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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’s Statement on Rick Nolan Retirement Announcement
U.S. Senator Tina Smith released the following statement after U.S. Representative Rick Nolan announced he will retire after his term ends this year: “I thank Rick Nolan for his years of dedicated public service and constant advocacy for the people of Northern Minnesota. This is a bittersweet retirement. I’m happy that Rick will be able to spend more time with his wonderful family, and I know his voice will be missed. Congressman Nolan is a relentless advocate for his constituents. He wasn’t afraid to reach across the aisle to work with those he didn’t always agree with to get things
Sen. Tina Smith: Congress Must Act on Crisis Facing Dreamers
U.S. Senator Tina Smith released the following statement on the Senate immigration debate: “Tonight, the Senate will open up immigration for debate. Many families in Minnesota have been waiting far too long for this moment, and they’re justifiably frustrated that Congress has yet to act on the crisis facing Dreamers—people brought to this country at a young age who could soon face deportation as a result of President Trump ending the DACA program. I join them in their frustration. Let’s be clear: Republican leadership in the Senate must be held accountable to work with Democrats on solving this immigration emergency.
Sen. Tina Smith Backs Paycheck Fairness Act; Says Equal Pay for Equal Work is Good For All Americans
U.S. Senator Tina Smith has cosponsored the Paycheck Fairness Act, which would help close the long-existing income gap between women and men. Sen. Smith said that equal pay for equal work shouldn’t be a partisan issue, and closing the pay gap would help support women in the workplace, helping ensure that women would be paid an equal wage for doing the same job. She called on Congress to take up and pass the Paycheck Fairness Act in order to strengthen protections for women in the workplace and help end wage discrimination. “Equal pay for equal work is good for all
As State of Minnesota Rolls out Comprehensive Opioid Proposal, Sen. Tina Smith Fights the Epidemic from Washington
As the state of Minnesota rolls out a set of proposals today to address opioids, U.S. Senator Tina Smith is working to tackle the crisis from Washington by cosponsoring “Penny-a-Pill” legislation that would require big pharmaceutical companies to fund solutions to the epidemic they helped create. The Budgeting for Opioid Addiction Treatment Act would raise funds from pharmaceutical companies to establish new addiction treatment facilities, reimburse mental health providers, expanding access to treatment programs, strengthen addiction recovery services, and build facilities to provide care for babies born with neonatal abstinence syndrome. “The opioid epidemic has been devastating to families all across Minnesota,” said
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