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. Senators Smith and Cramer Make Bipartisan Push to Hold Big Pharma Accountable, Have Execs Address Congress Directly About Skyrocketing Drug Prices
WASHINGTON, D.C. [09/17/2019]—Today U.S. Senators Tina Smith (D-Minn.) and Kevin Cramer (R-N.D.) urged the U.S. Senate Finance Committee to hold a hearing on their bipartisan bill to address the skyrocketing price of insulin and help people with diabetes access the life-saving medication they need to survive. The two lawmakers said that during the hearing they also hope to have pharmaceutical executives address Congress directly about high drug prices that are hurting many Americans. Approximately 7.5 million Americans with diabetes rely on insulin every day to survive yet the average price of insulin almost doubled between 2012 and 2016—forcing some patients into the dangerous practice
Klobuchar, Smith Urge Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA) to Expedite Investigation into Recent E-Cigarette Product-Related Deaths and Illnesses
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) urged the Centers for Disease Control and Prevention (CDC) and the Food and Drug Administration (FDA) to expedite their investigation into the rise of acute lung illnesses and deaths linked to the use of e-cigarette products such as vaporizers. On September 6, Minnesota health officials confirmed that one senior citizen in Minnesota died in August of a lung injury associated with vaping. As of today, the nationwide total of recent vaping-related deaths stands at six. Federal health officials have indicated that e-cigarette products may be responsible for roughly 450 cases of severe
Klobuchar, Smith Announce Funding for Rural Minnesota Communities Affected by Natural Disasters
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced funding for rural Minnesota communities affected by natural disasters. The U.S. Department of Agriculture (USDA) is making $150 million in grants available through the Community Facilities Program to help rural communities continue their recovery from the devastating effects of natural disasters. Examples of essential community facilities include hospitals, nursing homes, courthouses, street improvements, child care centers, police stations, fire departments, libraries, and food banks, among others. “Severe weather has affected towns and businesses across our state,” Klobuchar said. “These grants will help provide the resources necessary to recover. We can’t prevent natural disasters, but we
U.S. Senator Tina Smith Pens Op-Ed: “U.S. Should Lead the ‘Clean Energy Revolution’ and Learn from State Innovations”
WASHINGTON, D.C. [09/10/19]—This week, U.S. Senator Tina Smith (D-Minn.) penned an op-ed for the Washington Times on the urgent need for the U.S. to lead the world in climate and energy solutions. In her piece, Sen. Smith cites the economic, health, and climate benefits of renewable energy and energy efficiency, and highlights how states are already encouraging innovation in this space. “The costs of renewable energy, batteries, carbon capture and storage, and other low-carbon technologies are dropping rapidly,” wrote Sen. Smith. “Countries that choose to lead this clean revolution will gain at the expense of those who lag behind. Our country can lead or we can follow. I,
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