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, Colleagues Seek Answers on Elon Musk and DOGE’s Access to Federal Student Loan Data
WASHINGTON – U.S. Senator Tina Smith, alongside 15 of her colleagues, sent a letter to Acting Secretary of the Department of Education Denise Carter, seeking answers after reports that Elon Musk’s Department of Government Efficiency (DOGE) has infiltrated the Department of Education (ED) and students’ personal, private data. There are over 40 million federal student loan borrowers in the United States, and the student loan database infiltrated by Musk contains millions of borrowers’ highly sensitive information, including Social Security numbers, marital status, and income data. “This deeply troubling report raises questions about potential exposures of Americans’ private data, the abuse of this data by the Trump Administration, and
U.S. Senator Tina Smith, Colleagues to Introduce Bipartisan Legislation Expanding Pell Grant Use to Job Training Programs
WASHINGTON, DC – U.S. Senator Tina Smith (D-MN) joined her colleagues Susan Collins (R-ME), Tim Kaine (D-VA), and Roger Marshall (R-KS) to introduce the bipartisan Jumpstarting Our Businesses by Supporting Students (JOBS) Act, legislation allowing Americans to use federal Pell Grants—need-based education grants for lower-income individuals—to pay for shorter-term job training programs. Currently, Pell Grants can only be used for two- and four-year colleges and universities. The JOBS Act expands their applicability, allowing Pell Grants to be used for shorter-term, high-skill job training. “Some of the most in-demand, high-paying jobs don’t require a four-year college degree – jobs like welders, machine operators and medical
U.S. Senator Tina Smith Named Top Democrat on the Senate Housing Subcommittee
WASHINGTON, DC – U.S. Senator Tina Smith (D-MN) today was named Ranking Member on the Senate Housing, Transportation, and Community Development Subcommittee on the Senate Committee on Banking, Housing, and Urban Affairs for the 119th Congress. The Chair of the Subcommittee is Senator Katie Britt (R-AL). Smith has long championed bipartisan solutions to lower the costs for families to rent or buy a safe, decent, affordable place to live. Today, in more than 90 percent of counties, minimum wage workers cannot afford to rent even a modest one-bedroom apartment. More than half of America’s 44 million renters are spending more than 30 percent of their income
U.S. Senators Amy Klobuchar, Tina Smith Join Colleagues to Introduce Bill to Award Congressional Gold Medals to Members of the “Miracle on Ice” Olympic Hockey Team
WASHINGTON, D.C. – U.S. Senators Amy Klobuchar and Tina Smith (both D-MN) joined their colleagues to introduce the Miracle on Ice Congressional Gold Medal Act, legislation to award three Congressional Gold Medals to members of the 1980 U.S. Olympic Men’s Ice Hockey Team to recognize the 45th anniversary of their extraordinary achievement at the 1980 Winter Olympic Games. “A team that made us believe in miracles,” said Senator Klobuchar. “With 12 players and the legendary head coach Herb Brooks being native Minnesotans, we are working across the aisle to award the 1980 Olympic hockey team the Congressional Gold Medal.” “The ‘Miracle on Ice’ hockey game
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