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, Durbin, Cramer Introduce Bipartisan Bill to Speed Up Availability of Lower-Cost Insulin
WASHINGTON, D.C. [07/11/19]—Today, U.S. Senators Tina Smith (D-Minn.), Dick Durbin (D-Ill.), and Kevin Cramer (R-N.D.) introduced new bipartisan legislation that would speed up approvals of lower-cost insulin products in order to help people with diabetes access the life-saving medication they need to survive. Approximately 7.5 million Americans with diabetes rely on insulin every day to survive, yet the drug has experienced a price increase of more than 600 percent over the past two decades in the United States. Sens. Smith, Durbin, and Cramer’s legislation—called the Affordable Insulin Approvals Now Act—would help lower the price of insulin by promoting competition and bringing
U.S. Senators Klobuchar and Smith Urge Minnesota Producers Impacted by Flooding to Take Advantage of Crop Reporting Deadline Extension
WASHINGTON, D.C. [07/11/19]—Today, U.S. Sens. Amy Klobuchar (D-Minn.) and Tina Smith (D-Minn.) are urging Minnesota farmers hit by flooding to report spring-seeded crops by the extended deadline of July 22. The United States Department of Agriculture (USDA) recently extended the deadline for states impacted by recent flooding and heavy moisture. “Our farmers are the backbone of our economy, and we must do everything we can to help them during severe weather challenges like those they’ve experienced this spring,” Klobuchar said. “Extending the deadline to report crop acreage offers farmers more flexibility on delayed plantings and other fieldwork while ensuring they still qualify
U.S. Senator Tina Smith, Democratic Colleagues Request Feedback from American Indian, Alaska Native, and Native Hawaiian Leaders on the Effects of Climate Change on Native Communities
WASHINGTON, D.C. [07/10/19]—Today, U.S. Senator Tina Smith (D-Minn.) and a group of her Democratic Senate colleagues encouraged input from American Indian, Alaska Native, and Native Hawaiian community leaders on the effects of climate change on their communities. Sen. Smith—along with Sens. Tom Udall (D-N.M.), Brian Schatz (D-Hawaii), and eleven Democratic colleagues—understands the importance of fostering a dialogue on potential solutions and responses to this urgent threat that disproportionally impacts Native communities. “As the National Climate Assessment recently confirmed, climate change is having a disproportionate impact on [Native] communities. But we would like to hear directly from you, leaders who are key voices for your communities, about how climate change threatens
U.S. Senator Tina Smith Pushes For Public Companies to Disclose Risks from Climate Change
WASHINGTON, D.C. [07/10/19]—Today, U.S. Senator Tina Smith (D-Minn.) announced that she is pushing for new requirements for publicly traded companies to disclose critical information about how much they are contributing to climate change, including the extent of their greenhouse gas emissions and their exposure to climate risk. Originally introduced in 2018, the Climate Risk Disclosure Act will help investors appropriately assess climate-related risks, accelerate the transition from fossil fuels to cleaner and more efficient energy sources, and reduce the risks of both environmental and financial catastrophe. It builds on the work of former Vice President Al Gore, who has warned that ignoring the risks of climate change is producing a “carbon bubble” that will have
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