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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
U.S. Sen. Tina Smith’s Statement on House Beginning Impeachment Proceedings
WASHINGTON, D.C. [09/24/19]—Today, U.S. Senator Tina Smith (D-Minn.) released the following statement: “I support the House beginning impeachment proceedings, as a matter of national security, and protecting the rule of law and our Constitution. “Amid reports that the President asked or even actively pressured Ukraine, a foreign government, to interfere in our country’s democracy by undermining a political opponent, we must fully and fairly open a process to lay out all the facts. “Such an inquiry—which is different from removal from office—is serious. Impeachment is the only way in our system of constitutional checks and balances to establish whether a President has abused
Klobuchar, Smith Announce Over $19 Million in Funding for Infrastructure Improvements at Regional Airports
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that the U.S. Department of Transportation (DOT) has awarded a total of $19,340,781 in grant funding for infrastructure improvements at regional Minnesota airports. “Critical investments in our infrastructure help create good jobs while enhancing public safety,” Klobuchar said. “By investing in our airport infrastructure across the state we are making an important investment in the economy of these regions.” “Airports are key transportation hubs and economic drivers for communities all across the state,” Smith said. “I’m glad the Department of Transportation is investing in projects to strengthen public safety and operations, and I will keep pressing
U.S. Senators Klobuchar and Smith Urge Minnesota Dairy Farmers to Take Advantage of Extended Enrollment Deadline for Margin Protection Program
WASHINGTON, D.C. [09/23/2019]—Today, U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) are urging Minnesota dairy farmers to sign up for the Dairy Margin Coverage (DMC) program by the extended deadline of September 27. The Senators said that the DMC program offers protection to dairy producers when the difference between the all-milk price and the average feed cost (the margin) falls below a certain dollar amount selected by the producer. All dairy operations in Minnesota are eligible for the DMC program. “Over the past few years, dairy farmers have continued to face market instability and sustained low prices and they deserve our support during tough times like these,” Sen. Klobuchar said. “This sign-up
U.S. Senator Tina Smith Says Mayor Bob Anderson Was Dedicated to “Anything and Everything Connected to His Beloved International Falls”
MINNESOTA [09/20/19]—Today, U.S. Senator Tina Smith (D-Minn.) released the following statement about the passing of International Falls mayor Bob Anderson: “I am deeply saddened to hear about the passing of International Falls Mayor Bob Anderson. Mayor Anderson was passionate about his community and his love was reflected in his years of dedication to the airport, hospital, Highway 53 Task Force, the county, anything and everything connected to his beloved International Falls. I’m grateful I saw him just this August. He was a friend and I will miss seeing him when I visit the Borderland.”
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