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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
Sens. Smith, Warren Press Secretary Azar for More Answers on Inadequate Plan to Reduce Drug Prices
WASHINGTON, D.C. [06/26/2018]—Today, U.S. Senators Tina Smith (D-Minn.) and Elizabeth Warren (D-Mass.) pressed Health and Human Services (HHS) Secretary Alexander Azar for more answers following their exchanges with him during a recent Senate Health Committee hearing. You can read a copy of the full list of questions Sens. Smith and Warren sent to Mr. Azar today here. Sens. Smith and Warren urge Secretary Azar to provide details about what President Trump meant when he said drug companies would voluntarily reduce prices, the number of meetings that administration officials have had with drug manufacturers to discuss voluntary reductions, and how the administration will
U.S. Sen. Tina Smith Remains Skeptical of EPA’s Proposed Targets for Ethanol, Other Renewable Fuels to be Blended into Nation’s Fuel Supply in 2019
WASHINGTON, D.C. [06/26/18]—Today, U.S. Senator Tina Smith (D-Minn.) said she is skeptical of the Environmental Protection Agency’s (EPA) announcement of the amount of corn-based ethanol and other renewable fuels the agency says will be blended into the nation’s gasoline supply in 2019. Sen. Smith, who has pressed for expanded use of renewables, said the EPA-announced target of 19.88 billion gallons—required under the federal Renewable Fuels Standard (RFS)—does not specify how refiners will make up for the gallons lost from controversial EPA-granted waivers. Earlier this year, the agency granted a “financial hardship” waiver to an oil refinery owned by billionaire Carl Icahn,
Sen. Tina Smith’s Statement on Supreme Court Decision to Uphold Harmful Travel Ban
WASHINGTON, D.C. [06/26/18]—Today, U.S. Senator Tina Smith (D-Minn.) released the following statement after the Supreme Court—in a 5-4 decision—upheld President Trump’s discriminatory travel ban. “Next week, our nation will celebrate the anniversary of our independence—a time when we reflect on the laws, history, and diverse groups of people who make up America. Today’s decision by the Supreme Court goes against the founding principles of our nation and defies our core beliefs,” said Sen. Smith. “This is not who we have been, and it’s not who we should be. We must keep working to help all people demand respect, freedom and dignity in
Sen. Tina Smith Says Bipartisan Measure She Helped Push Through Senate Education Committee Will Improve How Schools Prepare Students for 21st Century Jobs
WASHINGTON, D.C [06/27/18]—U.S Senator Tina Smith (D-Minn) said today that a bipartisan measure she helped push through the Senate Education Committee will help schools in Minnesota and across the country better prepare students for 21st century jobs. The bill, which passed unanimously Tuesday, would modernize the current Carl D. Perkins Career and Technical Education (CTE) Act to better provide students with technical training and workforce skills. “I’ve met with teachers, students, administrators, as well as business and industry leaders across Minnesota who understand that in our changing economy we need to improve how we prepare students for 21st Century jobs,” Sen. Smith said. “This
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