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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
HOTDISH UPDATE: Sen. Tina Smith Announces Judges of 8th Annual Minnesota Congressional Delegation Hotdish Competition
On Wednesday, April 25, Senator Tina Smith will host the eighth annual Minnesota Congressional Delegation Hotdish Competition. Sen. Smith is taking up the helm of Al Franken’s annual hotdish-off to determine which Minnesota Congressional Delegation member makes the best hotdish—a dish similar to what other states call a casserole, but indisputably better. Today, Sen. Smith is pleased to announce that this year’s judges will be: · Phill Drobnick—Gold-medal winning Coach of U.S Men’s Olympic Curling Team, the Minnesota hometown heroes known as “Team Shuster” · Joe Gill—Farm Director of KASM Radio in Albany, Minnesota · Noobtsaa Philip Vang—University of Minnesota graduate and founder of
Sen. Tina Smith Pushes to End Harmful Canadian Dairy Policies That Hurt Minnesota Dairy Producers
U.S. Senator Tina Smith (D-Minn.) has called on the nation’s top trade official to use the current NAFTA trade negotiations with Canada to end unfair Canadian dairypolicies that hurt Minnesota producers. In a letter to the U.S. Trade Representative, Ambassador Robert Lighthizer, Sen. Smith pressed him to make helping U.S. dairy farmers a top priority in the negotiations. Last year, Ambassador Lighthizer revised his NAFTA negotiating objectives to include putting a stop to Canadian tariffs on U.S. dairy exports and other policies that unfairly tilt the playing field in favor of Canadian producers. In the letter sent yesterday, Sen. Smith
Klobuchar, Smith, Senators Call on Administration to Take Immediate Action to Reduce Price of Naloxone, a Life-Saving Opioid Overdose Reversal Drug
U.S. Senators Amy Klobuchar and Tina Smith joined 15 of their colleagues in calling on the Department of Health and Human Services to take immediate action to reduce the price of naloxone, a life-saving opioid overdose reversal drug. The Senators’ letter follows a recent national advisory issued by the United States Surgeon General urging more Americans to keep on hand and learn how to use naloxone delivery devices. Despite being approved by the U.S. Food and Drug Administration (FDA) more than 45 years ago, the price of naloxone has increased dramatically during the opioid epidemic, leaving local fire, police, and
Sen. Tina Smith Working on Legislation to Protect Children during Immigration Enforcement
U.S. Senator Tina Smith is preparing to introduce legislation to protect children whose families are caught up in immigration enforcement actions. According to an alarming New York Times report, more than 700 immigrant children have been separated from their parents at the border since October. Sen. Smith’s bill—which is expected to take steps similar to the HELP Separated Children Act—will help children and families address the challenges they face when they are separated during interior immigration enforcement actions, as well as during deportation proceedings. She is planning to introduce the legislation in the coming weeks.
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