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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
Sen. Tina Smith Introduces Bill to Prevent Another Sun Country Airlines Debacle
WASHINGTON, D.C. [06/28/18]—Today, U.S. Sen. Tina Smith (D-Minn.) followed up on her promise to explore legislation to prevent another incident like the Sun Country Airlines blunder by introducing the Airline Consumer Protection Act. Earlier this year, Eagan-based Sun Country Airlines stranded travelers in Mexico and around the country, leaving them scrambling to find additional lodging and their own way home. Sen. Smith’s Airline Consumer Protection Act seeks to ensure that this won’t happen again by guaranteeing that when a consumer purchases an airline ticket you are getting the transportation you paid for—which often is not the case in the fine print of airline tickets. The bill would also
Sens. Smith, Warren Continue to Demand Answers on Trump Administration’s Failed Promise of “Voluntary, Massive Drops” in Prices
WASHINGTON, D.C. [07/02/2018]—U.S. Sens. Tina Smith (D-Minn.) and Elizabeth Warren (D-Mass.) are continuing their investigation of the Trump Administration’s promises of “voluntary, massive drops” after these reductions in drug prices fail to materialize. The senators have reached out to nine Pharmacy Benefit Managers (PBMs) and drug distributors asking for their response to allegations by Secretary Azar during a Senate Health Committee hearing that they are setting uproadblocks that are preventing drug companies from voluntarily lowering their drug prices. This latest effort follows similar letters previously sent toSecretary Azar and to drug manufacturers. “These are extremely disturbing allegations by Secretary Azar,” wrote Sens. Smith and Warren. “If
Smith, Klobuchar Call on Federal Communications Commission to Establish Protections for Consumers from Unwanted, Harassing Robocalls
U.S. Senators Tina Smith and Amy Klobuchar joined Senator Edward Markey (D-MA) and 11 other senators in calling for the Federal Communications Commission (FCC) to establish protections for consumers from unwanted and harassing robocalls and robotexts. “In an era when the onslaught of unwanted and abusive robocalls is on the rise, we are concerned that the absence of core protections would result in even more invasive calls and texts,” the senators wrote in their letter to FCC Chairman Ajit Pai. “It is the FCC’s obligation to use its existing authority to reestablish robust, enforceable protections to enhance the precious zone of privacy
Sen. Tina Smith’s Statement on EPA Administrator Scott Pruitt’s Resignation
WASHINGTON, D.C. [07/05/18]—Today, U.S. Senator Tina Smith (D-Minn.)—a member of the Senate Energy Committee—released the following statement on Environmental Protection Agency (EPA) Administrator Scott Pruitt’s resignation. This statement originally appeared on Sen. Tina Smith’s official Senate Facebook page. “Scott Pruitt abused our trust. I’m glad he stepped down. I had repeatedly called on him to do so, and now the Trump Administration needs to replace him with somebody who has the integrity and effectiveness to fight for our environment. After all, that’s the job of the EPA Administrator.” ###
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