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
U.S. Sens. Tina Smith, Elizabeth Warren, Patty Murray Seek Answers from Labor Department on Fake Public Comments Opposing Stronger Protections for Retirement Savers
WASHINGTON, D.C. [08/14/20]—Alarmed by the fact that much remains unknown about the rash of fake critical comments that flooded the public comment period for a key federal consumer protection rule for retirement savers in 2015, U.S. Senators Tina Smith (D-Minn.), Elizabeth Warren (D-Mass.) and Patty Murray (D-Wash.) sent a letter pressing Secretary of Labor Eugene Scalia to outline the actions he’s taken to prevent it from happening again. The Senators told Scalia that a Wall Street Journal analysis found that in the case of the 2015 rule on retirement investment advice, “40% of respondents didn’t write the comments attributed to them,” and that most of the 345 fraudulent comments analyzed were slanted in favor of financial industry views,
Congresswoman Angie Craig, Senator Tina Smith and Andy Slavitt Discuss Bill to Improve National COVID-19 Testing and Tracing
Today, U.S. Rep. Angie Craig, Sen. Tina Smith were joined by health expert Andy Slavitt during a briefing to discuss their bipartisan bill to create a national coronavirus (COVID-19) testing and contact-tracing strategy in partnership with states. The measure, the Suppress COVID-19 Act would provide federal support to states working to address the virus by helping them purchase tests and testing supplies. It would also allow states to work together in interstate compacts and regional agreements to overcome challenges with the testing supply chain, such as a lack of available tests and slow turn-around for test results. Republican Rep. Phil Roe of Tennessee is also a lead author and Republican Sen. Bill Cassidy, M.D. of
Minnesota Congressional Delegation Urges IRS to Address Backlog in Processing Tax Returns
WASHINGTON – U.S. Senators Amy Klobuchar and Tina Smith, and Representatives Jim Hagedorn (MN-01), Angie Craig (MN-02), Dean Phillips (MN-03), Betty McCollum (MN-04), Ilhan Omar (MN-05), Tom Emmer (MN-06), Collin Peterson (MN-07), and Pete Stauber (MN-08) sent a letter to the Internal Revenue Service (IRS) expressing concern about continued delays in the processing of paper tax returns and requesting further information on what the agency plans to do to address this issue. “We have heard from constituents all across the State of Minnesota who filed paper returns and have not yet received their refund or even been able to check
U.S. Senators Tina Smith, Amy Klobuchar Introduce Bill to Help K-12 Schools Improve Infrastructure
WASHINGTON, D.C. [8/12/2020]—U.S. Senators Tina Smith and Amy Klobuchar (D-Minn.) joined Senator Mazie K. Hirono (D-Hawaii), along with other colleagues in introducing a bill to help K-12 schools make infrastructure improvements. The Impact Aid Infrastructure Act (IAIA) would provide $1 billion in supplemental funding through the Impact Aid program. IAIA provides competitive and formula grants for school infrastructure projects, including school construction and facilities upgrades, in school districts with high percentages of children with military parents or children living on Tribal lands. With these grants, school districts would have the flexibility to focus on their specific renovation and repair needs, which could
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