on housing. Unsurprisingly, homelessness has risen in line with housing prices and is up 15% since 2019. Unfortunately, federal investments in low-income housing are insufficient to solve this affordability crisis. Indeed, researchers at Harvard University found that the three largest federal housing programs serve nearly
Sen. Smith Leads Fight to End Federal Contracts with Companiesthat Mistreat Employees & Violate Worker Protection Laws that Mistreat Employees & Violate Worker Protection Laws
WASHINGTON, D.C. [03/11/20]–Today U.S. Senator Tina Smith (D-Minn.) introduced legislation to prevent companies that mistreat their employees and repeatedly break workplace protection laws from receiving taxpayer-funded federal contracts. Sen. Smith says the Fair Pay and Safe Workplaces Act would also expand workplace protections for people employed by large federal contractors. Her legislation is largely similar to a President Obama Executive Order that was repealed in 2017. “I approach this issue with the core belief that all companies should follow the law and treat their workers fairly,” said Sen. Smith. “If companies break the law, then they should not receive taxpayer-funded government contracts. But right
Senators Klobuchar, Smith Urge Vice President to Actively Work with Native Communities, Tribal Leaders on Coronavirus Response
WASHINGTON, D.C. – U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) are urging Vice President Mike Pence to actively work with Native communities and Tribal leaders as part of the federal government’s response to the 2019 novel coronavirus (COVID-19). In a bipartisan effort led by vice chairman of the Senate Committee on Indian Affairs Tom Udall (D-N.M.), 27 senators sent a letter to Vice President Pence following Congress passing an emergency funding bill that includes $40 million for Tribes, Tribal organizations and Urban Indian Health Organizations impacted by COVID-19. The United States has confirmed COVID-19 cases in a number of states where Tribes and urban Indian communities are located. Given these developments and past issues accessing federal resources for the Zika, Ebola, H1N1, and SARS outbreaks, Tribes and Urban Indian Organizations have voiced concerns that federal COVID-19 response efforts
U.S. Senator Tina Smith Fights to Increase Diversity in Corporate Leadership
WASHINGTON, D.C. [03/6/20]—This week U.S. Senator Tina Smith (D-Minn.) helped introduce a bill led by Senator Catherine Cortez Masto (D-Nev.) to ensure transparency and encourage corporate leadership so that corporate boards reflect our nation’s diversity. Despite a strong business case for diverse leadership, corporate boards do not reflect the gender, racial and ethnic diversity of the United States. According to a recent study, women and people of color occupy only 38% of board seats at Fortune 100 companies and 34% at Fortune 500 companies. “The truth is, when we work to empower people from different races, ethnicities, and genders, we all benefit—and the economy does too,” said Sen.
Senators Klobuchar, Smith Help Pass Emergency Funding for Coronavirus Response and Preparedness
Washington, D.C. – U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) voted to secure $7.8 billion in emergency funding for coronavirus (COVID-19) preparedness and response efforts, including support for state and local health agencies, vaccine and treatment development, and low-interest loans for small businesses affected by the outbreak, and an additional $500 million to expand telehealth services for seniors in small towns and rural areas who receive Medicare benefits. The emergency funding also includes at least $40 million for Tribal health entities to ensure Tribal communities have the resources needed to respond to the virus outbreak. The state of Minnesota
English